Corporate Accounting Assignment: Financial Reporting and Analysis

This assignment solution focuses on corporate accounting principles, specifically addressing the financial consolidation of Griffin Ltd and Frank Ltd. It begins with an acquisition analysis, detailing the net fair value and consideration transfer value, and calculating goodwill. The solution then presents relevant journal entries for business combination valuations and pre-acquisition entries, supporting the creation of a consolidated worksheet. The worksheet provides a comprehensive view of the combined entity's financial position, omitting intra-transactions for accurate asset and liability valuation. Finally, the assignment includes the consolidated balance sheet, income statement, and changes in equity for Griffin Ltd as of June 30, 2019, offering a complete overview of the company's financial performance. This assignment demonstrates a practical application of accounting concepts and financial reporting standards.

Running head: CORPORATE ACCOUNTING
Corporate Accounting
Name of the Student:
Name of the University:
Author’s Note:
Course ID:

1CORPORATE ACCOUNTING
Table of Contents
Providing the relevant Acquisition Analysis:..................................................................................2
Providing the relevant Journal Entries:............................................................................................3
Providing the relevant Consolidated Worksheet:............................................................................4
Providing the relevant financial statements of Griffin Ltd at 30 June 2019:...................................5
References:......................................................................................................................................7

2CORPORATE ACCOUNTING
Providing the relevant Acquisition Analysis:
The calculations conducted in the above table correctly provide information about the
overall acquisition that has been conducted for Griffin Limited. The acquisition analysis has been
conducted to identify the overall net fair value and consideration transfer value for Frank limited.
From the valuation, it could be identified that Goodwill of 24,800 has been generated from the
overall acquisition. Moreover, the net fair value is relatively lower than the concentrated
transferred value from Griffin limited to Frank Limited. The acquisition analysis directly
evaluates overall value of assets that has been accumulated by Frank Limited the period of years.
Moreover, the calculations provide adequate information about the overall transfer of the assets
that has been conducted during the period.

3CORPORATE ACCOUNTING
Providing the relevant Journal Entries:
The calculation has mainly provided adequate information about the overall Business
combination valuation entries, which directly helps in detecting the overall calculation of the
goodwill and other assets valuation (Müller 2014). Pre-acquisition entries have been provided to
support the overall consolidated worksheet for Griffin Ltd for the financial year. This would help
in determining the actual valuation of the company during the financial year. Both the business
combination valuation entries and pre-acquisition entries are directly utilized for determining the
actual valuation of Frank Ltd that has been transferred to Griffin Ltd.

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Providing the relevant Consolidated Worksheet:
The above calculations provide adequate information about the confederate works of
Griffin Limited Frank Limited as a group. This calculation has directly helped in determining the
relevant valuations of the company (Bisogno, Santis and Tommasetti 2015). Moreover, the intra
transaction that has been conducted by the organization is relatively omitted in the consolidated

5CORPORATE ACCOUNTING
worksheet. This mainly helps in determining the accurate level of Assets and liabilities of the
organization during the financial year.
Providing the relevant financial statements of Griffin Ltd at 30 June 2019:

6CORPORATE ACCOUNTING
The above calculation provides information about the overall considered balance sheet,
income statement and concentrated change in equities of global Limited during the financial year
of 2019. The annual report directly provides the consolidated values of both Griffin Limited and
Frank limited for the financial year of 2019.

7CORPORATE ACCOUNTING
References:
Bisogno, M., Santis, S. and Tommasetti, A., 2015. Public-Sector consolidated financial
statements: An analysis of the comment letters on IPSASB’s exposure draft no. 49. International
Journal of Public Administration, 38(4), pp.311-324.
Müller, V.O., 2014. The impact of IFRS adoption on the quality of consolidated financial
reporting. Procedia-Social and Behavioral Sciences, 109, pp.976-982.