Assignment - Individual assessment - 1000 + 10% word theory interpretation essay and a response to a practical application of the theory.
Purpose: To allow students to demonstrate their ability to relate corporate accounting concepts and applying their understanding of accounting standards AASB 36 and AASB 117 Students will be required to complete complex calculations for impairment and other relevant accounting standards covered in the lectures This assessment relates to Learning Outcomes a, b. c and d.
Topic: Task Details: Students are to analyse the given issues and problems. identify and apply relevant standards, and create relevant, supported conclusions and make justified recommendations to given issues and problems. Specific presentation requirements will be advised in Moodie.
Part A:1000 word short essay about the following:
Reversal of an impairment loss for cash generating units
Part B:
"Gali Ltd has determined that its fine china division is a CGU. The carrying amounts of the assets at 30 June 2015 are as follows:
"
| Account |
Carrying Amount |
| plant |
651000 |
| Equipment |
150000 |
| Fittings |
95000 |
| Inventory |
41000 |
| Goodwill |
34000 |
| Total CA |
971000 |
Gali Ltd calculated the value in use of the division to be: 869000
If the fair value less costs of disposal of the plant is: 626297
Required
Prepare the journal entry(ies) for any impairment loss occurring at 30 June 2015 including supporting calculations.
Research Requirements: Students need to support their analysis with reference from the text and a minimum of six (6) suitable, reliable, current and academically acceptable sources - check with your tutor if unsure of the validity of sources.
Groups seeking Credit or above grades should support their analysis with increased number of reference sources comparable to the grade they are seeking.
Attachment:- Analysis - Computation and Problem solving.xlsx