HA 3011 Advanced Financial Accounting (Doc)
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Advance Financial Accounting (HA 3011)
Added on 2020-05-28
HA 3011 Advanced Financial Accounting (Doc)
Advance Financial Accounting (HA 3011)
Added on 2020-05-28
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Running head: ADVANCED FINANCIAL ACCOUNTINGAdvanced financial accountingName of the universityName of the studentAuthors note
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
2ADVANCED FINANCIAL ACCOUNTINGAssessment Task Part A: Requirement i)From the analysis of annual report of GUD holdings limited, it can be ascertained thatorganization has written down value of some assets. This comprise of impairment of brandnames, goodwill, product development and inventory1. Organization has also undertakenimpairment of Dexion resulting from recent performance of trading. Amount that was chargedunder inventory impairment involved $ 1 million. Requirement ii)Organization conduct annual impairment of both tangible and intangible assets wheneverthere is an indication of conducting impairment. There are various factors considered by entitywhile conducting impairment such as fair value, recoverable amount and value in use. Assets thatdo not have possibility of conducting impairment individually are grouped into cash generatingunits and they are subjected to operating segment ceiling test. Aggregation of cash generatingunit to which goodwill have been allocated reflects the lowest level at which impairment testinghas been done. Future cash flow of assets is estimated by discounting to their present value usingdiscount rate for value in use assessment2. Carrying amount of cash generating unit are comparedto their recoverable amount for testing the impairment of goodwill and other intangible assets. 1 Ghani, Erlane K., and Kamaruzzaman Muhammad. "The Effect of Freemind on Students’ Performance in anAdvanced Financial Accounting Course." International Journal of Academic Research in Business and SocialSciences 6, no. 7 (2016): 262-275.2 Haskin, Daniel L., and Megan M. Burke. "Incorporating Sustainability Issues Into The Financial AccountingCurriculum." American Journal of Business Education (Online) 9, no. 2 (2016): 49.
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