Christopher Sampson Financial Accounting

Added on - 28 May 2020

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Financial AccountingName of the Student:Name of the University:Authors Note:
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 facedby Beachlife Limited in forming their annual report. The email sent to Magenta andAssociates mainly addressed the accounting issues faced by the management of BeachlifeLimited.Nevertheless, in response to the email the following letter is being outlined, whichdirects all the relevant problems and accounting issues faced by the organization. Themeasures and standards needed for comprehending the accounting issues adequatelydiscussed 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 anopportunity to help with your accounting issues. Rest assured the measures and adjustmentthat 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 forcontemplating the accounting issue.Beachlife Limited is a public limited company, who needs to follow all the relevant AASBstandard and regulations laid in Corporation Act 2001. The clauses and sections need to bemaintained by the organization while preparing the annual report, as it might help indepicting their actual financial position. Regulations such as section 292, section 296, andsection 334 are mainly used in drafting the annual report (Aasb.gov.au 2018). Organizationsuse the detected regulations to formulate their annual report according to the standardmaintained by the AASB and IAS.Lastly, it could be said that the advice provided inBeachlife Limited is compliant with AASB standard, which could allow the organization tocomplete their annual report. The measures are provided for issues regarding the warrantyexpense and future loss that will be incurred by the organization.Identifying the overall measures needed to solve the accounting issue regardinginfringement claim:The first accounting issue addressed in the email was regarding problems relating to patentcase, where the company needs to pay compensation to the accuser. However, the problems
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