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Accounting and Financial Management - Assignment

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Added on  2020-03-16

Accounting and Financial Management - Assignment

   Added on 2020-03-16

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Running head: ACCOUNTING AND FINANCIAL MANAGEMENTAccounting and financial managementName of the studentName of the universityAuthor note
Accounting and Financial Management - Assignment_1
1ACCOUNTING AND FINANCIAL MANAGEMENTTable of ContentsAnswer 1....................................................................................................................................3Measurement of fair values........................................................................................................3Determination of liability or asset under measurement..................................................3Determination of premise valuation that is complied with the best and highest use......3Determination of the most beneficial market for assets..................................................4Determination of the valuation technique.......................................................................4Answer 2....................................................................................................................................51.Journal entries in the books of Peewee Ltd for the year ended 30th June 2017...............52.Journal entries for the year ended 30th June 2018...........................................................6Answer 3....................................................................................................................................81.Accounting for the intangible asset that is internally generated as per IAS 38 / AASB13882.Difference among internally generated and acquired intangible asset............................83.Reluctance with regard to press for the changes in the IAS 38 / AASB 138..................9Answer 4..................................................................................................................................101.Deficit of fund...............................................................................................................102.The net liability for defined benefit..............................................................................103.Net interest....................................................................................................................10
Accounting and Financial Management - Assignment_2
2ACCOUNTING AND FINANCIAL MANAGEMENT4.Reconciliation...............................................................................................................105.Summary journal entries...............................................................................................11Reference..................................................................................................................................12
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3ACCOUNTING AND FINANCIAL MANAGEMENTAnswer 1Measurement of fair valuesDetermination of liability or asset under measurementUnder the given circumstance, two assets are there that can be measured under the fairvalue approach; they are factory and land (Bratten et al. 2013). Alternate option forconsidering the factory and land will be to treat them as the single asset.Determination of premise valuation that is complied with the best and highestuse As per the given case, the land was available for sale at $ 1 million for the purpose ofresidence. Considering the demolition cost of the existing factory that is amounted to $100,000, it is identified that the land can be sold for $ 900,000 for the purpose of residence.Computing the fair values in this way determines the specific use and is depended upon thevaluation based on in-exchange for the premise as land will be accounted for on the stand-alone basis (Griffin 2014).Further the factory and the land can be sold as the package to be used by theparticipants under market in association with the other assets. The factory is depreciated for50% of the original cost of the factory by the reporting company. With regard to the cost ofthe new factory that is $ 780,000, the depreciated cost of replacement of existing factory canbe estimated at $ 390,000. Moreover, as the factory can be assumed to be built at cheaperland block that is one part is not available for the purpose of residency and it is not likely thatthe market is available there for factory and land on the basis of in-use (Christensen andNikolaev 2013). Further, it is anticipated that the participant from the market will be
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