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1. The Croucher company has been valuing its buildings using the fair value method. Its buildings are currently shown in the balance sheet at their current market value of 18.5 million. The buildings had originally cost 12 million.
2. The Kaycee company values its inventory at LIFO and is unwilling to change it to FIFO as required by the Australian accounting standards. The amount of the misstatement is known and is limited to its effect on the inventory .
3. The Genome company has prepared its financial statements but has left out details of its related party disclosures due to privacy issues.
This information is required to be included under the Australian accounting standards and while the effects are material they are able to be calculated.
Required: For each of the above situations state the Audit Opinion that should be given with a brief reason/explanation related to each one.
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This paper states three case study one which reflect the historical cost principles must be followed at the time of disclosure of the assets. second company must recognize the inventory using the first in first out method . Thirdly , disclosure in regard to the related party transactions.
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