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Report on Annual Financial Statements

   

Added on  2020-05-16

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Report on Annual Financial Statements_1

1By JAWWAD HASSAN Professor: JENNY YANG (VSS32182)University:Date: 07 January 2018.1 | P a g e
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2Executive SummaryIn the given report, the annual financial statements of the company named Tutt Byryant companyLimited needs to be analysed with respect to the impairment diclosures and accounting being done bythe company. The company last prepared its own financial statement in 2010 and the it was acquired byTUT post which it did not prepare its standalone financial statements, for this reason the annualaccounts being considered for analysis is of 2010. It needs to be studied, analysed and commentedupon that what are the provisions for impairment being used by the company, whether it has beencorrectly reported, what are the estimates and assumptions being used and whether the same is baised,is there any subjectivity involved in the calculation and where are the impairment expenses being shownin the financials. Further it also needs to be commented that whether or not the company has used thefair value measurement concept. In the 2nd case study, the old leasing standard has been compared withthe new leasing standards. It needs to be analysed how the new leasing standard removes theshortcomings of the old leasing standards and how the companies will be at par and the new changeswill bring transparency and level playing field when the operating leases will also be reported in thefinancial statements. Also, the benefits to the investors in the better decision making through thischange has also been highlighted.2 | P a g e
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3ContentsAssessment Task: Part A: Tutt Bryant Group Limited..................................................................................4Assessment Task: Part B: New Leasing Accounting Standard....................................................................12Attachments : Annual Report....................................................................................................................14References.................................................................................................................................................153 | P a g e
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