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ACC 203 Christopher Sampson Financial Accounting

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Kaplan Business School Australia

   

Introduction to Financial Accounting (ACC 203)

   

Added on  2020-05-28

ACC 203 Christopher Sampson Financial Accounting

   

Kaplan Business School Australia

   

Introduction to Financial Accounting (ACC 203)

   Added on 2020-05-28

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Financial AccountingName of the Student:Name of the University:Authors Note:
ACC 203 Christopher Sampson Financial Accounting_1
115 January 2018Christopher Sampson718 Geelong Street,Melbourne, VIC 300015 January 2018Christopher SampsonManaging Director, Beachlife LtdLevel 7, 927 William Street,Brisbane QLD-4000Dear Christopher SampsonRelevant email was transmitted on 13 November 2017, which indicated the problems faced by Beachlife Limited in forming their annual report. The email sent to Magenta and Associates mainly addressed the accounting issues faced by the management of Beachlife Limited. Nevertheless, in response to the email the following letter is being outlined, which directs all the relevant problems and accounting issues faced by the organization. The measures and standards needed for comprehending the accounting issues adequately discussed in the letter, which could allow the board to correctly prepare its financial report. On behalf of Magenta and Associates I wholeheartedly thank you for providing us with an opportunity to help with your accounting issues. Rest assured the measures and adjustment that is needed for nullifying the accounting issue are adequately depicted in the letter. Furthermore, adequate references and sources are provided with the advice that is given for contemplating the accounting issue. Beachlife Limited is a public limited company, who needs to follow all the relevant AASB standard and regulations laid in Corporation Act 2001. The clauses and sections need to be maintained by the organization while preparing the annual report, as it might help in depicting their actual financial position. Regulations such as section 292, section 296, and section 334 are mainly used in drafting the annual report (Aasb.gov.au 2018). Organizations use the detected regulations to formulate their annual report according to the standard maintained by the AASB and IAS.Lastly, it could be said that the advice provided in Beachlife Limited is compliant with AASB standard, which could allow the organization to complete their annual report. The measures are provided for issues regarding the warranty expense and future loss that will be incurred by the organization. Identifying the overall measures needed to solve the accounting issue regarding infringement claim:The first accounting issue addressed in the email was regarding problems relating to patent case, where the company needs to pay compensation to the accuser. However, the problems
ACC 203 Christopher Sampson Financial Accounting_2

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