| Subject Code : | ACCT2011 | Country : | Australia |
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Assignment Task:
Task:
REQUIRED:
Your Part A and Part B responses are to be presented in a short answer format
Part A (12 Marks)
Explain how the events and conditions described in this press release will affect information and individual balances presented in the Exporters Ltd current year’s statements of:
(a) financial performance; and
(b) financial position.
Your explanation must also consider one (1) subsequent implication for a financial statement user group that is supported by an explanatory example.
Part B (8 Marks)
(a) Discuss one (1) financial reporting professional judgement resulting from the events and conditions described in this press release that could be required when preparing Exporters Ltd future years’ financial statements; and
(b) Identify guiding technical reference(s) from applicable Australian accounting standard(s) and describe how these could assist financial statement preparers when making the professional judgement included in your Part B (a) response.
6
Your Part C response is to be presented in an essay format
Part C (18 Marks)
“Complex professional judgements significantly influence the accounting treatment of all events and conditions in entities’ financial statements.”
Discuss this statement. Your persuasive response should include:
• an introduction;
• one (1) for argument point that supports complex professional judgements significantly influence the accounting treatment of all events and conditions in entities’ financial statements;
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