Corporate Accounting Assignment: Financial Accounting and Reporting

This assignment solution addresses various aspects of corporate accounting, including financial reporting, intangible assets, deferred tax, biological assets, and segment reporting. The solution begins by examining ethical investments and the role of financial institutions in addressing climate change, followed by a discussion on corporate social responsibility (CSR) and the associated costs and benefits. It then delves into the accounting treatment of research and development expenditures, the valuation and amortization of intangible assets (patents, trademarks, goodwill), and the calculation of deferred tax assets and liabilities. The solution also covers journal entries related to tax accounting, the treatment of heritage assets, and the accounting for biological assets (harvesting, selling, and changes in fair value). Finally, it addresses the implications of segment reporting and the quantitative tests outlined in AASB standards. This assignment is designed to provide a comprehensive understanding of key corporate accounting concepts and their application in real-world scenarios.