Reference no: EM132309713

Learning Outcomes

a) Determine the key concepts in selected accounting standards relevant to external reporting
b) Explain the use and implications of the principles underpinning the accounting standards examined
c) Evaluate issues and problems relating to accounting for companies in accordance with some accounting standards AASB 3, AASB 9, AASB 10, AASB 12, AASB 101, AASB 112, AASB 121, AASB 127, AASB 128, AASB 131 and AASB 136
d) Apply appropriate problem solving strategies, processes and arguments based on the application of accounting standards.

Assessment 1

This assessment is designed to reinforce subject content taught each week allowing students to analyse and apply accounting principles and concepts to solve theory and practical accounting questions. This contributes to learning outcomes a, b and c.

Tutorial Exercise: An extra question will be distributed in the tutorial during weeks one to eleven to assess the students' ongoing effort and understanding in the subject. Students will be instructed to complete the questions individually and are permitted to refer to course materials. Marks will be awarded based on accuracy and the students must attempt the task in their tutorial. The correct answer will be provided and explained by the tutor at the end of each tutorial and based on that, the submitted papers will be reviewed and marked by the fellow students.

Students are expected to:

o Attempt the questions in tutorial( at least 10 tutorials)
o Complete the task at a satisfactorily level

Assessment 2

Assessment Type: Mid-trimester test - individual assessment - closed book. Students should have pens and a non-programmable calculator - no other aids will be permitted.

Purpose: To allow students to demonstrate understanding of the subject content up to and including week 6, analysing corporate accounting and reporting issues and problems by applying appropriate problem-solving processes. This assessment contributes to learning outcomes a, b, and c.

Task Details: The mid-trimester is a closed book exam.
Students are expected to bring a non-programmable calculator to the test. No other materials will be permitted. The exam will consist of a mix of short and long answer questions where students will be required to apply relevant standards to given situations, and resolve issues and problems relating to these standards. Topics covered will include work from lectures weeks 1-4.

Assessment 3

Topic: Consolidation worksheet

Ethan Ltd acquired all the issued shares (ex div.) of Darren Ltd on 1 July 2017 for $110 000. At this date Darren Ltd recorded a dividend payable of $10 000 and equity of:

All the identifiable assets and liabilities of Darren Ltd were recorded at amounts equal to their fair values at acquisition date except for:

The machinery was considered to have a further 5-year life. Of the inventory, 90% was sold by 30 June 2018. The remainder was sold by 30 June 2019.

Both Darren Ltd and Ethan Ltd use the valuation method to measure the land. At 1 July 2017, the balance of Ethan Ltd's asset revaluation surplus was $13 500.

In May 2018, Darren Ltd transferred $3000 from the retained earnings at 1 July 2017 to a general reserve. The tax rate is 30%.
The following information was provided by the two companies at 30 June 2018.

Required: Prepare the consolidated financial statements of Ethan Ltd at 30 June 2018.

Show the acquisition analysis and consolidation journal entries including business combination valuation, reserve entries and pre-acquisition journal entries.

You are required to ;

1- Find the assignment question (a Word file) and read it carefully

2- Provide "Acquisition Analysis"

3- Provide "Business Combination Valuation"  worksheet adjustment journals

4- Provide "Pre- Acquisition" worksheet adjustment journals

5- Find "Assignment worksheet Template" file on Moodle and complete "Worksheet"

6-Aggregate all answers in an Excel OR Word format and upload it on Moodle before the due date

Attachment:- CORPORATE ACCOUNTING AND REPORTING.rar