Financial Accounting Assignment

Running head: FINANCIAL ACCOUNTING ASSIGNMENT
Financial accounting assignment
Name of the student
Name of the university
Student ID
Author note

1FINANCIAL ACCOUNTING ASSIGNMENT
Executive summary
West Ltd that is the leader in the sector of selling frozen and canned fish product always markets
that it conducts its operation in a manner which is environmentally responsible. It is expected
that the entity’s efforts will improve its reputation regarding accountability towards environment
and hence, the entity can recognize the same as goodwill in its book of accounts. The report will
discuss whether the same can be recognised as goodwill or not. Further, the report will deal with
treating as provision or contingent liability on account of the guarantee offered by it for any
damage that may take place for Steve Irwin, the ship that is engaged in disrupting whalers in
southern oceans.

2FINANCIAL ACCOUNTING ASSIGNMENT
Table of Contents
Introduction......................................................................................................................................3
Findings...........................................................................................................................................3
Issue 1 – intangible assets............................................................................................................3
Issue 2 – recognition of provision or disclosing contingent liability...........................................4
Conclusion and recommendation....................................................................................................6
Reference.........................................................................................................................................7