Shareholders' Report on the Integrated Computer Accounting System

COMPANY ACCOUNTING 1 COMPANY ACCOUNTING Company Accounting Author’s Note: Part A: Corrected financial statement: 2 Part B: Financial Report: 5 Part C: Shareholders’ Report: 10 Executive Summary 10 Introduction 11 Discussions 11 Taxation 12 Director’s duties in relation to conflict of interest and confidentiality 12 Material items from the report 13 Integrated computer accounting system 14 Formats 14 Leave provision 14 Options to calculate depreciation and amortization 15 Double entry book keeping 15 Difference between credit cash accountant and credit balance accountant

Running head: COMPANY ACCOUNTING
Company Accounting
Name of the Student:
Name of the University:
Author’s Note:
Table of Contents

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Part A: Corrected financial statement:.............................................................................................2
Part B: Financial Report:.................................................................................................................5
Part C: Shareholders’ Report:........................................................................................................10
Executive Summary...................................................................................................................10
Introduction................................................................................................................................11
Discussions................................................................................................................................11
Taxation legislature...................................................................................................................12
Director’s duties in relation to conflict of interest and confidentiality......................................12
Material items from the report...................................................................................................13
Integrated computer accounting system....................................................................................14
Formats......................................................................................................................................14
Leave provision.........................................................................................................................14
Options to calculate depreciation and amortization...................................................................15
Double entry book keeping........................................................................................................15
Difference between credit cash accountant and credit balance accountant...............................16
Conclusion.................................................................................................................................16
References......................................................................................................................................17

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Part A: Corrected financial statement:

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Part B: Financial Report:

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Notes to the financial statement:
1. Significant accounting policies:
The Financial statement of Elevated Enterprise Ltd has been prepared using the accrual
basis of accounting. Provisions of IFRS 101 have been followed for preparation and presentation
of the financial statements. Tangible and intangible assets have been subjected to fair valuation
and reported at their fair value and respective treatments for impairment and revaluation have
been given in the books of accounts accordingly. All other treatments in accounting have been
given as per the respective accounting standards issued by AASB.
2. Method of depreciation:
Straight-line method of depreciation has been followed for computing depreciation and
amortization of fixed assets and all the fixed assets have been shown in their fair value. For
intangible assets instead of amortizations system, the impairment system has been followed.
3. Goodwill and intangibles:
There was no acquisition of business within the current accounting year resulting into any
change in the value of goodwill, however the goodwill is subject to impairment test and the

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impairment of goodwill has been calculated accordingly. All other intangible assets have also
been tested for impairment and respective impairments have been recorded.
4. Reconciliation of tax liability:
5. Reconciliation of cash used in operating activities to operating profit:
6. Lease commitment:
7. Inventory Valuation:
Inventory has been valued at lower of fair value and cost. As all of the assets have been
assessed for impairment test, the inventory has been reported at net realizable value.

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Part C: Shareholders’ Report:
Executive Summary
The report is mainly emphasized into the process of helping out the shareholders in the focus of
getting them understandable into financial terms, which are regarded as the factor where
financial statements are mainly attributed to the fact that they do not possess with sound financial
background. Hence, it is quite hectic for them in order to get to know about the financial
illustration of the company. Leave provisions, which are mainly outlined with enhancing with
leaving provisions adjusted within the report. The different types of reports, which are mainly
available for the outlining the formats are mainly discussed effectively. The options those are
mainly available in the context of availing in the sort of calculating the depreciation as well as
amortization. It can be concluded from the above topic that financial statements plays an
important role in this context which is inherited with the procedure that shareholders are
liberated with the procedure that which is helpful in the context of report where all the types of
transactions generally discussed with the attribution of maintaining the cash credit balance
account.

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Introduction
Report is focused on maintaining the taxation structure of the company where the
calculation of income tax structure is defined Simulating the concerns in relation to the choices
of the directors maintained in audit firms in relating to the conflict of interest and also focusing
the confidentiality in auditing firms. Material items are properly defined in relation the financial
statements of the company. Features in relation to the integrated accounting systems are
showcasedeffectively. Leave provisions of the company are mainly defined by outlining the
positions of them, which is helpful in the relation of polices maintained within the company.
Calculation of depreciation and amortization is mainly described with referring to what is
generally needed by them.
Discussions
The tax law mainly associated with following the specific type of steps that are mainly
defined within the functioning steps of the constitution. There is a break-up of law which is
mainly introduced within the house of representatives of the country. Firstly, the tax bill is
originated within the House of Representatives and it is hence referred in conclusion of Ways
and Means committee aligned within the framework. It is once the committee member is
consigned to an agreement in allowance of the legislation then proposed taxation is written of the
country. In maintaining the law the tax bill moves to the full house in the function of debate,
amendment and also considering the approval made for the bill. The after the tax is being passed
on to the senate wherever it is being reviewed perfectly, the finance committee is also mentioned
in the consideration of rewriting the degree of proposal involved for the report. After the bill is
accepted by the senate in particularly reviving the consideration of joining the committee of
house. The senate members are involved in working with the compromise version. Taxation

