Accounting for Managers Assignment Task Report
Individual Research Assignment on the Forms of Business, Goodwill and Independent Auditors report.
Short Answer Essay Questions: Please answer the following questions:
(a) Define goodwill and outline the current reporting requirements for Australian Stock Exchange (ASX) listed companies. Your answer should refer to internally generated goodwill, purchased goodwill and the impairment of goodwill. Analyse the relevant sections of Woolworths 2016 Annual Report to support and to illustrate your analysis.
(b) Describe the different forms of business that exist. Your answer should also include the advantages and disadvantages of each type.
(c) What is the Independent Auditors Report? Analyse the relevant sections of Woolworths 2016 Annual Report to help explain and illustrate your analysis. Briefly discuss how the audit report is expected to change as from December 2016.
You should use appropriate headings to organise your material, provide references to accounting standards (including specific paragraphs) and cite relevant academic and practitioner oriented articles.