ACCT7004 Adv. Financial Accounting 1 Assignment Sample Ireland

ACCT7004 Advanced Financial Accounting 1 covers various advanced topics in financial accounting. The course is designed to provide students with a solid understanding of the theoretical and conceptual frameworks underlying financial accounting and reporting. The focus is on developing students’ ability to apply these concepts and frameworks in practice, to make informed judgments about financial accounting issues.

The topics covered in the course include advanced knowledge of financial statement analysis; an overview of recent developments in international financial reporting standards; an analysis of equity instruments; revenue recognition; accounting for income taxes; pensions and post-employment benefits; leases; share-based payment transactions; and earnings per share calculation. Coursework includes a group project and an individual research paper.

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

Assignment Task 1: Describe the elements in a regulatory framework for the preparation of financial statements.

A regulatory framework for the preparation of financial statements should include the following elements:

• A mandate that financial statements be prepared by financial accounting standards;
• The authority to establish and enforce financial accounting standards;
• Prescribed procedures and formats for the preparation of financial statements;
• Requirements for disclosure of information in financial statements; and
• Sanctions for failure to comply with requirements for the preparation of financial statements.

The regulatory framework should be designed to promote the transparency and comparability of financial statements. It should also provide adequate flexibility to allow companies to respond to changing business conditions.

Assignment Task 2: Describe the legal framework governing the preparation of statutory accounts.

The legal framework governing the preparation of statutory accounts in Ireland is set out in the Companies Act 2014. This Act requires that all companies listed on a recognized stock exchange prepare their accounts by International Financial Reporting Standards (IFRS), and file them with the Registrar of Companies within 9 months of the end of their financial year. Copies of these accounts must also be made available to shareholders on request.

In addition to IFRS, there are several other regulations and guidelines which must be adhered to when preparing statutory accounts. These include the Disclosure Guidelines issued by the Irish Stock Exchange, as well as the requirements set out in the EU Accounting Directive (78/660/EEC). Taxation considerations also play a role in the preparation of statutory accounts, with companies required to comply with the requirements of the Corporation Tax Acts.

Assignment Task 3: Prepare consolidated income statements and balance sheets for groups.

The consolidated income statement shows the revenues, expenses, and profits of a group of companies as if they were a single entity. The consolidated balance sheet shows the assets, liabilities, and equity of a group of companies as if they were a single entity.

To prepare a consolidated income statement, the revenues and expenses of all subsidiaries are totaled and then net income is calculated. To prepare a consolidated balance sheet, the assets, liabilities, and equity of all subsidiaries are totaled.

The consolidated income statement and balance sheet provide a true and fair view of the financial position of a group of companies. They are used by shareholders, creditors, and other interested parties to assess the financial health of a company.

Assignment Task 4: Prepare cash flow statements for single entities.

To prepare a cash flow statement for a single entity, you will need to first gather information on the company’s income and expenses. You can do this by reviewing the company’s financial statements or by speaking with someone in the accounting department. Once you have this information, you will need to categorize it into three categories: operating activities, investing activities, and financing activities.

Operating activities include all of the company’s day-to-day activities that generate revenue. This could include selling products or services, producing goods, or providing services. Investing activities involve any income or expenses related to company assets. This could include buying equipment or building new facilities. Financing activities relate to the company’s debt and equity financing arrangements. This could include issuing new shares of stock, taking out loans, or repaying debt.

Once you have classified all of the company’s income and expenses into these three categories, you will need to calculate the net cash flow for each category. This is done by adding up all of the cash inflows and subtracting all of the cash outflows. The final step is to calculate the total net cash flow for the company by adding up the net cash flows for each category.

A cash flow statement can provide valuable insights into a company’s financial health. It can help you understand how well a company is generating cash and whether or not it has enough cash on hand to cover its expenses.

Assignment Task 5: Evaluate financial statements and analyze performance.

The most important thing to look for when analyzing a company’s financial statements is whether or not the company is making a profit. You can determine this by looking at the company’s net income, which is found on the income statement.

Another thing to look for is how much debt the company has. You can find this information on the balance sheet. A high level of debt can be risky for a company because it could lead to bankruptcy if the company is unable to repay its debts.

Finally, you should look at the company’s cash flow. This will tell you how much money the company has coming in and going out, and will help you determine whether or not it is solvent (able to pay its bills).

If you are interested in investing in a company, it is important to carefully analyze its financial statements before making a decision. By doing so, you can get a better understanding of the company’s financial health and decide whether or not it is a good investment.

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