How many business combinations did the company report

Assignment Help Financial Accounting

Reference no: EM133150787 , Length: word count:2800

HA2032 Corporate and Financial Accounting - Holmes Institute

Assessment - Corporate reporting and disclosure requirements in Business Combination

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. This assignment also develops an understanding of students on accounting and disclosures for business combinations

The HA2032 Unit Learning outcomes addressed in this assessment are:
- 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;
- Critically analyse and interpret the financial statements and other disclosures produced by Australian companies and corporate groups;

Part A
Accounting Standard Setting, Regulation and Disclosure

ACCOUNTING STANDARD SETTING

(i) Do your own research and critically explain the function of Australian Securities and Investment Commissions and Australian Accounting Standards Board. Why is the IFRS set by the International Accounting Standards Board (IASB) not compulsory for the member countries of IASB?

REPORTING ENTITY

(ii) Do your own research and critically examine the concepts of small proprietary company, large proprietary company and reporting entity. What are the implications of being classified as either one of these three types of companies in terms of compliance and reporting requirements?

Part B

Business Combination / Acquisition analysis

Collect the latest annual reports of two ASX listed companies (for the year 2021). Each of the two companies must have reported Business Combination as per AASB 3 (Many of the ASX 300 Companies report business combinations). 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.

Part C:

Write a reflective journal of what you have learned from studying this unit from week 1 to week 9.

The assignment Structure should be as the following:

Abstract - One paragraph List of Content Introduction
Body of the assignment with a detailed answer on each of the required tasks Summary/Conclusion
List of references

Attachment:- Corporate and Financial Accounting.rar

Reference no: EM133150787

Questions Cloud

Explain and evaluate mckinsey 7 s model : Explain and evaluate Mckinsey 7 S Model that might be utilised in order to develop an environment that allow the organisation to be competitive

What communication skills will you need to tackle the issue : What communication skills will you need to tackle the issue and detail the reasons why your agency is worth your fee?

Emma tremblay restaurant on the trans-canada highway : Emma Tremblay's restaurant on the Trans-Canada Highway near Wawa, Ontario was a popular stop for tourists during the summer season. But business was slow during

Evaluates organization external and internal environments : Evaluates the organization's external and internal environments. Includes a people plan and addresses achievement of a diverse workforce.

How many business combinations did the company report : Critically analyse and interpret the financial statements and other disclosures produced by Australian companies and corporate groups

How would you define american culture : How would you define American culture? What are its components (seen international management perspective)?

Faith and ethics in auditing : Adhering to ethical standards is necessary in the field of auditing. How would you approach a client who was caught engaging in unethical practices,

Reasons for the creation of european union : In Chapter 5's Opening Case, what are the two reasons for the creation of European Union (EU)?

How can an organization create brand awareness : Vocabulary Please Define. 1. Experience curve 2. Low cost strategy 3. CSR 4. Value chain

User Account

All Pages