User Account

All Pages

What to be estimated to report liability regarding service

Assignment Help Financial Accounting
Reference no: EM132573506

Assume that you work as an auditor in a local accounting firm and your manager asks you to review employee-related expenses and liability recorded by Nu Space Ltd. The accountant of Nu Space Ltd believes that long service leave (LSL) should not be considered a liability in the accounts until employees commence their tenth year of service, given this leave entitlement only applies to Nu Space Ltd's employees after ten years of continuous service.

REQUIRED

Question 1: Advise the accountant on whether this approach is acceptable under AASB 119. Discuss what needs to be estimated to report a liability regarding long service leave.

Reference no: EM132573506

Questions Cloud

Preliminary thoughts on suggested policy updates : Synthesize your preliminary thoughts on suggested policy updates that could benefit teamwork and conflict management with the organization.
What are the pre-zygotic and post-zygotic barriers : What are the pre-zygotic and post-zygotic barriers for this situation?
Geological pieces of evidence for evolution : Identify and explain at least three major biological or geological pieces of evidence for evolution available in Darwin's time
How much will be deposited into the fund : If the fund's money can be invested in a way that produces 6.5% interest, how much will be deposited into the fund
What to be estimated to report liability regarding service : Advise the accountant on whether the approach is acceptable under AASB 119. Discuss what need to be estimated to report a liability regarding long service leave
What will be the net result in terms of cash flow : Accounts payable decreased by $75,000 and accounts receivable increased by $75,000. What will be the net result in terms of cash flow
Describe the various integrative functions and processes : Describe the various integrative functions and processes within the information systems area, including databases, systems analysis, security, networking.
Genotypic and phenotypic ratio of a cross : What will be the genotypic and phenotypic ratio of a cross between two pale-yellow flowered plants?
Advise the accountant on approach is acceptable : Advise the accountant on whether this approach is acceptable under AASB 119. Discuss what needs to be estimated to report a liability

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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