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ACCT20002 (22)

Class Notes for ACCT20002 at University of Melbourne

Intermediate Financial Accounting

ACCT20002 Lecture Notes - Lecture 8: Deferred Tax, Corporate Tax, Book Value

Accounting for Income Taxes Tax Payable Approach no longer used Calculate tax liability via: Taxable income x Corporate tax rate (currently 30) Adjusting journal entry to raise expense and liability: DR Income tax expen...

Accounting
ACCT20002
All Professors
ACCT20002 Lecture Notes - Lecture 7: Market Capitalization, Impaired Asset, Book Value

Impairment of PPE AASB 136: Impairment of Assets Para 6: Denition An impairment loss is the amount by which the carrying amount of an asset or cash generating unit exceeds its recoverable amount Carrying amount is the amo...

Accounting
ACCT20002
All Professors
ACCT20002 Lecture Notes - Lecture 11: Call Option, Foreign Exchange Market, Telstra

Financial Instruments What is a nancial instrument? Any contract that gives rise to a nancial asset of one entity and a nancial liability or equity instrument of another entity Types of Financial Instruments Primary instru...

Accounting
ACCT20002
All Professors
ACCT20002 Lecture Notes - Lecture 9: Transact, Computer Hardware, Technical Support

Revenue from Contracts with Customers Rationale for a new revenue standard Dierent industries and dierent commercial practices give rise to unique revenue recognition issues In the past, revenue recognition issues were dea...

Accounting
ACCT20002
All Professors
ACCT20002 Lecture Notes - Lecture 10: Disclose, Contingent Liability, Key Management

Disclosure Issues AASB 108IAS 8 Selecting and changing accounting policies Substance over form Changes in accounting estimates Correction errors Extensive disclosure requires extensive disclosures when an entity changes i...

Accounting
ACCT20002
All Professors
ACCT20002 Lecture 12: ACCT20002 - Lecture 12 - Business-Combinations-Valuation-and-Elimination

Business Combinations Valuation and Elimination Identifying a Business Combination AASB 3 para 3 An entity shall determine whether a transaction or other event is a business combination, which requires that the assets acq...

Accounting
ACCT20002
All Professors
ACCT20002 Lecture Notes - Lecture 3: Market Participant, Income Approach, Credit Risk

Fair Value Measurement Why do we need an accounting standard for fair value? Fair value is used as a measure of assets and liabilities at some point in many AASBs PPE Intangible Assets Impairment of Assets Exploration ...

Accounting
ACCT20002
All Professors
ACCT20002 Lecture Notes - Lecture 4: Retained Earnings, Income Statement

Accounting for Groups: Consolidation of Financial Statements Adjustment Process Intragroup Transactions: Transactions that occur between entities in a group Purpose of consolidated nancial statements: Remove intragroup tra...

Accounting
ACCT20002
All Professors
ACCT20002 Lecture Notes - Lecture 2: Financial Reporting Council, Corporations Act 2001, Information Asymmetry

External Reporting Obligations Types of Entities Disclosing entity generally entities listed on a securities exchange Public companies Minimum 1 shareholder (no maximum) Can invite the public to subscribe for shares via...

Accounting
ACCT20002
All Professors
ACCT20002 Lecture Notes - Lecture 5: Impaired Asset, Book Value, Earnings Management

Measurement of PPE After Recognition Measurement After Recognition Para 29: An entity shall choose either the cost model or the revaluation model as its accounting policy and shall apply that policy to an entire class of P...

Accounting
ACCT20002
All Professors
ACCT20002 Lecture Notes - Lecture 1: Book Value, Institute Of Food And Agricultural Sciences, Income Statement

Acquisition and Recognition of PPE Asset Acquisitions Businesses generally acquire PPE to increase capacity Note: PPE vs InventoryReceivables Types of acquisitions: Individual PPE items AASB 116 A business combination AA...

Accounting
ACCT20002
All Professors
ACCT20002 Lecture Notes - Lecture 6: Equity Method, Impaired Asset, Book Value

Accounting for Investments in Associates Equity Investments An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities Typically takes the form...

Accounting
ACCT20002
All Professors
ACCT20002 Lecture Notes - Lecture 10: Retained Earnings, Book Value, Share Capital
Exam

find more resources at oneclass.com In class question: Accounting for Groups Non Controlling Interest Question On 1 July 2012, Fin Ltd acquired 75% of the shares (cum div.) of Whale Ltd for $67 500. At this date the...

Accounting
ACCT20002
Jagjit Kaur
ACCT20002 Lecture Notes - Lecture 9: Net Impact, Comprehensive Income, Share Capital

IN CLASS TUTORIAL SOLUTIONS: CONSOLIDATIONS INTRAGROUP Case study 28.2 Depreciation expense At the beginning of the current period, Jessica Ltd sold a depreciable asset to its wholly owned subsidiary, Amelie Ltd, for 80 00...

Accounting
ACCT20002
Jagjit Kaur
ACCT20002 Lecture Notes - Lecture 8: Accounts Receivable, Accounts Payable, Hedeby Stones
Exam

find more resources at oneclass.com In class Tutorial Questions Solutions Exercise 25.5 Accounting by an acquirer Howard Ltd is seeking to expand its share of the widgets market and has negotiated to take over the operati...

Accounting
ACCT20002
Jagjit Kaur
Permachart - Marketing Reference Guide: Statement Of Changes In Equity, Retained Earnings, Cash Cash

permacharts MT FINANCIAL STATEMENTS • Financial statements are documents that are BALANCE SHEET (B/S) STATEMENT OF RETAINED EARNINGS (SRE) ...

Accounting
ACTG 2010
All Professors
Accounting II - Reference Guides

Advance your knowledge with our advanced Accounting II! This companion Guide to Accounting I develops the reader’s understanding of balance sheets before moving into an effective summary of how assets are treated for accou...

Accounting
ACTG 2010
All Professors
Cost Accounting - Reference Guides

Specialized Accounting quick reference information in one handy place! This Guide provides specialized reference material that flows naturally from the contents of its companion Guides Accounting I and Accounting II. The t...

Accounting
ACTG 2010
All Professors

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