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Updated on: 20th Apr 2023

ACC206 Financial Reporting SUSS Assignment Sample Singapore

ACC206 Financial Reporting is a great course for those studying accounting and finance. In this class, students learn about the fundamentals of financial accounting in order to identify potential threats or opportunities for companies or organizations. The course covers topics such as understanding revenue recognition, government legislation on reporting standards, and corporate risk management.

With the knowledge gained in this course students can confidently analyze financial information, assess financial reports and use their insights to make informed business decisions that will benefit their organization.

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Here, we outline a few of the assignment tasks – namely:

Assignment Task 1: Review the history and structure of financial reporting and the development of the International Accounting Standards Board/Accounting Standards Council.

Financial reporting is a cornerstone of the global economy, and its development over the years has been closely monitored by the International Accounting Standards Board (IASB) and its predecessors, the most notable being the former Accounting Standards Council. The IASB was established in 2001 with a mandate to create and ensure global standards in financial reporting.

Since then, it has produced several sets of standards that are applicable across jurisdictions, supported by initiatives such as enforcing high-quality corporate accountability and providing greater transparency for investors. With increased globalization, these international accounting standards have provided both public and private organizations with a framework for measuring their performance effectively. The IASB’s work demonstrates how careful stewardship of financial reporting can provide a foundation for economic growth around the world.

Assignment Task 2: Describe the purpose and objective of financial reporting and the qualitative characteristics of the financial statements.

Financial reporting provides valuable pieces of information to a variety of stakeholders, including shareholders, investors, lenders, creditors and other external users. Its purpose is to communicate financial data about an entity’s performance in order to allow for decision-making. The objective of financial reporting is to provide information that is relevant, reliable and comparable.

The qualitative characteristics most often found in financial statements include understandability, verifiability and relevance. Understandability dictates that the information must be clear and easy to comprehend while verifiability states the financial data should be audited in order to ensure its accuracy. Relevance manifests itself in the information that needs to be provided in a timely manner so as not to mislead potential users of the financial statements.

Assignment Task 3: Apply the presentation requirements of the financial accounting standards (including FRS 1 and FRS 34).

Adhering to financial accounting standards, such as FRS 1 and FRS 34, is essential for any successful business. They can ensure accurate and reliable reporting of financial information both internally and externally. In order to do so it is important to identify the relevant requirements applicable to each company, based on its size, sector and needs.

The application of these standards will require an understanding of the financial instruments used, an assessment of the available information, adherence to rules concerning consolidation, presentation specifics and specific disclosure requirements. Comprehensively understanding and applying these regulations can be beneficial in creating trustworthiness with investors, creditors and other stakeholders while increasing transparency within a business.

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Assignment Task 4: Determine the fair value of various elements on the financial statements.

In order to determine the fair value of various elements on the financial statements, it is necessary to first understand what fair value is. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value of an asset or liability may be different from its carrying amount on the balance sheet due to changes in market conditions.

For example, if the market price of a company’s stock decreases, the fair value of the stock will also decrease. It is important to note that fair value is a market-based concept and does not necessarily reflect the actual cash that would be received or paid in a transaction.

Assignment Task 5: Explain the recognition, measurement and disclosures of different types of revenue items.

Revenue recognition, measurement and disclosure can become complex when it comes to different types of revenue items. For example, determining when a good has been delivered or how to value services provided can be more challenging than with standard goods or cash received. It is essential that businesses utilize the relevant guidance to ensure compliance and avoid misstating what they are earning.

This could entail a review of the type of contract and right over the goods being exchanged as well as accounting for deferred income or estimated costs- incurred in multiple periods along with other considerations specific to the industry. Adopting appropriate procedures will enable companies to report their earnings accurately and provide investors with reliable information on which they can base decisions.

Assignment Task 6: Illustrate the recognition, measurement and disclosures of various revenue items and inventories.

Recognizing, measuring and disclosing various revenue items and inventories can be a complex task since they must be properly understood in order to ensure accuracy.

First, the recognition of revenue from both goods sold and services rendered must be identified specifically to measure total revenues for the accounting period accurately. This involves identifying the customer base, scope of goods or services offered, sales terms, and other relevant factors.

Second, the measurement of inventories will involve determining cost basis of measurements in order to factor inventory value for financial reporting purposes.

Lastly, all necessary disclosures must then be made such that experts can confirm the integrity of reported revenues and inventories. These include information on invoicing, purchases, collections received and other relevant details. Thereby completing a full cycle of recognition and reporting on revenue items and inventories correctly according to accounting standards.

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Assignment Task 7: Employ the applicable accounting standards in the recognition, measurement and disclosures of property, plant and equipment.

Property, plant and equipment are significant components of financial statements. It is essential to ensure their recognition, measurement and disclosures are accurately accounted for in accordance with the applicable accounting standards. Companies should exercise proper due diligence when it comes to recording these items such as relying on appropriately qualified personnel to assess the condition and validity of property, plant and equipment components.

Furthermore, all recognized assets should be appropriately measured at cost with an appropriate depreciation policy in place where applicable. Lastly, disclosure policies should provide sufficient information to shareholders concerning property, plant and equipment transactions. These procedures serve to protect companies from potential misstatements by providing oversight when it comes to recognizing these assets.

Assignment Task 8: Execute the applicable accounting standards in the recognition, measurement and disclosures of intangibles.

Accounting standards are essential to ensure that companies properly recognize, measure and disclose intangible assets accurately. The proper execution of the applicable accounting standards has become increasingly important in today’s business environment due to the increasing complexity and importance of intangible assets. Companies should rely on existing and updated regulatory requirements, in addition to developing their own internal control framework pertaining to intangibles.

It is also essential that companies review best practices from peers in their industry to create procedures that effectively adhere to the applicable accounting standards for recognizing, measuring and disclosing intangibles within financial statements. Ultimately taking these steps will provide stakeholders with a better understanding of a company’s finances which helps improve trust among shareholders and managers.

Assignment Task 9: Assess the impairment losses and reversal of impairment losses for assets.

Impairment losses for assets occur when an asset’s market value falls below its carrying value and the asset is classified as impaired. A reversal of a previously recorded impairment loss happens when there is evidence that indicates the carrying value may be recoverable over time. In order to assess the impairment losses and reversal of such losses, organizations must carefully review all financial reports and underlying assumptions.

This process also involves determining if any events have occurred since the last assessment which could necessitate a reassessment. The result of this assessment will provide a more accurate understanding of the current status and carry values of the organization’s assets.

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