Reference no: EM132626090

Executive Summary/Abstract

List of content & overall presentation of the assignment Introduction

Part A: Accounting Standard Setting, Regulation and Disclosure

research and critically explain how the Australian Accounting Standards Board takes part in the global accounting standard setting process (i.e. in setting IFRS). Why is the IFRS set by the International Accounting Standards Board (IASB) not compulsory for the member countries of IASB?

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: Disclosure on Business Combination

Collect the latest annual reports of two ASX listed companies. Each of the two companies must have reported Business Combination as per AASB 3. Carefully read the note disclosure relating to the Business Combination AASB 3. Answer the following for each of the two companies:

Question 1: Recognised value of each class of assets, liabilities and contingent liabilities

Question 2: Carrying value of each class of assets, liabilities and contingent liabilities

Question 3: Factors that contributed to the recognition of goodwill or gain on bargain purchase (if disclosed)

Question 4: How much goodwill or gain on bargain purchase has been recorded?