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Advanced Financial Accounting - Report

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Added on  2020-05-16

Advanced Financial Accounting - Report

   Added on 2020-05-16

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Running Head: Advanced Financial AccountingAdvanced Financial Accounting
Advanced Financial Accounting - Report_1
Advanced Financial Accounting2Table of ContentsTask A...................................................................................................................................................3Part (i)................................................................................................................................................3Part (ii)..............................................................................................................................................3Part (iii).............................................................................................................................................3Part (iv)..............................................................................................................................................3Part (v)...............................................................................................................................................4Part (vi)..............................................................................................................................................4Part (vii)............................................................................................................................................4Part (viii)...........................................................................................................................................5Task B...................................................................................................................................................6Question 1.........................................................................................................................................6Question 2.........................................................................................................................................6Question 3.........................................................................................................................................7Question 4.........................................................................................................................................7Question 5.........................................................................................................................................8References:............................................................................................................................................9
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Advanced Financial Accounting3Task AIntroduction:The company we selected is PHOTON GROUP LIMITED its name changed to ENERO GROUP in the year 2012. The company is basically involved in the providing integrated communication and marketing services in Australia, US and UK. The company is listed in Australian stock exchange. The company’s major services are advertising, communication planning, events management and direct marketing.Requirements: Part (i)We analysed the annual report of the company of the year 2016 and we found that the company’s assets that has undergone impairment test are goodwill allocated to the CGU and its trade receivables. Part (ii). The company conducted the impairment test by reviewing the carrying amounts of the Goodwill and trade receivables at each reporting date. This is done to review as if there is anyindication of the impairment. If there is any such indication then the recoverable amount of the asset is estimated. As the goodwill and other intangible assets are not amortised over the useful life that is the only reason to do impairment testing on these assets to know as if there is change in the carrying amount of these assets (Annual Report, 2016).Part (iii)The impairment expenditure recorded by the company is $ 249000. The impairment expenditure is recorded in the income statement by the company.Part (iv)The assumptions used by the company for the impairment of assets are:Discount Rate:
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