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ACC701 Report on Financial Accounting - Sunshine Limited

   

Added on  2020-05-28

9 Pages2935 Words58 Views
Running head: FINANCIAL ACCOUNTINGFinancial AccountingName of the Student:Name of the University:Author’s Note:Course ID:

1FINANCIAL ACCOUNTINGExecutive Summary:The current report aims to focus on Sunshine Limited, in which Kam Sunshine, thegeneral manager of the organisation has approached Maria Mars, the accountant. The motive wasto make some changes in the incoming profit of the firm in a discrete manner. As a result, MariaMars has been in dilemma, since she was worried about renewing her contract with theorganisation. The accountant of Sunshine Limited has conducted the actions because of the fearof the contract renewal and negative feedback in order to behave against the managerial orders. Itis found out that the profits would remain constant with the change in the method of depreciationbecause of reduction in depreciation expenses over the periods. However, this does not adhere toAASB 116, since the accountant has not revealed such method change in the financial reports ofSunshine Limited.

2FINANCIAL ACCOUNTINGTable of Contents1. Introduction:................................................................................................................................32. Ethics and governance:................................................................................................................33. Role of the accountants in changing depreciation methods:.......................................................34. Stakeholders:................................................................................................................................35. Impact of AASB 116:..................................................................................................................36. Conclusion:..................................................................................................................................3References:......................................................................................................................................4

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