Advanced Financial Accounting (AFA) - Assignment
Added on 2020-05-16
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Running head: ADVANCED FINANCIAL ACCOUNTINGAdvanced Financial AccountingName of the Student: Name of the University: Author’s Note:
1ADVANCED FINANCIAL ACCOUNTING Magenta and Associates 718 Gelong Street Melbourne VIC 300024th January 2018 Mr. Christopher Sampson Managing Director Beachlife Ltd RE: Accounting Issues for the year ending 30th June 2018Dear Mr. Sampson, Magenta and Associates have the idea of sustainably preserving and giving theircustomers with accurate, authentic and quality answers to the issues encountered by theircustomers. As an answer to the mail forwarded by you, this mail is being written in order togive you all the correct and authentic answers for the problems encountered by yourorganization in accordance to the treatments related to accounting and their disclosures that isto be provided. We are optimistic that these problems will be resolved by applying thesolutions that will be recommended. The incorporation of the treatment of accounting is huge as the financial reports areutilised by the creditors, investors and the shareholders1. The implication of the suitable and1Adhariani, Desi, Nick Sciulli, and Robert Clift. "Quantitative Optimisation Model, Resultsand Discussion."Financial Management and Corporate Governance from the FeministEthics of Care Perspective. Springer International Publishing, 2017. 209-284.
2ADVANCED FINANCIAL ACCOUNTINGauthentic treatments of accounting is put forth in the standards are essential as by sticking onto the effective accounting treatments, the financial reports of the organization will be able toaddress the fair and true aspect of the financial performance and scenario of the company.The primary intention of implementing these transformations is to pursue the needs asprovided in the various paragraphs of AASB 137. According to the AASB 137 guidelines, the explanation of the word provision andcontingent liability has been addressed in a lucid manner. In order to have an understandingthe application and treatment of these entities the explanation provided in the standards ofaccounting is addressed thereafter2. In accordance to the AASB 137 guidelines, a provision isa sort of a liability in which the amount and the timing is hesitant. The contingent liability iseven addressed in the AASB 137 accounting standard. The explanation of the contingentliability is the accountability that may take place in the future course of time because of theprevious incidents of the entity and their presence is reliant in the occurrence and the non-occurrence of the vague future programmes that may not be in control totally of themanagement. The factors due to which the current accountabilities generating out of theprevious events has not been preserved and there are vague possibilities of the resourceoutflow that will embody the economic benefits that can arise due to the obligationsettlement3. Furthermore, the amount cannot be estimated reliably by depending on the2Richardson, Grant, et al. "Women on the board of directors and corporate tax aggressivenessin Australia: An empirical analysis."Accounting Research Journal29.3 (2016): 313-331.3Lum, Pei-Jia. "The public identification of tax aggression: An exploratory and valuerelevance study." (2014).
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