Advanced Financial Accounting Assignment (AFA)
15 Pages3110 Words29 Views
Added on 2020-05-16
Advanced Financial Accounting Assignment (AFA)
Added on 2020-05-16
ShareRelated Documents
Running head: ADVANCED FINANCIAL ACCOUNTINGAdvanced financial accountingName of the universityName of the studentAuthors note
1ADVANCED FINANCIAL ACCOUNTINGTable of ContentsPart A:..............................................................................................................................................3Requirement i).................................................................................................................................3Requirement ii)................................................................................................................................3Requirement iii)...............................................................................................................................3Requirement iv)...............................................................................................................................3Requirement v)................................................................................................................................3Requirement vi)...............................................................................................................................3Requirement vii)..............................................................................................................................3Requirement viii).............................................................................................................................3Part B:..............................................................................................................................................4Requirement i).................................................................................................................................4Requirement ii)................................................................................................................................4Requirement iii)...............................................................................................................................4Requirement iv)...............................................................................................................................4Requirement v)................................................................................................................................4
2ADVANCED FINANCIAL ACCOUNTINGPart A:Requirement i)Goodwill of Brickwork limited is tested on annual basis for the impairment purposealong with other intangible assets. Brickwork limited has conducted impairment testing of itsplant, equipment and property and the total amount corresponding to this impairment stood at $30 million before taxation. It has been ascertained from the analysis of annual report of companythat noncurrent assets have also been tested for impairment in year 2016 and the total amount ofimpairment is recorded at $ 3046 and $ 62185 in year 2016 and 2017 respectively. Impairment oftangibles and goodwill was done in year 2016 of amount $ 47258. Plant, equipment and propertyimpairment in year 2016 and 2017 stood at $ 3046 million and $ 14927 respectively(brickworks.com.au 2017).
3ADVANCED FINANCIAL ACCOUNTINGRequirement ii) The procedure of impairment incorporates assessment of carrying value of assets in theevent of indication whether impairment is required. Assets carrying mount is written down torecoverable amount if the estimated recoverable amount is less than carrying amount. Forconducting impairment, group performs the allocation of goodwill to the cash-generating unit,the assessment of recoverable amount is done for impairment determination, and to which thegoodwill is relating. The assessments of impairment in reference to brand name with indefiniteuseful lives have been allocated to CGU of Australian bricks (brickworks.com.au 2017).
End of preview
Want to access all the pages? Upload your documents or become a member.
Related Documents
Advanced Financial Accounting - Marketing G Enterpriselg...
|9
|1610
|26
Advanced Financial Accounting Assignment (Solution)lg...
|15
|3015
|48
Enterprise Architecture, Strategy and Governance - doclg...
|11
|2291
|27
Advanced Financial Accounting Name of the University Name of the Studentlg...
|12
|2815
|329
Assessment of Impairment of Assetslg...
|15
|3085
|91
HA 3011 Advance Financial Accounting Report - doclg...
|9
|1920
|38