ACCT7003 Advanced Financial Accounting Assignment Sample Ireland

Advanced Financial Accounting (ACCT7003) is a unit that builds on students’ skills and knowledge in financial accounting. It aims to provide students with an understanding of advanced accounting topics and technical expertise in the application of financial accounting standards.

The unit covers a range of advanced topics including revenue recognition, cash flow statements, business combinations, consolidated financial statements, foreign currency transactions and translation, equity instruments, lease accounting, and provisions. Students will have the opportunity to apply their accounting knowledge and skills to solve problems related to these topics. They will also develop their ability to research independently and communicate effectively both orally and in writing.

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In this section, we are describing some assigned tasks. These are:

Assignment Task 1: Explain the principles underlying the International Financial Reporting Standards relevant to the preparation of financial statements for single entities.

The International Financial Reporting Standard (IFRS) is a set of global accounting standards. They guide the recognition of financial statement items, how to measure them, and how to present them in financial statements.

The purpose of IFRS is to ensure that financial statements are transparent and comparable across different countries. To achieve this, all entities preparing financial statements must use the same accounting standards.

The IFRS Foundation is the organization that sets the IFRS standards. The International Accounting Standards Board (IASB) is responsible for developing and issuing those standards.

Several principles underlie the IFRS standards. These principles are designed to create financial statements that are:

• Transparent – Financial statements should show all information that is necessary for users to understand the financial position, performance, and cash flows of an entity.
• Comparable – Financial statements should be comparable across different entities, industries, and periods.
• Reliable – Financial statements should be free from material errors and misrepresentations.
• Relevant – Financial statements should contain information that is relevant to users in making decisions about the allocation of resources.
• Understandable – Financial statements should be understandable by users with a reasonable knowledge of business and finance.

When applying these principles, entities must use their judgment to determine the best way to present information in their financial statements. The goal is to show information that is clear, concise, and easy to understand.

Assignment Task 2: Apply the International Financial Reporting Standards relevant to the preparation of financial statements for single entities.

The International Financial Reporting Standards (IFRS) are a set of international accounting standards developed by the International Accounting Standards Board (IASB). IFRS are designed as a common global language for business affairs so that company accounts are understandable and comparable across international boundaries. They are used by corporations in over 180 countries and jurisdictions around the world. 

While US GAAP continues to be the dominant set of accounting standards globally, IFRS is increasingly being adopted. Many large US companies have already switched to IFRS, or are in the process of doing so. The SEC has also been moving towards permitting foreign issuers to file using IFRS without having to reconcile to US GAAP. 

There are several key differences between US GAAP and IFRS. Some of the most notable ones include:

• Revenue recognition: Under US GAAP, revenue is recognized when it is earned, while under IFRS it is recognized when it is realized or realizable.
• Inventory: US GAAP requires the use of the last-in, first-out (LIFO) method, while IFRS permits companies to use either LIFO or the first-in, first-out (FIFO) method.
• Treatment of intangible assets: US GAAP requires the amortization of intangible assets, while IFRS permits them to be carried at cost.
• Accounting for leases: US GAAP requires leases to be capitalized on the balance sheet, while IFRS requires them to be classified as either operating or finance leases.
• Accounting for research and development costs: US GAAP requires research and development costs to be expensed as they are incurred, while IFRS permits them to be capitalized if certain criteria are met.

Assignment Task 3: Prepare financial statements for single entities using international financial reporting standards.

The main financial statements are the balance sheet, income statement, and cash flow statement.

Balance Sheet: This shows a company’s assets (what it owns), its liabilities (what it owes), and its shareholders’ equity (the difference between what the company owns and what it owes). 

Income Statement: This shows a company’s revenue (sales) and expenses over a specific period. 

Cash Flow Statement: This measures how much cash is generated or used by a company over a specific period. 

International Financial Reporting Standards (IFRS) are a set of global accounting standards that companies must follow when preparing their financial statements. IFRS is an evolution of Generally Accepted Accounting Principles (GAAP) and is designed to create a common global language for business affairs so that company accounts are understandable and comparable across international boundaries.

There are three main financial statements that companies prepare under IFRS: balance sheet, income statement, and cash flow statement.

Balance Sheet: The balance sheet shows a company’s assets, liabilities, and shareholders’ equity.

Income Statement: The income statement shows a company’s revenue and expenses over a specific period.

Cash Flow Statement: The cash flow statement measures how much cash is generated or used by a company over a specific period.

Assignment Task 4: Prepare group accounts for simple structures.

Group accounts may be used for simple structures, such as a limited liability company (LLC). To establish an LLC, the following steps must be taken:

1. Choose a name for the LLC. The name can’t be the same as another business entity in your state.
2. File Articles of Organization with your state’s Secretary of State. This document will include basic information about your LLC, such as its name, purpose, and registered agent.
3. Create an Operating Agreement. This document will outline the policies and procedures that will govern your LLC.
4. Get an Employer Identification Number (EIN) from the IRS. This number is used to identify your business on tax documents.
5. File annual reports and taxes. LLCs are required to file an annual report with the Secretary of State and pay taxes at the state and federal levels.

Once you have established your LLC, you will need to prepare group accounts. The main financial statements for an LLC are the balance sheet, income statement, and cash flow statement.

Balance Sheet: The balance sheet shows a company’s assets, liabilities, and shareholders’ equity.

Income Statement: The income statement shows a company’s revenue and expenses over a specific period.

Cash Flow Statement: The cash flow statement measures how much cash is generated or used by a company over a specific period.

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