ACCT9007 Advanced Corp. Reporting (CPA) ( Part 1 of 2 ) Assignment Sample Ireland
ACCT9007 Advanced Corp. Reporting is a course offered at the UCD that provides students with an understanding of financial accounting and reporting standards for entities with share capital. The focus of the course is on the conceptual framework underlying financial accounting, identification, and measurement of assets, liabilities, equity, and income, as well as disclosure requirements.
The course is designed for students who have completed an introductory accounting course and covers International Financial Reporting Standards (IFRS) as well as Australian Accounting Standards (AASB). Students will develop an understanding of how to apply financial accounting principles to prepare financial statements by IFRS and AASB.
The course is divided into two parts, with Part 1 covering the conceptual framework, recognition, and measurement of transactions and events, as well as disclosure requirements. Part 2 covers the preparation of financial statements by IFRS and AASB.
Hire writers for ACCT9007 Advanced Corp. Reporting (CPA) ( Part 1 of 2 ) Assignment
At Ireland Assignment Help, we provide the best assignment solutions for ACCT9007 Advanced Corp. Reporting (CPA) ( Part 1 of 2 ). We have a team of experienced and qualified writers who are well-versed with the course requirements and can help you score good grades. We also offer a wide range of services like individual assignments, group-based assignments, reports, case studies, and more. So, if you’re looking for a reliable and affordable assignment help provider, look no further than Ireland Assignment Help.
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 a few important things to keep in mind when preparing the financial statements of companies, groups, and associated undertakings, including overseas subsidiary undertakings. By International Financial Reporting Standards (IFRS), these statements must include a balance sheet, income statement, statement of changes in equity, and statement of cash flows.
The balance sheet should show the financial position of the company at a specific point in time, typically at the end of an accounting period. It will include information on the company’s assets ( what it owns) and liabilities (what it owes).
The income statement shows how much revenue the company generated during an accounting period, as well as any expenses incurred. This provides insight into whether the company made a profit or loss during the period.
The statement of changes in equity shows the movement in shareholders’ equity during an accounting period. This can be caused by things such as profits or losses, share issuance, or share repurchases.
The statement of cash flows shows how much cash the company generated and used during an accounting period. This is important to understand whether the company is running out of cash or if it has excess cash that can be used for things such as investment or debt repayment.
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 in which organizations may, or must, apply International Financial Reporting Standards (IFRS). In the UK and Ireland, IFRS is required for all listed companies. Unlisted companies may also choose to adopt IFRS if they believe it will give them a more accurate and transparent representation of their financial affairs.
Many smaller businesses opt not to apply IFRS because they find the complexity and cost outweigh the benefits. However, there is an increasing trend for small businesses to adopt IFRS to gain access to international markets and capital.
There are several key differences between IFRS and local GAAP (Generally Accepted Accounting Principles). The most significant difference is likely to be in the area of asset valuation. Under IFRS, assets must be measured at their fair value, whereas under local GAAP they can be measured at either historical cost or amortized cost. This can result in very different values being reported on the balance sheet.
Another key difference is in the treatment of income taxes. Under IFRS, income taxes are required to be accounted for on a current basis, whereas under local GAAP they can be accounted for on a deferred basis. This can result in different amounts of income tax being reported in the income statement.
Lastly, there are differences in the disclosure requirements under IFRS and local GAAP. IFRS requires more disclosures to be made in the financial statements than local GAAP. This is because IFRS is designed to give users of financial statements a more complete picture of an organization’s financial affairs.
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 used to account for the purchase of another business. The total cost of the acquisition is allocated to the assets acquired and the liabilities assumed, with any excess purchase price recorded as goodwill. The goodwill is amortized over a period not to exceed 40 years.
The requirements in financial statements and notes related to acquisitions are as follows:
1) A summary of the acquisition including the date, business purpose, and terms;
2) The source and application of cash flows associated with the acquisition;
3) Identification of the acquiring company and all other entities involved in the transaction;
4) An overview of the assets acquired and liabilities assumed, including fair values (if available);
5) A schedule detailing how the purchase price was allocated to the assets acquired and liabilities assumed;
6) Disclosure of any contingent consideration arrangements; and
7) Information about post-acquisition changes, including restructurings, integration costs, and other items.
Assignment Activity 4: Interpret and apply IFRS and interpretations adopted by the IASB, selecting the appropriate accounting treatment for transactions and events.
The appropriate accounting treatment for transactions and events is based on the principle of substance over form. This principle dictates that the financial statement should reflect the substance of an economic transaction or event, not its legal form.
For example, when a company exchanges one asset for another, the exchange should be accounted for at fair value. If the fair value of the assets is different than their carrying amounts on the balance sheet, then a gain or loss would be recognized on the statement of income. This approach is consistent with the principle of substance over form, as it reflects what happened concerning the exchange (the company exchanged two assets with different values).
There are many other examples of transactions and events that need to be accounted for by the principle of substance over form. Some common examples include restructurings, asset impairments, and derivatives.
The application of the principle of substance over form can sometimes be difficult, as it requires judgment to determine the substance of a transaction or event.
Assignment Activity 5: Analyse and evaluate financial statements.
