Prepare a report to advice on the key accounting issues

Assignment Help Accounting Basics

Reference no: EM132373921

Assignment -

Required: Prepare a report to the management of COMMS4U providing accounting advice on the key accounting issues they need to consider for the 30 June 2019 and the 30 June 2020 annual financial reports.

The management of COMMS4U is particularly interested in the impact of the following new standards:

AASB 15 Revenue from contracts with customers (effective date: 1 January 2018)
AASB 9 Financial Instruments (effective date: 1 January 2018)
AASB 16 Leases (effective date: 1 January 2019)

The advice should also discuss any other relevant considerations or accounting issues and should be based on the information provided in the "Company Background" section of this assignment. It can be assumed that no other material events occurred.

Format of the report - The report should include the following:

Executive summary (no more than 150 words)

Introduction (no more than 150 words)

For each accounting issue addressed:

- Description of the issue

- Analysis and discussion of the issue, including:

Any relevant accounting policy choices
Relevant paragraph references to the requirements of the Australian Accounting Standards and the Conceptual Framework
Alternative views or interpretations of the accounting requirements
Potential impact on the 30 June 2019 and 30 June 2020 financial statements (calculations not required)
Conclusion and advice on how COMMS4U should address any issues for the 30 June 2019 and 30 June 2020 annual financial reports

Conclusion (no more than 150 words)

Note: Executive summary, introduction and conclusion will not count toward the 2000 word count.

Note - Follow the structure, please use the knowledge from the book and any calculation should use excel, need the detail of calculate on excel if any possible calculation exists. The calculation and detail of it are important.

Textbook - Financial reporting, 2ND EDITION by Janice Loftus, Ken Leo, Sorin Daniliuc, Noel Boys, Belinda Luke, Hong Ang and Karyn Byrnes. ISBN: 9780730344551 (ebook).

Attachment:- Assignment File.rar

Reference no: EM132373921

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