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legislation is discussed effectively in order to enhance about corporate tax council of the country
and later the process by which income tax figure is determined has been discussed effectively.
The duties of directors are focused in relation to the discussion to the interest and referring to the
confidentiality inverted in to it. The different types of material items are discussed which are
mainly disclosed within the report.
Taxation legislature
In this scenario it is been involved that there are several shareholders who are well aware
that the company tax rate is 30% which mainly refers that during the present year the value of tax
rate has increased to quite significant amount which refers to 60% which was paid by them.
Taxation is involved with the income tax figure which is usually involved with income
tax figure practiced within the company itself. According to income statement of the company
the revenue amount is turned up to be 4745 dollars whereas the amount of net expenses involved
within the company is summed up to 4120 dollars. However, the net profit during the period is
625 dollars. However, in terms of calculating the amount of tax in accordance to the tax
provision maintained within a company. Amount of tax, which is involving in the context, is 191
dollars. Hence, the net profit after tax is amounting to 434 dollars.
Director’s duties in relation to conflict of interest and confidentiality
Directors are mainly associated with the scope of embedding the benefit structure of
gathering the company as a whole concept where they are mainly attributed with enhancing the
interest of all members. Individual members are doing not required to owe duties in direction to
the individual members (Lee et al. 2018). In relation to the specific members who are mainly
identified in relation to meeting the owes according to demand of the customers related in the

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market. In making assertion to the responsibility performed by taking into account of the
creditors who are solely made for enhancing the level of obligations which are required
involving of approaching the value of insolvency (Bansal. 2018). In relation to distribute the
employees directors are not even bother to owe any sort of general duty focusing to employees
respective to the company. Directors also expected to breach the contracts which is mainly
considered as their obligations. In associating to the direction spotted to the employees who are
not required to owe any sort of general duty in respect to the entity
(pwc.com.au. 2019).
Directors are allowed to breach the contract if they somehow find that it is due to the employees
for which company is mainly facing certain degree of losses.
In relation to the company groups, in relation to the complete owned entities director of te
company is required to maintain certain degree of duties which are mainly related to the stricture
of the company. Here, directors are allowed to breach their responsibility in entering to any of
the transactions of selected company.
Material items from the report
Material items, which are mainly involved within the financial reports, are identified
where plant and equipment referred as material items. Investment is also considered as material
item (Ishihara and Ching. 2019). Inventories, accounts payable are also considered as material
items. Sales in income statement are a material item in the report. Cost of goods sold in the
expense side of income statement is referred as the material item incurred in the report.
Depreciation on buildings is gently involved in the conceptual are of material items.

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Integrated computer accounting system
It is useful in the context of associating with helping the solution to perform to the best
out of their soul. It is mainly powerful, fast, simple as well as integrated. It is being designed in
focus of automation and integrating the business operations perfectly. It is also helpful in the
context of sales, finance, purchasing, and inventory and lastly manufacturing (Mack et al.
2018).Complete visibility with allocating the accurate rate of accounting by including the up to
date business which is at the fingertips of the employee. It is also embedded in the task that
computerized accounting mainly permits the firm in order to enter the data by inferring about
various kinds of adaption which they mainly undertakes about focusing on specific sort of
business (Ahiadorme, Gyeke-Dako and Abor. 2018)..
Formats
Basic formats which are basically involved in maintaining the resources of finances are
Basic income statement with maintaining the issue for income and expenditure which is usually
states revenue of the company and then expenses must be followed later on. Next they shall state
about the balance sheet format of the organization which will help to analyze about the assets
and liabilities of the company (Carruthers and Espeland. 2018). Cash flow statement of the
company is useful in the context which details about amount of cash inflow and how much it
went for outflow.
Leave provision
This is a provision which is maintained by the sources in referring the substantive ground
challenge in order to confirming from the prior period where the value of expenditure is being
obtained perfectly in consideration to theregular assessment of the company (Hoepner et al.
2019). The export and import of the company is being fortuned with matching out the policy

