ACCT9007 Advanced Corp. Reporting (CPA) Assignment Sample Ireland

ACCT9007 Advanced Corp. Reporting (CPA) is a course designed to prepare students for reporting and disclosure requirements at the state and federal levels. The course builds on knowledge and skills acquired in previous accounting courses and provides an in-depth understanding of key issues related to corporate reporting.

Through case studies, class discussions, and hands-on exercises, students learn how to identify and resolve complex reporting problems. In addition, students gain experience using professional judgment to make complex financial decisions. This course is essential for students planning to pursue a career in public accounting or corporate finance.

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

Assignment Activity 1: Prepare the financial statements of companies, groups, and associated undertakings, including overseas subsidiary undertakings, by International Financial Reporting Standards (IFRS), company law, and E.U. law.

There are three main types of financial statements that companies prepare: the balance sheet, the income statement, and the statement of cash flows. The balance sheet provides information on a company’s assets, liabilities, and shareholder equity at a specific point in time. The income statement shows a company’s revenue and expenses over some time, typically one year. The statement of cash flows tracks a company’s inflow and outflow of cash over some time.

Overseas subsidiary undertakings must prepare their financial statements by International Financial Reporting Standards (IFRS). IFRS are promulgated by the International Accounting Standards Board (IASB). IASB is an independent, private-sector body that develops and approves accounting standards for use by companies around the world.

To prepare financial statements by IFRS, a company must first identify which accounting principles and standards apply to its particular situation. Second, the company must have a clear understanding of how those principles and standards should be applied in practice. Finally, the company must apply those principles and standards consistently and transparently.

The European Union (EU) has also promulgated accounting standards that must be followed by companies operating within its jurisdiction. These accounting standards are known as the International Accounting Standards (IAS). IAS are developed and approved by the International Accounting Standards Committee (IASC), which is an independent body that is responsible for setting international accounting standards.

Assignment Activity 2: Discuss the circumstances under which organizations may, or must, apply IFRS and/or the local UK and Irish GAAP demonstrating an understanding of the key accounting and presentation differences between them if Local GAAP were to be applied.

There are several circumstances under which organizations may need to or choose to apply IFRS. For example, listed companies in the European Union must all prepare their financial statements by IFRS. In addition, many banks and other financial institutions around the world are required to use IFRS for their consolidated financial statements. But it’s not just regulated entities that can voluntarily choose to adopt IFRS – any type of company can do so if they wish. 

There are several reasons why companies might want to adopt IFRS. First, it can make it easier for them to attract investment from overseas investors, who are often more familiar with IFRS than local GAAP (Generally Accepted Accounting Principles). Secondly, it can make it easier for companies to compare their financial performance with their peers since most large companies now use IFRS. Finally, it can give companies a competitive advantage if they operate in multiple jurisdictions, as they will only need to prepare one set of financial statements rather than several.

The key differences between IFRS and local GAAP relate to the recognition and measurement of assets and liabilities, as well as income and expenses. For example, under local GAAP, companies are often allowed to choose between different methods of depreciation, which can result in different amounts of depreciation expense being reported in the financial statements. Under IFRS, there is only one method of depreciation that must be used. This results in a more consistent and transparent treatment of depreciation expenses.

Another key difference between IFRS and local GAAP relates to the treatment of share-based payments. Under local GAAP, companies are often allowed to choose between different methods of accounting for share-based payments, which can result in different amounts of income being reported in the financial statements. Under IFRS, there is only one method of accounting for share-based payments, which results in a more consistent and transparent treatment of this type of income.

Overall, the main difference between IFRS and local GAAP is that IFRS is more principles-based while local GAAP is more rules-based. This means that under IFRS, companies have more flexibility in how they account for their transactions and events. This can result in a more accurate portrayal of the company’s financial performance, but it can also make IFRS more complex and difficult to understand.

Assignment Activity 3: Appraise and apply the acquisition method of accounting and related disclosure requirements in financial statements and notes.

The acquisition method of accounting is based on the premise that acquired businesses adhere to generally accepted accounting principles (GAAP). This sound and well-reasoned framework are essential to producing financial statements and disclosures that provide insights into a company’s operating performance, cash flows, and changes in equity.

Correct application of the acquisition method can be complex, however, because it requires an understanding of both GAAP and purchases accounting standards. This overview will help you appraise and apply the acquisition method with confidence.

The financial statements of an acquired company must be prepared by GAAP. They must also conform to any specific requirements included in the buyer’s purchase contract. The entire process of integrating the operations and finances of an acquired company is called purchase accounting.

Assignment Activity 4: Interpret and apply IFRS and interpretations adopted by the IASB, selecting the appropriate accounting treatment for transactions and events.

The IASB is an independent, private-sector, not-for-profit organization that develops and publishes International Financial Reporting Standards (IFRSs). An interpretation is a document that provides additional guidance on the application of an IFRS.

