Corporate reporting and disclosure requirements in business

Assignment Help Financial Accounting

Reference no: EM132923443

HA2032 Corporate and Financial Accounting - Holmes Institute

Assessment - Corporate reporting and disclosure requirements in Business Combination

Learning outcome 1: Demonstrate an understanding of the role of the Corporations Act, sources of authority, and accounting standards in the governance of companies and requirements for financial reporting;

Learning outcome 2: Critically analyse and interpret the financial statements and other disclosures produced by Australian companies and corporate groups; (ULO 1, 3).

Purpose:

This assignment aims to develop students' understanding of corporate reporting, disclosure, reporting entity concept and the implication of being classified as a reporting entity. The students will also analyse the disclosure on business combination made by two selected companies.

Assessment Task:

Part A
Accounting Standard Setting, Regulation and Disclosure

CONCEPTUAL FRAMEWORK

(i) Do your own research and critically explain how the AASB Conceptual Framework for Financial Reporting assist in the understanding of financial reporting requirements. What are the strengths and weaknesses of the Conceptual Framework (e.g., in its definition of assets, liabilities, equity, income and expenses)?

REPORTING ENTITY

(ii) Do your own research and critically examine the concept of a reporting entity. What are the implications of being classified as a reporting entity in terms of compliance with accounting standards and disclosure requirements?

Part B

Business Combination / Acquisition analysis

Collect the 2020 annual reports of two (2) ASX listed companies from the following list of five (5) companies: Afterpay Ltd (ASX Code: AFT), AP Eagers Ltd (ASX Code: APE), Brickworks Ltd (ASX Code: BKW), TPG Telecom Ltd (ASX Code: TPG) and WiseTechGlobal Ltd (ASX Code: WTC). Carefully read the note disclosure relating to the Business Combination AASB 3. Answer the following:

(i) How many business combinations did the company report?
(ii) What was the fair value of consideration paid?
(iii) What are the components of acquisition costs, e.g. cash consideration and noncash consideration?
(iv) What was the fair value of net identifiable assets acquired?
(v) Recognised value of each class of assets, liabilities and contingent liabilities
(vi) Carrying value of each class of assets, liabilities and contingent liabilities
(vii) How much goodwill or gain on bargain purchase has been recorded?
(viii) Factors that contributed to the recognition of goodwill or gain on bargain purchase (if disclosed)
(ix) What was the amount of goodwill as percentage of total consideration paid?
(x) What was the amount identifiable intangible assets as a percentage of total consideration paid?
(xi) Write a comparative analysis on the two companies' disclosure on business combination.

Attachment:- Corporate and Financial Accounting.rar

Reference no: EM132923443

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