Required:
You are required to provide the relevant paragraphs of the AASB Standards for all of the following requirements:
1. From the note on Significant Accounting Policies show the sections regarding Financial Assets and show how these are consistent with the AASB 139 requirements regarding recognition and measurement. To do this create a table with two columns and put the copy of the Group's notes down the left side and in the right hand column enter the relevant paragraphs from AASB 139. Use underlining of the example in the left hand column and arrows from the paragraphs in the right hand column to show specifically which sections of the example relate to which paragraphs of AASB139 (Do not cover hedge or derivative instruments)[Remember that you may use more than one Group to complete the assignment if you need to cover both the Financial Assets and Consolidation requirements. All must comply with the rules regarding your
2. From the Statement of Financial Position, Statement of Comprehensive Income and Statement rof Changes in Equity (or whatever name your Group gives these statements) demonstrate how the disclosure of Financial Assets is consistent with AASB 7. (Do not cover hedge instruments, or the Notes to the Accounts except to the extent that these provide disaggregation of the numbers in the statements). To do this copy sections from the financial statements into your assignment and explain, with AASB 7 references, how this is consistent with the standard. 3. Demonstrate, with examples from your copy of Financial Reports, how the Parent of Group X controls its Subsidiaries. Do this by providing a copy of the note on the list of subsidiaries in the body of your report (if the list is long just provide a short section of it with the first few and last few subsidiaries and any with unusual percentage holdings) and comment on any Subsidiaries that are less than 100% owned by the Parent. In particular look at subsidiaries where less than 50 % of the shares are held. 5 marks
4. Compare the Issued Capital in the Balance Sheet or Statement of Changes in Equity of the Group with that of the Parent in the note on Parent Entity Disclosures by providing examples and discussing the similarities. Make sure you highlight the relevant numbers in each section
and use arrows, or something similar, so the reader knows what you are trying to highlight. Consider why we would expect these amounts to be similar.
5. Refer to Group X's note on intangibles or goodwill and demonstrate and explain whether there is evidence of the group purchasing or disposing of subsidiaries in the past two reporting periods. If possible show an acquisition analysis from the notes to the accounts for a bonus. These are often under a note about acquisition of controlled entities.
6. Explain where in the consolidated Financial Statements of Group X would you find evidence of a S i Non Controlling Interest (NCI) using AASB references to justify your answer. Either from Group X, or another group if Group X doesn't have NCI, show examples of NCI in each of the Financial Statements.
7. From the notes on accounting policies show the notes regarding consolidation methods/principles used and show how these are consistent with the AASB requirements regarding consolidation methods/principles. To do this create a table with two columns and put the copy of the Group's notes down the left side and in the right hand column enter the relevant paragraphs from AASB10, AASB12 and AASB3.