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External Reporting of Wesley Ltd | Assignment

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Added on  2020-03-28

External Reporting of Wesley Ltd | Assignment

   Added on 2020-03-28

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RUNNING HEAD: EXTERNAL REPORTINGEXTERNAL REPORTING
External Reporting of Wesley Ltd | Assignment_1
EXTERNAL REPORTING1ContentsQUESTION 1...........................................................................................................................................2Part a.................................................................................................................................................2Part b.................................................................................................................................................5REFERENCES..........................................................................................................................................7
External Reporting of Wesley Ltd | Assignment_2
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 occurred during formulating the statement of financial position and also validate the key parts which are need to be deliberated in accordance with AASB 101 of Presentation of financial statements wherever required. Before starting the preparation of financial statements it is important to identify the type of organisation. In this case, Jennifer has prepared the statement of financial position of Dom Ltd. After taken into consideration all the areas of this statement, it has been scrutinised that the financial report has not been prepared in accordance with Australian Accounting standard 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 company deliver 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 June 2017 was not presented in accordance with AASB 101. It should be flagrantly presented as follows:
External Reporting of Wesley Ltd | Assignment_3

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