ACC5215 Corporate Accounting-Collusion and Cheating

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ACC5215 Corporate Accounting

Task:

At USQ, Policy and Procedure guides our approach to assessment, and it is important that all students are familiar with the relevant Policy and Procedure documents, and annually complete the Mandatory Academic Integrity Training. You will not be able to submit your assignment files if you have not completed the integrity training this year.

In the Assessment section of the StudyDesk for this course you will find:

• A link to complete the mandatory academic integrity training

• Information regarding plagiarism and academic misconduct, such as collusion and cheating (Academic Integrity Policy)

• Information about extensions (Assessment Policy and Assessment Procedures)

• A link to request an extension

You are strongly urged to complete this assignment by yourself to receive clear feedback about your level of understanding of the course material. To ensure your submission is your own work, plagiarism detection software is used.

Assignment Objectives

• Integrate theoretical and technical accounting knowledge particularly in the area of finance and the relevant regulations, in order to exercise judgement at a professional level to provide possible solutions to emerging and/or advanced accounting problem in complex contexts;

• critically apply theoretical and technical accounting knowledge and skills to solve accounting problems which require adjusting procedures to changes in regulations and preparing accounting entries according to professional accounting standards both Australia and international;

• Analyse and critically evaluate accounting topics in real world scenarios and identify and consider ethical and cultural issues facing accountants operating in corporations in the national and international business community.

Required:

1. Analyse the data and information presented above and show the supporting calculations required for values included in the two tax worksheets.

2. Prepare the current tax worksheet to calculate the current tax liability for the year ended 30 June 2031.

3. Prepare the deferred tax worksheet to calculate the movements in deferred tax accounts for the year ended 30 June 2031.

4. Provide the journal entries that arise from these tax worksheets.

5. Briefly explain how the items that arise from these journal entries will be reported in the financial statements for the year ended 30 June 2031 (no word limit)

Question 2

Required:

Imagine that you are a recent graduate working for an accounting practice. Your manager has asked you to provide advice via an internal memo (see later discussion) on the recognition of a deferred tax asset in relation to the tax loss. Your manager will review and revise your memo before writing a business letter containing advice for the CEO of Daydream Island Resort Pty Ltd on this matter. In your answer, you are expected to explain and apply the requirements of AASB 112 Income Taxes.  

Question 3

Required

1. Prepare the following financial statements for BBL in Euro for the financial year ended 30 June 2035:

A Statement of Profit or Loss

A Statement of Changes in Equity (column format)

A Statement of Financial Position (current / non-current format)

Note: Comparative data are not required

2. Assume that the functional currency for Strahan Ltd is the Australian Dollar (AUD). Prepare a table in which you translate the financial data for BBL to the functional currency. Clearly show all supporting calculations.

3. Prepare the financial statements (as above) for BBL Ltd using the functional currency of AUD.

4. Provide a table in which you determine the opening and closing net monetary assets and verify the foreign currency translation adjustment.

Question 4

Required:

Imagine that you are a recent graduate working for an accounting practice. Your manager has asked you to draft a business letter (see later discussion) to the CEO of Kiwi Ltd, in which identify the functional currency for Nadi Ltd and explain the factors that justify that choice. In your answer, you are expected to explain the requirements of AASB 121 The Effects of Changes in Foreign Exchange Rates. 

ACC5215 Corporate Accounting

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