What is the aasb rule

Assignment Help Accounting Basics
Reference no: EM132477570

Point 1: Golddiggers Pty Ltd, is a family run business, operating a small goldmine. The board is represented by Mr Smith and his sister, Ms Smith, who are also the predominant shareholders. In the final audit meeting, Ms Smith has told you she suspects that the vein they are presently mining will last 13 months at the least to 17 months at the most. She has also noted that after they extract the gold they will close the business, let the license expire and retire to Goldfields-Esperance. Ms Smith then showed you a land-surveyor's report confirming her statement regarding the amount of gold in the vein. This information has not been disclosed in the financial report.

Question 1: What is the AASB rule? and what is your opinion as a audit manager?

Reference no: EM132477570

Questions Cloud

Discussing the relevant audit issues : Identify the type of auditor's report to be issued, discussing the relevant audit issues you have considered in forming your opinion
Why is selecting a systems development approach : Why is selecting a systems development approach an important business decision? Who in your organization should participate in the selection process? Why?
Identify the type of auditors report to be issued : Identify the type of auditor's report to be issued. Main Insurance is a reporting entity. Ms Pit is the finance director and refuses to adopt AASB
Accounting and human resources business processes : A medium-sized widget manufacturing company with (approximately 200 employees) who needs you to evaluate their computer needs
What is the aasb rule : Golddiggers Pty Ltd, is a family run business, Determine What is the AASB rule? and Determine what is your opinion as a audit manager?
Why do think the comprehensive code of conduct : Driling into disaster: BP in gulf of Mexico why do you think this comprehensive code of conduct and whistleblower policy was not implement effectively?
Neurlogic disorders in med surg : Looking for ch27 neurlogic disorders in med surg nursing exam questions
What the operating profit will be : A variable cost is $40 per unit. If the company expects sales quantities to increase by 10% next year, the operating profit will be
How were accuracy and completeness of data assured : How were accuracy and completeness of data assured? Are the results relevant to patient values and/or circumstances? How may the results be applied to clinical.

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd