ACCT6019 Financial Accounting 4 Assignment Sample MTU Ireland

ACCT6019 Financial Accounting 4 course explores advanced accounting concepts and their applications in business entities. The course covers the topics of revenue recognition, financial statement presentation, disclosure requirements, and earnings management. This course also discusses the role of accountants in corporate governance and the ethical responsibilities of accountants.

Furthermore, the course covers topics on international accounting, such as differences in accounting standards and their impact on multinational businesses. In this course, students will have the opportunity to deepen their understanding of accounting theories and practices through real-world case studies and group discussions.

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

Assignment Activity 1: Outline the purpose and contents of a conceptual framework.

Purpose of conceptual framework: The purpose of a conceptual framework is to guide financial accounting and reporting. The framework helps accountants identify the appropriate accounting treatments for transactions and events, and to communicate information about those transactions and events clearly and understandably.

Contents of conceptual framework:

• Recognition: Accountants must identify which economic transactions should be recognized in the financial statements.
• Measurement: Accountants must choose an appropriate method for measuring the economic transactions that have been recognized.
• Disclosure: Accountants must disclose information about the recognized economic transactions in the financial statements.
• Earnings management: The conceptual framework guides how to manage earnings and avoid fraud.
• International accounting: The conceptual framework guides how to account for transactions that cross international borders.
• Corporate governance: The conceptual framework guides the role of accountants in corporate governance.
• Ethical responsibilities: The conceptual framework guides the ethical responsibilities of accountants.

Assignment Activity 2: Outline the regulatory framework governing financial reporting.

Financial reporting is the process of communicating financial information to shareholders, potential shareholders, and creditors. This communication can take many forms, from simple balance sheets to more complex financial statements and annual reports.

The regulatory framework governing financial reporting is composed of three tiers:

The first tier is the legal framework, which is composed of statutes, regulations, and case law. The legal framework establishes the basic rules of financial accounting and reporting.

The second tier is the accounting standards, which are issued by standard-setting boards. The accounting standards guide how to account for and report transactions and events.

The third tier is the generally accepted accounting principles (GAAP), which are a set of rules and guidelines that accountants must follow when preparing financial statements. GAAP is not a legal requirement, but it is generally accepted by the accounting profession.

Assignment Activity 3: Explain the principles underlying accounting standards listed in indicative content.

The principles underlying accounting standards are:

• Relevance: Information is relevant if it has the potential to influence decisions.
• Reliability: Information is reliable if it is free from material error and bias.
• Comparability: Information is comparable if it can be reasonably compared with other information.
• Consistency: Information is consistent if it is presented in the same manner from period to period.
• Disclosure: Information is disclosed if it is made available to those who need it.

The principles underlying accounting standards are important because they guide how to prepare financial statements that are useful to decision-makers. Financial statements that meet these criteria can be used to make informed decisions about business strategies and investment decisions.

Assignment Activity 4: Practical application of accounting standards listed in indicative content.

The practical application of accounting standards is to ensure that financial statements are prepared in a manner that is consistent with the principles underlying accounting standards. Financial statements that are prepared by accounting standards are more likely to be useful to decision-makers and will be more comparable to other financial statements.

There are many different types of accounting standards, each of which prescribes different rules and guidelines for financial reporting. The most common accounting standards are generally accepted accounting principles (GAAP) and international financial reporting standards (IFRS).

Generally Accepted Accounting Principles (GAAP): GAAP is a set of rules and guidelines that accountants must follow when preparing financial statements. GAAP is not a legal requirement, but it is generally accepted by the accounting profession.

International Financial Reporting Standards (IFRS): IFRS is a set of international accounting standards that are used by companies around the world. IFRS is not a legal requirement, but it is generally accepted by the accounting profession.

Practical application of accounting standards requires accountants to use their judgment to apply the rules and guidelines in a way that will produce financial statements that are useful to decision-makers. This requires accountants to have a deep understanding of the principles underlying accounting standards and how to apply them in different situations.

Assignment Activity 5: Prepare group accounts for simple structures.

The following are examples of simple structures:

• Sole proprietorship: This is a business owned and operated by one person. The sole proprietor is responsible for all aspects of the business, including accounting and financial reporting.
• Partnership: This is a business owned and operated by two or more people. Partnerships are generally less complex than corporations, and partners are typically responsible for their accounting and financial reporting.
• Corporation: This is a business that is owned by shareholders. Corporations are generally more complex than sole proprietorships and partnerships, and shareholders are not typically responsible for the company’s accounting and financial reporting.

The following are examples of group structures:

• Parent company/subsidiary: This is a business structure in which a parent company owns a controlling interest in a subsidiary. The parent company is typically responsible for the accounting and financial reporting of the subsidiary.
• Conglomerate: This is a business structure in which a company owns multiple businesses that operate independently from each other. Conglomerates are typically large and complex, and each business unit is typically responsible for its accounting and financial reporting.

Accounting standards require that financial statements be prepared consistently from period to period. This means that accountants must use their judgment to apply the rules and guidelines in a way that will produce financial statements that are useful to decision-makers. This requires accountants to have a deep understanding of the principles underlying accounting standards and how to apply them in different situations.

To prepare group accounts, accountants must first determine which entities are required to be consolidated. Once this has been done, they must then prepare the financial statements of each entity by accounting standards. Finally, they must consolidate the financial statements of each entity to produce the group accounts.

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