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Advanced Financial Accounting - Marketing G Enterprise

   

Added on  2020-05-28

9 Pages1610 Words26 Views
Running head: ADVANCED FINANCIAL ACCOUNTINGAdvanced financial accountingName of the universityName of the studentAuthors note
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1ADVANCED FINANCIAL ACCOUNTINGTable of ContentsAssessment Task Part A:.................................................................................................................2Requirement i).................................................................................................................................2Requirement ii)................................................................................................................................2Requirement iii)...............................................................................................................................2Requirement iv)...............................................................................................................................3Requirement v)................................................................................................................................3Requirement vi)...............................................................................................................................4Requirement vii)..............................................................................................................................4Requirement viii).............................................................................................................................5Assessment Task Part B:.................................................................................................................5Requirement i).................................................................................................................................5Requirement ii)................................................................................................................................6Requirement iii)...............................................................................................................................7Requirement iv)...............................................................................................................................7Requirement v)................................................................................................................................8References list:...............................................................................................................................10
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2ADVANCED FINANCIAL ACCOUNTINGAssessment Task Part A: Requirement i) Amcor limited recorded an impairment of amount totaling USD 25.5 million during theyear ending 2016 and USD 17.8 million during yearn ending 2015 (boral.com 2018). Totalamount of impairment that has been done is in relation to specific items of equipment, propertyand plants. Impairment of trade receivables has been done for amount 1.6 and -1.4 respectively.For intangible assets, impairment totalling USD 2.5 million and 0.2 million have been recordedin year 2016 and 2015 respectively (boral.com 2018). Therefore, group has tested equipment,property and plant in the current year and they were identified as surplus value to their currentrequirements.Requirement ii)Amcor limited to ensure that they are not carried at value that is more than theirrecoverable amount does the impairment testing of intangible assets and plant property andequipment. Impairment testing is done when there is indication that assets might be impaired byassessing their value at each reporting date and impairment is done least annually for goodwill.Recoverable amount of each individual assets are assessed for performing impairment testingand after which the recoverable amount of cash generating units are assessed. Assets are groupedat lowest level of CGU and then cash flows are separately identified (boral.com 2018).Requirement iii)An impairment loss has been recognized relating to building, equipment and plant at 3.6million and 21.9 million in year 2016 and 1 million and 16.8 in year 2015 respectively
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