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Background situation of simulation: You are working in the Investment Advice section of the strategic planning department of a major organization. Your organisation is considering the Australian equities market. Management have called a meeting of you and three of your colleagues, and during the meeting have discussed the effects of the legal need of public listed corporations to conform to the Australian Financial Reporting Standards. They have asked you and your colleagues to sample a selection of ASX listed companies, and establish the extent to which companies comply in detail with the spirit of the law. Management are curious about the compliance in regard to several particular areas of the Standards, in particular, leasing, equity section, Cash Flow Statements, Intangibles, Tax Effect Accounting, and Segment activities. Management however believe that as an indicator, only four of these need to be investigated. Required: Your assignment is to complete a report to management in this regard. You are to form into groups of four for the submission of this assignment Three weeks before due date, you may commence testing your assignment for originality (30%) on TURNITIN which will be available on WebCT/Blackboard. You are to select one company from the ASX list of the top 100 companies. You are then to obtain a copy of that company's latest annual report and undertake four of the following analyses: 1. Examine the company's Leasing, and analyse the nature of any finance leases, and any operating lease arrangements. In particular you are asked to ascertain if the information provided is in compliance with the relevant Accounting Standards. 2. Examine the owners' equity section of the accounts and investigate if the data provided conforms with the relevant Accounting Standards. 3. Examine the company's Cash Flow Statements and confirm that the information provided conforms with the relevant Accounting Standards. 4. Examine the treatment of intangible assets of all types and consider if the treatment conforms with the relevant Accounting Standards. 5. Examine the recording of Income Tax expense, benefits and obligations and consider if the recording meets the requirements of the relevant Accounting Standards. 6. Examine the recording of segment activities and consider if the recording meets the relevant Accounting Standards.
Describing the audit but not revealing the type of opinion Mason Gave. Describing the audit and the opinion and naming Mason as the predecessor auditor.
How much gain, if any, must Emma identify on the transfer? Must Laine recognize any gain and evaluate Emma's basis in her partnership interest?
Evaluate the inventory value using both the temporal and existing methods. Show how this may be reflected on Royal Tea's statements and the consolidated statements of U.S. Beverages.
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The selling price of the equipment is $325,000, and the rate implicit in the lease is 8%, which is known to Silver Point Co. What is the book value of the leased asset at December 31, 2011, and what is the balance in the Lease Liability account?
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