Reference no: EM131171583

Task 1 - For this task you are to write a procedure detailing how to prepare financial reports to meet statutory requirements. Your procedure is to be aimed at an audience that has little to no prior knowledge of the subject. You procedure must include details on how the user can:

• Identify statutory requirements for reports
• Plan for provision of reports
• Analyse and consolidate reports
• Submit reports for authorisation
• Distribute reports

Task 2 - For this task you must research each of the following topics and answer the questions in brief.

• Outline key information required, common financial report formats and typical quality indicators in your organisation
• Explain financial services industry codes of practice in relation your organisation
• Describe key requirements of organisational policy and procedures relevant to financial reporting
• Identify and describe key requirements of relevant legislation and regulations relevant to financial reporting in your organization

Task 3 - King & Prince form a company, Monarch Ltd, to take over their existing partnership business as a going concern.

	$	$
Capital - King		345000
Capital - Prince		340000
Land and buildings	230000
Accumulated depreciation - buildings		30000
Plant and machinery	180000
Accumulated depreciation- plant and machinery		60000
Motor vehicles	100000
Accumulated depreciation - motor vehicles		40000
Inventory	220000
Accounts receivable	75000
Cash at bank	30000
Accounts payable		20000
	835000	835000

The company took over all assets at existing net book value (considered to be fair value), except that the estimated realizable value of accounts receivable is $70,000, and acquired the liability at existing value.

Required: Prepare general journal entries in the books of Monarch Ltd to record the purchase of the business and the payment of the purchase consideration where:

(a) The purchase consideration is $705,000 - payable by the issue of fully paid shares, and

(b) The purchase consideration is $638,000 - payable $238,000 cash and $400,000 in fully paid shares

TASK 4 - The following are the financial statements relating to Black, a limited liability company, and its subsidiary company Bury

Income statements for the year ended 31 Oct 2014

	Black	Bury
	$000	$000
Sales revenue	245000	95000
Cost of sales	(140000)	(52000)
Gross profit	105000	43000
Distribution costs	(12000)	(10000)
Administrative expenses	(55000)	(13000)
Profit from operations	38000	20000
Dividend income from Bury	7000	-
Profit before tax	45000	20000
Tax	(13250)	(5000)
Net profit for the period	31750	15000

Balance sheet as at 31 Oct 2014

	Black		Bury
	$000	$000	$000	$000
Assets
Non-current assets
Property, plant and equipment		110000	40000
Investments: 21,000,000 $1 ordinary shares in Bury at cost		24000		-
		134000		40000
Current assets
Inventory, at cost	13360		3890
Trade receivables and dividend receivable	14640		6280
Bank	3500	31500	2570	12740
Total assets		165500		52740
Equity and liabilities
Capital and reserves
$1 Ordinary shares		100000		30000
General reserve		9200		1000
Accumulated profits		27300		9280
		136500		40280
Current liabilities
Payables	9000		2460
Dividend	20000	29000	10000	12460
Total equity and liabilities		165500		52740

The following information is also available:

(a) Black purchased its $1 ordinary shares in Bury on 1 Nov 2009. At that date the balance on Bury's general reserve was $0.5 million and the balance of accumulated profits was $1.5 million

(b) At 1 Nov 2013 the goodwill arising from the acquisition of Bury was valued at $960,000. Black's impairment review of this goodwill at 31 Oct 2014 valued it at $800,000

(c) During the year ended 31 Oct 2014 Black sold goods which originally cost $12 million to Bury. Black invoiced Bury at cost plus 40%. Bury still has 30% of these goods in inventory at 31 Oct 2014

(d) Bury owed Black $1.5 million at 31 Oct 2014 for some of the goods Black supplied during the year.

