Limited-time offer! Save up to 50% Off | Solutions starting at $6 each  

External Reporting of Wesley Ltd | Assignment

Added on - 28 Mar 2020

Trusted by 2+ million users,
1000+ happy students everyday
Showing pages 1 to 3 of 8 pages
RUNNING HEAD: EXTERNAL REPORTINGEXTERNAL REPORTING
EXTERNAL REPORTING1ContentsQUESTION 1...........................................................................................................................................2Part a.................................................................................................................................................2Part b.................................................................................................................................................5REFERENCES..........................................................................................................................................7
EXTERNAL REPORTING2QUESTION 1Part aTo: JenniferFrom: Chief Accountant of Wesley LtdRe: Preparation of Financial StatementThe main objective of this memo is to address the key problems which has occurredduring formulating the statement of financial position and also validate the key parts whichare need to be deliberated in accordance with AASB 101 of Presentation of financialstatements wherever required.Before starting the preparation of financial statements it is important to identify thetype of organisation. In this case, Jennifer has prepared the statement of financial position ofDom Ltd. After taken into consideration all the areas of this statement, it has been scrutinisedthat the financial report has not been prepared in accordance with Australian Accountingstandard that is AASB 101.The main requirement of making the financial statements is to show true and fair viewabout the company’s financial stability which is useful to the stakeholders of the company.Predominantly, the statements describe the company’s assets, equity, costs, revenues,liabilities, cash flows and other things. The assets, liabilities and equity of the companydeliver information of the specific date particularly at the end of the reporting period(AASB101, 2015).However, in this case the financial statement of accounting period ended on 30 June2017 was not presented in accordance with AASB 101. It should be flagrantly presented asfollows:
desklib-logo
You’re reading a preview
Preview Documents

To View Complete Document

Click the button to download
Subscribe to our plans

Download This Document