Reference no: EM132511882 , Length: word count:1300

Assessment Cover Sheet

Faculty of Business, Design & I.T.

Assignment 1:

In May 2018, the Australian Securities and Investments Commission (ASIC) released a media announcement that it would be reviewing more than 200 full year financial reports at 30 June 2018 and selected half-year reports to evaluate the extent to which companies follow the requirement to disclose the future impact of these new accounting standards.

The three major accounting standards being introduced for future financial years (early adoption is permitted) are:
• AASB 9 Financial instruments (applies from years commencing 1 January 2018);
• AASB 15 Revenue from Contracts with Customers (applies from years commencing 1 January 2018); and
• AASB 16 Leases (applies from years commencing 1 January 2019).

Students are required to conduct research and discuss the major changes and potential impacts of these new accounting standards on companies' financial statements. This assignment is a case study and students must select three Australian publicly companies listed on the ASX and investigate and analyse their 2019 financial reports.

According to these important accounting changes students should discuss the three issues from a practical perspective for the selected companies:

Question 1. Discuss the importance of financial instruments on everyday business activities. (400 words)

Question 2. Analyse and explain the role of directors and managers (senior managers) in implementing these changes, and their importance in improving firms' revenues (Net Assets. Profit and other issues).
(700 words)

Question 3. Explain the impact of these changes on lease accounting.

1. The case study should be a maximum of 1500 words (+1- 10%). Do not write less than 1300 words.
2. Part A contains 10 Marks.
3. There must a bibliography at the end of the case study, and 15 references are expected.
4. Read the attached marking rubric carefully to understand the allocation of marks.
5. The three companies must be operating in different industries (for example, banking, real estate, telecommunication etc.

Assignment 2:

On 1 July 2018. Emu Ltd acquired all the issued shares (ex div.) of Kangaroo Ltd. At this date the financial statements of Kangaroo Ltd showed the following balances in its accounts:

Shalt capital	5150.000
General reserve	40,000
Retained earnings	80.000
Dividend payable	20,000
Goodwill	10.000

At I July 2018, all the identifiable assets and liabilities of Kangaroo Ltd were recorded at amounts equal to their fair values.

The financial statements of Emu Ltd and Kangaroo Ltd at 30 June 2019 contained the following information:

	Emu Ltd	Kangaroo Ltd
Profit for the period	$35.000	$25 000
Retained earnings (1/7/18)	90.000	80.000
Transfer from general reserve	0	10.000
Retained earnings (3016/19)	125,1011	115,1100
Share capital	700,000	150.000
General reserve	92.000	30.000
Total Equity	$117,000	$295.000
Provisions	30,000	20,000
Payables	15.000	25.000
Long-tam loans	50,000	110,000
Total liabilities	$95,000	$155,000
Total eaultv and liabilities	$1,012, 000	$450.000
Plant	60.000	820,000
Accumulated depreciation	(295,000)	(650,000)
Fixtures	300,000	120,000
Accumulated depreciation	(180,000)	(80,000)
Land	200,000	140,000
Brands	50,000	30.000
Shares in Kangaroo	272,000	0
Goodwill	0	10.000
Inventories	45,000	40,000
Cash	5,000	7,000
Receivables	li 000	13 000
Total Assets	5I,012.000	5450.000

Required

1. Prepare the acquisition analysis at I July 2018.

2. Prepare the consolidation worksheet entries for Emu Ltd's group at 30 June 2019.

3. Prepare the consolidated financial statements for Emu Ltd's group at 30 June 2019.

Note:

These are selected companies for this assignment
Three different companies are
1) JB hifi limited - retailing
2) ANZ bank- banking
3) Telestra corporation Ltd.- telecommunication services.

References must be in APA style ( 15 references must)
Assignment in Arial,font size 12 and 1.5 spacing.