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HA 3011 Advance Financial Accounting Report - doc

   

Added on  2020-05-28

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Running head: ADVANCE FINANCIAL ACCOUNTINGAdvance Financial AccountingName of the StudentName of the UniversityAuthors NoteCourse ID

ADVANCE FINANCIAL ACCOUNTING1Table of ContentsAssessment task Part A:.............................................................................................................2Answer to (i):.............................................................................................................................2Answer to (ii):............................................................................................................................2Answer to (iii):...........................................................................................................................2Answer to (iv):...........................................................................................................................3Answer to (v):............................................................................................................................3Answer to (vi):...........................................................................................................................3Answer to (vii):..........................................................................................................................4Assessment Task Part B:............................................................................................................4Answer to (i):.............................................................................................................................4Answer (ii):................................................................................................................................4Answer to (iii):...........................................................................................................................5Answer to (iv):...........................................................................................................................5Answer to (v):............................................................................................................................6Reference List:...........................................................................................................................7

ADVANCE FINANCIAL ACCOUNTING2Assessment task Part A: The primary purpose of the report is to place emphasis on the impairment testing ofthe asset for Fleetwood Corporation Ltd. The report will additionally address the impairmentexpenses incurred during the period with key important assumptions that is used byFleetwood corporation in performing the impairment testing. Answer to (i): As evident from the current annual report of Fleetwood Corporation Ltd, it is noticedthat the firm for the purpose of impairment has tested Goodwill. Answer to (ii):To carry out the impairment testing Fleetwood Corporation has allocated goodwill forthe purpose of impairment in the cash-generating unit that is anticipated to benefitorganization from the synergies of the combination. The cash generating unit of FleetwoodCorporation Ltd to which the firm has allocated goodwill for impairment is conducted onannual basis or more constantly when there is an indication that the organization might beimpair (fleetwoodcorporation.com.au 2018). If it is noticed that the recoverable value of thecash generating unit is lower than the carrying value, then the impairment loss is allocated toinitially to lower the carrying value of the goodwill (Horton 2018). This means that theimpairment loss is allocated to the unit and later to the other assets based on the prorate basisto the carrying value of each asset in the unit. Answer to (iii):During the financial year of 2017, the company recorded the impairment expenditure forthe following

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