• When applying an IFRS, an entity shall disclose:
• The nature of the amendment(s) to the IFRS that has been applied; and
• The effect of the amendment(s) on the financial statements.
• An entity shall also disclose:
• The date of adoption of each amended IFRS; and
• If the early application is permitted, whether it has been applied earlier.

In some cases, an entity may elect not to apply an amendment to an IFRS that has been issued but is not yet effective. In such cases, the entity shall disclose:

• The nature of the change in accounting policy; and
• The effect of the change in accounting policy on the financial statements.
• An entity that chooses not to early adopt an amendment to an IFRS shall disclose:
• The reason for not early adopting the amendment; and
• Whether it is reasonably possible that the entity will early adopt the amendment in the future.

Assignment Activity 5: Analyse and evaluate financial statements.

There are a few key things to look for when analyzing financial statements: liquidity, activity, solvency, and profitability. 

Liquidity ratios show how easily a company can repay its short-term obligations. The two most common liquidity ratios are the current ratio and the quick ratio. The current ratio is calculated by dividing current assets by current liabilities. The quick ratio is similar, but it only includes those current assets that can be quickly converted into cash (i.e. excludes inventory). 

Activity ratios show how quickly a company is using its assets and converting them into sales. The two most common activity ratios are the accounts receivable turnover and the inventory turnover. Accounts receivable turnover is calculated by dividing sales by accounts receivable. Inventory turnover is calculated by dividing the cost of goods sold by inventory. 

Solvency ratios show how easily a company can repay its long-term obligations. The two most common solvency ratios are the debt to equity ratio and the interest coverage ratio. The debt to equity ratio is calculated by dividing total liabilities by shareholders’ equity. The interest coverage ratio is calculated by dividing earnings before interest and taxes by interest expense. 

Profitability ratios show how much profit a company is making relative to its revenue, expenses, or assets. The two most common profitability ratios are the gross margin and the net margin. The gross margin is calculated by dividing gross profit by revenue. The net margin is calculated by dividing net income by revenue.

When analyzing financial statements, it is important to keep in mind that these ratios are only meaningful when compared to other companies in the same industry. This is because different industries have different levels of risk and different capital structures. 

Assignment Activity 6: Write detailed reports, tailored to the technical understanding of the different user groups.

One of the most important aspects of writing detailed reports is adapting the level of technical detail to match the understanding of different user groups. Without this adaptation, important information could be missed or misunderstood, leading to issues further down the line.

There are a few different ways to go about tailoring your report writing to different user groups. One is to send out multiple versions of the same report, each with varying levels of detail (i.e., an executive summary, a more in-depth version for those who want it, etc.). Another way is to include footnotes or best practice guides that offer supplementary information for those seeking it out. 

No matter what method you choose, though, always make sure that anyone who needs to understand your report can do so without difficulty. After all, the point of a report is to communicate information clearly, not to make things more complicated.

Assignment Activity 7: Critically evaluate the main accounting issues currently in the field of corporate reporting.

One of the most pressing accounting issues in corporate reporting is the need for greater transparency and timeliness. There is a consensus among stakeholders that companies should be required to disclose more information in a timelier manner, as well as provide greater clarity about their financial performance.

Another key issue in accounting is the use of fair value measurements. Critics argue that fair value measurements can often be misleading, and can lead to inaccurate assessments of a company’s financial position. There is also growing concerned about inflated asset prices, and the potential for companies to manipulate their reported earnings by artificially inflating the values of their assets.

In addition, there has been increased scrutiny of off-balance sheet items, particularly those that are used to obscure debt levels. This has led to calls for greater disclosure of these items, as well as stricter regulations around their use.

Finally, there is a general concern that accounting rules are becoming increasingly complex, and that this complexity is making it difficult for investors and other users of financial statements to understand them. There is a growing belief that accounting standards need to be simplified to improve understanding and increase transparency.

These are just some of the main issues currently facing corporate reporting. As the field of accounting evolves, new issues will likely emerge, and old ones will become less pressing. It is important for those involved in corporate reporting to keep up with these changes to ensure that their reports are accurate and informative.

Assignment Activity 8: Demonstrate appropriate professional judgment and ethical sensitivity.

When making decisions in the field of corporate reporting, it is important to exercise appropriate professional judgment. This means taking into account all relevant factors and making decisions based on what is in the best interests of the company and its stakeholders. It also means being aware of any potential conflicts of interest and avoiding them if possible.

In addition, it is important to be sensitive to ethical issues when making decisions about corporate reporting. This means considering the potential impact of your decisions on all stakeholders and acting in a way that is truthful, fair, and responsible. Ethical sensitivity also requires being aware of any legal or regulatory requirements that might apply to the situation and ensuring that you comply with them.

Making decisions in the field of corporate reporting can be difficult, as there are often many competing factors to consider. However, by exercising appropriate professional judgment and ethical sensitivity, you can make sure that your decisions are in the best interests of the company and all of its stakeholders.

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