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Financial Accounting for Companies Part 1:week 1 Financial Accounting Reporting Framework Questions/Discussion Points 1.

Compare and contrast financial and management accounting 2. Discuss the case for and against having a Financial Accounting Conceptual Framework. 3. Critically discuss the appropriateness of the criterion for differential reporting. 4. Discuss the difficulties associated with general purpose financial reporting and how this is addressed through standardization 5. Discuss some of the difficulties in standardization of reports at an international level 6. Discuss the appropriateness of general purpose financial reporting for small to medium size enterprises. 7. Do we really have a say in the current standard setting process? Discuss. Part 2: week2 General Principles Part 3 Correction of Errors and Changes in Accounting Estimates Session 2.2 Questions and Exercises 1. Discuss the recognition criteria for an asset 2. Discuss the recognition criteria for a liability 3. Discuss the recognition criteria for income and expenditure 4. Compare and contrast the nature of the expense and function of the expense format for the statement of comprehensive income. 5. Discuss the realisation, monetary and fiscal period concepts in relation to the preparation of financial statements 6. Explain the purpose of the statement of changes in equity 7. Discuss the information value of what is included in the balance sheet 8. Discuss the process by which a company can develop an accounting policy for an item or event not currently covered by the NZ accounting standards 9. Explain the reasons for applying changes in accounting policy retrospectively. 10. Discuss the likely process that a company will need to follow in the event of a discovery of a material accounting error. 11. Discuss the concept of materiality in relation to accounting errors. 12. Outline the circumstances that may deem a retrospective application impracticable. 13. Use an example to illustrate a change in accounting estimate and outline the disclosure requirements for such a scenario.

Part 4:week3 Financial Statements Exercises and Examples 1. Using a trial balance from a text book, prepare a statement of changes in equity in a format that is compliant with IAS1. 2. Review the published SCE of company and identify the rationale for the disclosures that they have made. 3. Using a published SCE, identify those items on the face and link them to the relevant section of the standards. 4. Using a published SCE from the internet, identify items of voluntary disclosure. Part 5:week4 Statement of Cash Flows 1. Discuss the purpose of the cash flow statement 2. Explain the linkages between the cash flow statement and the other financial statements including the balance sheet, income statement and statement of movements in equity. 3. Discuss the direct method or preparing the cash flow statement and the rationale for doing so. 4. Discuss the notion of cash and cash equivalent and how this may be different between reporting entities 5. Worked example 19.2 page 702 6. Worked example 19.4 page 705 7. Worked example 19.5 page 706 8. C exercises on AUT Online End of chapter exercises Part 6:week5 Accounting for Inventory Part 7 Events After the Reporting Period Class exercises 1. Worked example 7.1 p226 Determination of cost of inventory 2. Worked example 7.2 p227 lower of cost and net realisable value 3. Worked example 7.3 p228 inventory cost determination 4. Worked example 7.4 p233 assigning cost to inventory 5. Worked example 7.5 p234 assigning cost to inventory 6. Worked example 7.6 p235 journal entries in accounting for inventory 7. Worked example 7.7 p236 reversal of inventory write-down Class exercises 1. Worked example 20.1 page 733 date of authorisation 2. Worked example 20.2 page 737 differentiating between adjusting and non adjusting events 3. Worked example 20.3 page 738 disclosure of declared dividends

Part 8:week6 Accounting for Lease Contracts Class exercises 1. Worked example 11.2 page 375 classifying finance and operating leases 2. Worked example 11.4 page 381 accounting for operating leases 3. Worked example 11.5 page 384 sale and lease back 4. Worked example 11.6 page 390 accounting for finance lease by lessee 5. Worked example 11.7 page 395 accounting for finance lease by lessor 6. Part 9:week7 7. Consolidations Business Combinations 8. Worked example 24.1 (p838) 9. Worked example 24.2 (p845 - Calculation of goodwill 10. Worked example 24.3 (p847 - Basic consolidation) 11. Worked example 24.4 (p851 - excess on acquisition) 12. Worked example 24.5 (p853 - assets not at fair value) 13. Worked example 24.6 (p854 - revaluation to FV with an excess) 14. Worked example 24.7 (p857 - journals in subsequent years) Part 10:week8 Consolidations Business Combinations Class exercises 1. Worked example 25.1 (page 874 Dividends from pre & post acquisition profits) 2. Worked example 25.2 (page 878 - Dividends from pre & post acquisition profits) 3. Worked example 25.3 (page 883 unrealised profit on closing inventory) 4. Worked example 25.4 (page 888 - unrealised profit on opening inventory ) 5. Worked example 25.5 (page 893 intra-group sale of a fixed asset) 6. Worked example 25.7 (page 902 intra-group sale of fixed asset resulting in a change in useful life) 7. Worked example 25.6 (page 897 consolidations on subsequent years) 8. Consolidation Quiz

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