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Accounting Assessment Task

REQUIRED

  1. PREPARE THE ACCOUNTING POLICY NOTE FOR INCLUSION IN THE FINANCIAL STATEMENTS OF LOTUS FLOWER LIMITED AS 30 JUNE 2019. YOU WILL NEED TO RESEARCH THE ACCOUNTING POLICY DISCLOSURE REQUIREMENTS OF APPLICABLE ACCOUNTING STANDARDS AND THE CORPORATIONS ACT 2001. AS AN EXAMPLE AASB 101 AND AASB 119 ARE RELEVANT.

  2. IASB (APPLYING IFRS) HAS ISSUED A REVISE CONCEPTUAL FRAMEWORK FOR FINANCIAL REPORTING COMMENCING JANUARY 2020. WHAT FUTURE IMPACT HAS THE APPLICATION OF THE IASB’s CONCEPTUAL FRAMEWORK IN AUSTRALIA FOR LOTUS FLOWER LIMITED. (SAC1 AND THE IASB REVISE CONCEPTUAL FRAMEWORK HAVE AN INCONSISTENCY IN THE DEFINITION OF REPORTING ENTITY)

  3. PREPARE THE NECESSARY NOTES OR GENERAL JOURNAL ENTRIES TO COMPLY WITH THE APPLICABLE ACCOUNTING STANDARDS.

CRITICALLY ANALYSE THE RELATIONSHIP BETWEEN THE CORPORATE CITIZENSHIP REPORT AND FINANCIAL STATEMENTS. IS LOTUS FLOWER LIMITED REQUIRED TO PREPARE THE REPORT?  SOME COMPANIES HAVE REPORTS TITLED: ENVIRONMENTAL AND SOCIAL RESPONSIBILITY.

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  • Uploaded By : Keith
  • Posted on : December 23rd, 2018

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