Required:

(a) Calculate the goodwill arising on the acquisition of Bury

(b) Prepare the following financial statements for Black:

(i) The consolidated income statement for the year ended 31 Oct 2014

(ii) The consolidated balance sheet as at 31 Oct 2014

 TASK 5 -

1. What might information on statutory requirements include?

2. What sources of data input might you use for statutory reporting?

3. What type of contingency plans might you have to create?

4. Who might you need to gain approval or authorisation from?

5. Who might you be required to distribute reports to? How might you gain confirmation of receipt of reports from others?

7. When providing reports to others what should you plan for?

8. How could you ensure continuity of content and formatting for reports?

9. What two things must you make sure of before submitting reports for authorisation?

10. Reviewing reports requires what actions?

11. How could you identify the statutory requirements for reports?

12. When analysing and consolidating reports what should you consider?

TASK 6 - For this task you are to write a report detailing how you could establish effective workplace relationships in your organisation. Your report must include details on the following:

• How you could collect analyse and communicate information to others
• How you could develop trust and confidence in other staff members
• How you could develop and maintain network and relationships that could enhance your organisation
• How you could manage difficulties in the workplace ensuring they turned into positive outcomes for all

TASK 7 - For this task you must research each of the following topics, and then, in your own words, discuss the following:

• Give examples of how work relationships, and the cultural and social environment, can support or hinder achieving planned outcomes
• Explain techniques for developing positive work relationships and building trust and confidence in a team including interpersonal styles, communications, consultation, cultural and social sensitivity, networking
• Explain the impact of legislation and organisational policies on workplace relationships
• Describe a range of methods and techniques for communicating information and ideas to a range of stakeholders
• Outline problems solving methods
• Explain methods to resolve workplace conflict
• Explain methods to manage poor work performance
• Explain how to monitor, analyse and introduce ways to improve work relationships

TASK 8 - In organisations which are concerned with continuous improvement and with ongoing business success, managers must build trust-based relationships, develop effective communication systems and processes, share information, base decision-making on consultative processes and provide opportunities for staff to develop the competencies they need. They need to network and they must also be aware of relevant legislation, codes of practices and ethical principles.

Describe at least 10 actions you, as a manager would take to achieve these things and explain why they are important to an organisation's sustainability and ongoing success.

TASK 9 - About 10 months ago you received promotion to a supervisory position. It was an internal appointment and you were promoted ahead of two of your peers. One of them has taken the decision well and you still have a good working relationship with them. The other has become very remote and difficult to work with.

They do no more than is necessary, and performance levels in their section have dropped since your appointment. You have heard from one of the other employees that the person takes every chance to criticize you and your decisions and they have turned a number of employees against you. The drop in performance is affecting the productivity levels within the organization. You have made a couple of tentative approaches to this person to discuss the issues, but they are very non-committal and say that you are 'imagining all this rubbish'.

You have received written statements, volunteered by two staff, identifying instances where this person has been critical of you and one instance where they overrode an instruction given by you - although this

TASK 10 - Was a fairly minor incident. You have promised not to disclose the identity of the people involved, and this means you have to be very careful about how you use the statements, because the section is quite small (eight people).

Your manager has noticed that relationships appear to be strained in this section and has asked you to address the performance issues and to report back to the results.

You will need to conduct a formal performance evaluation and counselling session in order to address the problem.

Write a report for your manager outlining:

At least five steps you will take, with detailed reasons for your choice of actions

The identity of any other person/s who should be involved, explain why and when they should be involved

At least three actions you could take, and why you will take those actions, to follow up the counselling session

How you will monitor the success of your counselling and performance assessment actions

An explanation of at least two actions you will take if the counselling is not successful (with detailed reasons)

TASK 11 -

1. What should be the process used to collect, analyse and communicate information and ideas?

2. What are the steps you should take to develop trust and confidence?

3. How would you develop and maintain networks and relationships?

4. What is the procedure used to manage difficulties into positive outcomes?

5. What should a good team leader do to gather information associated with the achievement of work responsibilities?

6. What are the benefits of having networks?

7. When you are developing and maintaining effective workplace relationships, what are four strategies that you might use? Briefly describe each.

8. Briefly describe four of the signs and symptoms of a potential difficult situation.