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Advance Financial Accounting

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Added on  2020-01-07

Advance Financial Accounting

   Added on 2020-01-07

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ADVANCE FINANCIALACCOUNTING
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TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1CHANGES TO ACCOUNTING REQUIREMENTS.....................................................................1EFFECTS ON FINANCIAL STATEMENTS................................................................................3EFFECTS ON SELECTED LISTED COMPANY.........................................................................4CONCLUSION................................................................................................................................5REFERENCES................................................................................................................................7
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INTRODUCTIONAccounting considers one of the key aspect in the company for making various kinds oftreatments of financial transactions which are comes into consideration within workplace. In theaccounting there are mainly two branches come under which are such as management andfinancial and used by firm for taking internal and external decisions respectively. In the financialaccounting there are different kinds of financial statements are prepared and supports to firm foranalysing the business performance in terms of financials in the industry (Hahn, Fairchild andDowis, 2013). In the present project, Ascendas Real Estate Investment Trust (REIT) company isselected which operates in the real estate industry and listed in the Singapore's largest firm whichis Space And Industrial Real Estate Investment Trust. The chosen firm having diversifiedportfolio in three countries with different number of properties. The three countries withproperties are such as 100 properties in Singapore, 30 in the Australia as well as approximate 3properties in the country China. It provides its properties to purchase and sale to huge number ofthe customers which lead to increase revenue of Ascendas REIT. At the current assignment thereare about the leasing accounting treatment is to be analysed by using different two standards likeas IAS and IRFS. Here IAS 17 as well as IFRS 16 both are considered by chosen entity to maketreatment along with evaluating about the leasing at the workplace of it. Apart from this,comparison between IAS 17 and IFRS 16 is to be given along with how leasing affects to thefinancial statements of Ascendas REIT. At the end of report, effects on the potential and existingshareholders of selected firm is to be explained.CHANGES TO ACCOUNTING REQUIREMENTSTo make accounting treatments of different financial transactions there are variousaccounting standards and reporting systems, theories etc. are framed by the authority body andon the basis of these all transactions are recorded in financial statements in appropriate manner.At the current case study there are about the leasing aspect is to be considered and then analysedthat how leasing treated in the books of account of company like as Ascendas Real EstateInvestment Trust. The treatments of leasing is mostly and highly require in the case of suchentity because it provides property on the leas to customers also along with selling to them(Weil, Schipper and Francis, 2013). There are International Accounting Standard (IAS) 17 andInternational Financial Reporting Standard (IFRS) 16 both are used by the Ascendas REIT tomake accounting treatments of leasing in profit and loss account, balance sheet, cash flow etc.1
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