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Updated on: 20th Apr 2023

ACC208 Intermediate Financial Reporting SUSS Assignment Sample Singapore

ACC208 Intermediate Financial Reporting is the perfect course for accountants and finance professionals who are looking to take their knowledge of financial reporting to the next level. With an emphasis on IFRS, this course provides comprehensive coverage of the topics which make up intermediate financial reporting. It explores aspects such as partnership accounting and consolidations while ensuring students maintain an understanding of how specific transactions affect a company’s financial reports.

This course is also suitable for those that don’t necessarily have an accounting background, but who want to understand more about principles and regulations governing financial reporting. Through the use of industry examples, case studies, and class discussions, ACC308 will help you grasp complex concepts in a clear and concise manner.

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Delve into assignment examples for ACC208 Intermediate Financial Reporting and broaden your understanding of the concepts taught in this course! has the perfect resource to help ACC208 Intermediate Financial Reporting students flourish in their studies! Use our assignment examples to deepen your understanding of the topics covered in this course – from capital replacement decisions to different accounting methods for equity investments. These example assignments provide an excellent opportunity for students to strengthen their theoretical knowledge and expand their technical abilities, allowing them to excel in their exams.

In this presentation, we shall review a few assignment briefs. Among these are:

Assignment Brief 1: Examine the recognition, measurement, presentation, and disclosures of revenue arising from construction contracts and other contracts with customers.

With large construction contracts come numerous items that need to be considered when it comes to the financial aspects of them. Matters of recognizing, measuring, presenting and disclosing revenue arising from those contracts must be taken into account in order to ensure accurate record-keeping and adherence to regulations. This is especially important for corporations dealing with complex contracts, where figures may fluctuate throughout their duration.

Companies should understand what criteria need to be met and documented in order to have a successful contract that both parties are happy with, while also protecting themselves against any fiscal challenges. When dealing with customers, transparency and understanding go a long way in helping move the contract forward while avoiding any issues related to revenue recognition.

Assignment Brief 2: Implement the applicable accounting standards in the recognition, measurement, presentation and disclosures of share-based payments and employee benefits.

Adhering to the applicable accounting standards when recognizing, measuring, presenting and disclosing share-based payments and employee benefits is an important part of forming a sound financial statement. Such disclosure ensures transparency and compliance when it comes to reporting activities that may have a direct effect on the company’s bottom line.

Here, the most up-to-date standards should be employed – this includes the liability method for share-based payments and the accrual method for recognized employee benefits expenses. By accounting for these activities accurately and in accordance with prescribed procedures, stakeholders can be assured that all necessary information has been included in their decisions.

Assignment Brief 3: Discuss the applicable accounting standards in the recognition, measurement, presentation and disclosures of leases.

The International Accounting Standard Board (IASB) has recently implemented International Financial Reporting Standard 16 (IFRS-16), which outlines rules for recognizing, measuring, presenting and disclosing leases in a company’s financial statements. IFRS-16 requires companies to recognize all types of leases as liabilities on the balance sheet, meaning that companies must report both the lease payment obligations and the right-to-use assets on their balance sheets.

Additionally, lessees must then measure these items at the commencement date of each lease term based on the present value of their future minimum lease payments. Furthermore, IASB states that present values are calculated using discount rates reflective of market expectations at the commencement date. Finally, disclosure informing readers of what assets are being used under Operating Leases and also information about how long they have been leased is required in financial statements. Following these Accounting Standards will ensure accurate financial reporting and proper disclosure of relevant information to stakeholders.

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Assignment Brief 4: Illustrate the recognition, measurement, presentation and disclosures of financial assets.

Financial assets are resources held by an entity that have probable future economic benefits. According to International Financial Reporting Standards (IFRS 9), there are four processes that define how financial assets must be recognized, measured, presented and disclosed in a financial statement. Recognizing such assets is first achieved by identifying them as financial instruments and ensuring ongoing contractual rights exist between the entity holding the asset and its counterparty.

The measurement then involves assigning appropriate values based on the income they generate or the cash flow they provide. Presentations of these items require addressing when an expectation of life-of-term contractual cash flows will change cash flow characteristics significantly. Finally, detailed information regarding each instrument should be included in the notes section of the accounts, highlighting any variations from IFRS 9 definitions and assumptions.

Assignment Brief 5: Employ the applicable accounting standards in the recognition, measurement, presentation and disclosures of financial liabilities.

While accounting for financial liabilities, having a good understanding and application of applicable accounting standards is paramount in assisting organizations in their compliance and reporting obligations. Having the information clearly displayed in the financial statements provides investors, creditors, and other users with an insight into the company’s financial health.

In particular, recognizing liabilities correctly helps stakeholders to make well-informed decisions when assessing performance and risk. Proper recognition also helps companies manage their liabilities appropriately and use resources effectively, by allowing them to allocate funds where they are needed most. Ultimately, employing robust accounting standards when handling financial liabilities can reduce speculation while offering greater transparency to all involved parties.

Assignment Brief 6: Show the accounting treatment, i.e. the recognition, measurement, presentation and disclosures, of income taxes.

Accounting for income taxes requires recognizing, measuring, presenting, and disclosing related information. Companies that report financial statements must recognize income taxes payable and recovery of current tax assets. Income taxes accrual is the measurement of liabilities as well as deferred assets applied to obtain a proper balance sheet conclusion for accounting purposes. Presentation and disclosure should portray accurate documentation of the effects of taxation on financial performance using applicable Generally Accepted Accounting Principles (GAAP).

The Ernst & Young Global Tax Glossary provides an expansive view of the three main categories of taxes: namely, corporate income tax; withholding tax; and indirect taxes. Financial statement disclosures should enable users to access the profit or loss resulting from prior years’ activities, current years’ activities, and specific items included in each year’s computation. Finally, it is important to note that income taxes are recorded in accordance to federal tax laws as well as other state-specific regulations depending on where the company operates.

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Assignment brief 7: Develop the essential knowledge and interpersonal skills to work effectively in a team.

Working effectively in a team is an important skill to possess. To do so, one must develop essential knowledge and interpersonal skills. Having a good sense of self-awareness and understanding of others is key in order to knowing how to collaborate, cooperate, and problem solves as well as when it is best not to make waves or overpower colleagues.

Additionally, taking Initiative, having good communication skills, being organized and aware of objectives, and understanding how tasks fit together within the group setting and the potential impact for each other’s area of responsibility can all lead to successful team dynamics and results. When honed correctly, essential knowledge and interpersonal skills are valuable assets team building exercises build on.

Assignment Brief 8: Demonstrate proficiency in written and verbal communication skills.

Effective communication is an essential life skill, and gaining proficiency in both written and verbal forms can help open up a world of opportunities. My background has enabled me to honed my written communications skills through crafting persuasive business emails, legal documents and reports, while my past experience with public speaking has allowed me to refine my verbal communication abilities. I take great pride in being able to articulate thoughts clearly both orally and through writing, which I believe has been invaluable in helping me gain the trust of colleagues, superiors, and clients.

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