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Advance Financial Accounting Assignment- MYER

   

Added on  2020-05-28

7 Pages1422 Words83 Views
FinancePolitical Science
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Running head: ADVANCE FINANCIAL ACCOUNTINGAdvance financial accountingName of the studentName of the universityAuthor note
Advance Financial Accounting Assignment- MYER_1

1ADVANCE FINANCIAL ACCOUNTINGTable of ContentsIntroduction................................................................................................................................2Discussion..................................................................................................................................2Conclusion..................................................................................................................................4Reference....................................................................................................................................6
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2ADVANCE FINANCIAL ACCOUNTINGIntroduction Myer is the department store based in Australia incorporated in 2006. Theirdepartment store network involves the footprint of more than 60 stores in Australian retailstores. The merchandise categories of Myer includes different product categories likemenswear, women’s wear, children’s wear, beauty products, cosmetics are few to be named.The company is ranked at 145 among the top 2000 Australian companies. Majority of incomefor the company is generated through department stores in the Australian industry. The mainobjective of the company is to provide superior speciality services through creation of mutualrewarding relations with their customers through open, safe and inspiring environment(Myer.com.au 2018).On the other hand, National Australia Bank is the leader in delivering the bankservices to the Australian businesses. They are specialists and expert in heath, education,government, community banking and agribusiness. Their main objective is to become themost respected bank in New Zealand and Australia. Majority of the bank’s business forfinancial services are operated in New Zealand and Australia with the other business beinglocated in US, UK and Asia. The relationship of the bank with the customers are depended onthe principles of advice, guidance and help for achieving better financial results for thecustomers (NAB.com.au 2018).Discussion AASB 16 and IFRS 16 deal with the lease treatment. As per the standard thecompanies are required to bring majority items under operating lease to record in the balancesheet of the company. The lessee shall measure the liability of lease at commencement date atpresent value of lease payments that are unpaid as on that date (Holland 2016). Further, the
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