Learning Outcome:
1. Explain the regulatory framework that governs financial reporting in Australia with emphasis on the Conceptual Framework for financial reporting
3. Apply accounting principles and standards when accounting for non-current assets, revenue and liabilities and recognise the judgements required in a range of diverse business contexts
5. Differentiate between shares and debentures and apply appropriate accounting procedures
Part 1:
Context:
This assignment forms Part 1 of the major assignment. Students are provided with a business case in which an entrepreneur, Xiaojing Wu, from China immigrated toAustralia and considered setting up a small business in South Australia. Xiaojing started her business as a partnership but decided to dissolve the partnership. Subsequently, Xiaojing considered forming a company and discussing with the accountant and remaining partner on accounting regulation and reporting requirements relevan to companies.
Business Case
Refer to the transcript for Module 1 Accounting Regulation and Revenue
Instructions:
Students are expected to review the content of Module 1, Part 2 on Accounting Regulation Revenue Recognition, then respond to the assignment questions.