Analyzing and evaluating financial statements is an important part of making informed investment decisions. There are a few key things to look for when analyzing financial statements, including the company’s revenue and expenses, cash flow, and balance sheet.
Looking at a company’s revenue can give you an idea of its overall profitability. examining expenses can give you insights into where a company is spending its money and help you determine if the business is operating efficiently. Cash flow is important to analyze because it gives you a picture of how much cash the company has on hand to cover its debts and other obligations. Finally, the balance sheet provides information on the company’s overall financial health.
Interpreting financial statements can be complex, but it is an essential skill for anyone looking to make informed investment decisions.
Assignment Activity 6: Write detailed reports, tailored to the technical understanding of the different user groups.
There are many different types of financial reports that companies can produce, tailored to the technical understanding of the different user groups. Some common types of reports include income statements, balance sheets, cash flow statements, and statements of changes in equity.
Each type of report provides information that is useful to different users. For example, an income statement shows a company’s profitability, while a balance sheet provides information on the company’s assets and liabilities. A cash flow statement shows how much cash the company has on hand to cover its debts and other obligations. And a statement of changes in equity shows how the company’s equity has changed over time.
Choosing the right type of report to produce depends on the needs of the user group. For example, if a company is looking to obtain financing, the lender will likely want to see a balance sheet and cash flow statement. On the other hand, if a company is looking to assess its overall financial health, it might want to produce an income statement, balance sheet, and statement of changes in equity.
Assignment Activity 7: Critically evaluate the main accounting issues currently in the field of corporate reporting.
The main accounting issues in corporate reporting are the use of fair value measurements and the impact of changes in estimates.
The use of fair value measurements has been criticized for providing management with too much flexibility when estimating assets and liabilities. Management can choose to report an asset or liability at its fair value, which may be more advantageous to the company’s financial position than reporting it at its historical cost.
The impact of changes in estimates is also a major accounting issue. Changes in estimates can have a significant impact on a company’s earnings and financial position. For example, if a company revises its estimate for bad debt expense, this revision could have a significant impact on its net income for the period.
These are just a few of the main accounting issues currently in the field of corporate reporting. As new accounting standards are issued and companies adopt new accounting policies, these issues are likely to change.
Assignment Activity 8: Demonstrate appropriate professional judgment and ethical sensitivity.
Professional judgment and ethical sensitivity are two important skills that every professional should possess. Ethical sensitivity refers to the ability to identify and respond to ethical issues in a professional context. Professional Judgment is the capacity to make decisions that serve the best interests of clients, organizational members, and others with whom we interact.
There are many ways to demonstrate both professional judgment and ethical sensitivity. One way to demonstrate professional judgment is by always putting the needs of others first. This means taking into account not only what is legally or organizationally required, but also what is in the best interest of those you serve. Ethical sensitivity, on the other hand, often requires recognizing when there may be a conflict between what is legally or organizationally required and what is in the best interest of those you serve.
For example, if you are aware of an organization’s policy that requires employees to report any potential ethical violations, but you also know that doing so could result in retaliation against the employee who made the report, you would need to use your professional judgment to decide whether to make the report or not. In this case, you would also need to be sensitive to the ethical implications of your decision.
It is important to note that there is no one right answer to any ethical dilemma. The best way to resolve an ethical dilemma is to consult with others, get all the facts, and make the decision that you believe is in the best interest of all parties involved.
Guaranteed Hd grade in your ACCT9007 assignment writing with our assignment experts
If you need professional assignment writers for your ACCT9007 assignment writing, then we can help you. We have a team of experienced and qualified writers who can provide you with high-quality assignments that will help you get the grades you want.
We provide free assignments & essay samples for Ireland students. So you can get AY5113 Advanced International Financial Reporting, BUU44530 Financial Reporting, and Analysis Assignment samples from us. We also provide Pro Assignment Helpers for Ireland students.
We also offer essay help services for all types of essays including argumentative essays, persuasive essays, expository essays, and more. Our team of writers is available 24/7 to help you with your assignments. So if you need any help, just contact us and we will be happy to assist you.
- ACCT6021 Management Accounting and Systems 2 Assignment Sample MTU Ireland
- ACCT7012 Management Accounting for Tour Assignment Sample MTU Ireland
- ACCT6022 Management Accounting for deci Assignment Sample MTU Ireland
- ACCT9002 Performance & Data Evaluation Assignment Sample MTU Ireland
- ACCT7017 Single Entity & Group Accounting Assignment Sample MTU Ireland
- ACCT6025 Managerial Accounting Assignment Sample MTU Ireland
- ACCT6020 Mgmt Accounting and Systems 1 Assignment Sample MTU Ireland
- ACCT6027 Mgmt Accounting for Business Assignment Sample MTU Ireland
- ACCT8005 Strategic Performance Eval Assignment Sample MTU Ireland
- ACCT8004 Strategic Management Acc Assignment Sample MTU Ireland
- ACCT6008 Financial Accounting 1 Assignment Sample MTU Ireland
- ACCT7001 Management Accounting Assignment Sample MTU Ireland
- ACCT6013 Intro to Accounting Assignment Sample MTU Ireland
- ACCT7014 Financial Accounting Analysis Assignment Sample MTU Ireland
- ACCT6017 Financial Accounting 3 Assignment Sample MTU Ireland