Discuss the recognition criteria and measurement issues

Reference no: EM132139465 , Length: word count:1500

Assignment -

Task requirements: You have been randomly assigned an Australian publicly listed company (refer to the separate excel spreadsheet provided to identify your company). Using the financial reports for your company, you are required to prepare an essay that addresses the 8 requirements listed below.

Company - AGL Energy.

1. Provide details of the provisions and contingencies recorded or disclosed by your company.

2. Discuss the recognition criteria and measurement issues associated with those provisions or contingencies.

3. With reference to one specific contingency recorded or disclosed by the company, provide an argument for and against the inclusion of the contingency in the financial report.

4. Provide details of leased items that are recorded or disclosed by your company.

5. Discuss the classification and presentation requirements relevant to leased items, and in doing so provide an explanation for how the leased items of your company have been presented on the financial statements.

6. Identify and explain a hypothetical situation where one of the leased items may need to be reclassified.

7. Select a non-current asset from the financial statements of your company. Provide details of this item (including identify the valuation method used for this item).

8. With reference to qualitative characteristics, provide an argument for using an alternative valuation method for this non-current asset.

The set word count for your assignment is 1,500 words. Direct quotes, where used appropriately, will not be considered to contribute to your word count. In-text references and List of References will also not be considered to contribute to your word count.

Reference no: EM132139465

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