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maintained by them. The domestic trading and manufacturing of commodities are mainly
contributed within the leave provision. The debit and credit entries which are entitled to
apportion which is controlled within the prior expenditure provision of this organization.
Options to calculate depreciation and amortization
Depreciation according to calculation is quite different in the resource where it is simple
concept. That is when a businessman determine to purchase a fixed asset then the asset is usually
losses its market value quite easily over its time. Hence, in consideringthe most recent value is
caused to account on the balance sheet of company. The initial cost of assets of the company and
the estimated useful life of the assets are mainly required to calculate depreciation. However
amortization is quiet similar to that of depreciation. Amortization is focusedon the intangible
assets of the company. Intangible assets refer to goodwill, research and development of the
company (Robinson. 2019).
Double entry book keeping
It is a process which is named as each and every entry is required where account is
required in making a corresponding and opposite entry which is enhanced to the different
accountant. Double entry is issued where two equal corresponding sides are mainly attributed
into total quantity of money or financial value. However, credit also decreases the amount of
value within the organization. On the other hand, credit also helps to increase the account’s value
and debit focuses to decrease it. In thisprocess, it is also implemented to the structure that it is
effected upon two accounts (Abedin et al. 2019). One is mainly debit and the other one is credit.

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Difference between credit cash accountant and credit balance accountant
Debit is actually an accounting entry which either increases a value of asset or expenses
accountant. It is also focused to lower the liability or an equity accountant. It is also positioned
into the left column in accounting entry. Credit is an accounting entry, which is somehow
increases value of liability, or it decreases the value of an asset. It is positioned on the right
column in an accounting entry (Paixao. 2018).
Conclusion
It can be concluded from the above topic that financial statements are very crucial in
order to understand about the performance of the company.Taxation figures are perfectly related
to the business of the company where shareholders are aware of the diversions. The duties of the
directors are perfectly involved in relation towards conflict of interest of interest. Material items
are illustratedeffectively, which is an embedded resolution of structure of the company. Different
formats of reports are perfectly engaged with the maintaining the actual dimensions appropriate
in the firm.

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References
Abedin, M.F., Abedin, M.J., Al Mahtab, M. and Ahmad, N., 2018. Minimal Hepatic
Encephalopathy is an under Recognized Entity in Clinical Practice of Bangladeshi
Physician. Journal of Bangladesh College of Physicians and Surgeons, 36(2), pp.59-63.
Ahiadorme, J.W., Gyeke-Dako, A. and Abor, J.Y., 2018. Debt holdings and investment cash
flow sensitivity of listed firms. International Journal of Emerging Markets, 13(5), pp.943-958.
Bansal, V., 2018.A Statistical Inquiry into the Correlation of Income and Balance Sheet Metrics
on Equity Valuation. Journal of Accounting and Finance, 18(5), p.171.
Carruthers, B.G. and Espeland, W.N., 2018. Accounting for rationality: Double-entry
bookkeeping and the rhetoric of economic rationality. American journal of Sociology, 97(1),
pp.31-69.
Hoepner, A.G., Oikonomou, I., Sautner, Z., Starks, L.T. and Zhou, X., 2018. ESG shareholder
engagement and downside risk.
Ishihara, M. and Ching, A.T., 2019. Dynamic demand for new and used durable goods without
physical depreciation: The case of japanese video games. Marketing Science.
Lee, J., Lee, E., Kim, K.H. and Paik, D.G.H., 2018. Acquired In‐process Research Development
and Earnings Management. Australian Accounting Review, 28(4), pp.577-588.
Mack, M.J., Leon, M.B., Thourani, V.H., Makkar, R., Kodali, S.K., Russo, M., Kapadia, S.R.,
Malaisrie, S.C., Cohen, D.J., Pibarot, P. and Leipsic, J., 2019.Transcatheter aortic-valve
replacement with a balloon-expandable valve in low-risk patients. New England Journal of
Medicine, 380(18), pp.1695-1705.

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Paixao, N., 2018, February. Housing Prices and Consumer Spending: The Bank Balance Sheet
Channel. In 2018 Meeting Papers (Vol. 1017). Society for Economic Dynamics.
PwC. 2019. PwC Australia: audit, assurance, consulting and tax services.Online Available at:
pwc.com.au/ Accessed 24 Sep. 2019.
Robinson, P.H., 2019. Justice, liability, and blame: Community views and the criminal
law.Routledge.