ACCY 115: Fundamentals of Accounting Assignment Sample NZ

Accounting is a very important subject in today’s world. Accounting professionals are needed to manage the day-to-day financial obligations of an organization. In addition, accounting professionals are needed to help prepare financial reports for individuals and businesses.

There are a variety of accounting specialties that accounting professionals can specialize in. Some of the most common accounting specialties include public accounting, management accounting, government accounting, and internal auditing.

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Buy assignment sample of (ACCY 115) Fundamentals of Accounting Unit

Students who successfully complete this course will have the knowledge and skills needed to be professional writers. Here, we are describing some activities. These are:

Assignment Activity 1: Explain the New Zealand regulatory environment in which accounting is practiced across all three sectors of the economy

The New Zealand regulatory environment in which accounting is practiced across all three sectors of the economy is shaped by statutes, regulations, codes, standards, and professional practice.

Accounting professionals are subject to statutory duties under the Financial Reporting Act 1993 (FRA), which regulates how financial information is made available to investors. The FRA also contains provisions regarding auditor independence and objectivity around the impartiality of auditors. The Act is administered by the Ministry of Economic Development (MED), and further updated by the Financial Reporting Standards Board, which was established under the FRA to develop and improve financial reporting.

The Auditor’s Act 1968 requires auditors to be registered and their registers are maintained by the Institute of Chartered Accountants of New Zealand (ICANZ). The ICANZ Code of Ethics governs ethical conduct for all chartered accountants.

The Public Finance Act 1989 (PFA) is administered by the Treasury and requires that public entities are required to prepare accurate financial statements. The PFA also provides that certain information must be disclosed in these financial statements about significant judgments made by management when applying accounting policies.

The Crown Entities Act 2004 requires that the financial statements of government-owned corporations are prepared in accordance with NZ IFRS, and provides for guidelines to be developed by the Treasury and the MED on specific requirements of this legislation. Professional Accounting Bodies such as ICANZ and Chartered Accountants Australia and New Zealand (CA ANZ) provide guidance for practitioners in their respective Codes of Professional Conduct.

These set out the standards and guidelines that need to be adhered to when providing financial information and assistance to companies and individuals, in particular in terms of confidentiality and objectivity. The application of these obligations is regulated by legislation such as the Privacy Act 1993, which governs the management of information in New Zealand, and the Securities Act 1978, which regulates financial markets.

Industry associations such as Chartered Accountants Australia and New Zealand (CA ANZ) also provide guidelines for specific industries, including the petroleum industry, construction, property development, and franchising. They are all available on their respective websites.

Assignment Activity 2: Explain the differences between the two different Accounting conceptual frameworks used in New Zealand

The two different Accounting conceptual frameworks used in New Zealand are the International Financial Reporting Standards (IFRS) and the Generally Accepted Accounting Principles in New Zealand (GAAP-NZ).

IFRS is a set of global accounting standards that provide guidance on how to report financial information. GAAP-NZ is the name given to the collection of generally accepted accounting practice standards published by the Accounting Standards Review Board (ASRB) of The New Zealand Institute of Chartered Accountants (ICANZ).

The main difference between the two is that GAAP-NZ makes recommendations on how to prepare financial statements while IFRS prescribes one single model for preparing, presenting, and disclosing information.

Although both sets of standards are designed to provide guidance for financial reporting in New Zealand, the major difference with IFRS is that it has no legal basis. This means that companies are not required to adopt IFRS, but can choose to follow it if they wish. In contrast, GAAP-NZ is a legally binding standard and companies must comply with its requirements when preparing financial statements.

Assignment Activity 3: Undertake to account for inventory and specific assets particularly relevant to New Zealand

The two main types of inventory are raw materials and finished goods. The value of inventory is made up of the purchase price plus any transportation, insurance, storage costs, etc.

In New Zealand, there are five stages to record an item within accounts as it goes from supplier to end-user. At the first stage, it has been ordered by a customer for future delivery, at the second stage, it has been received by the company and is in the process of being processed, at the third stage it is in finished goods but not yet sold to a customer, at the fourth stage it has been delivered to a customer, and at the fifth stage it has been paid for by the customer.

The main types of specific assets that are particularly relevant to New Zealand are land, buildings, and intangible assets.

The land is recorded in the balance sheet at its purchase price, less any depreciation that has been charged against it. Buildings are recorded at their cost price, including the cost of materials, labor, and any other costs associated with their construction. Intangible assets are recorded at their cost price, less any amortization that has been charged against them.

When a company is purchased the excess of the purchase price over the value of specific assets (i.e. land and buildings) and intangible assets (i.e. those which cannot be physically separated from the company) is referred to as goodwill or a bargain purchase.

Goodwill is an intangible asset that usually arises when a company is purchased for more than the value of its net assets. For example, if Company A buys Company B for $10 million and the net value of its assets is only worth $7 million, then there will be goodwill of $3 million. In contrast, a bargain purchase is where the company is purchased for less than the value of its net assets.

Assignment Activity 4: Undertake planning and control for various entities including Public Benefit Entities

Public Benefit Entities (PBEs) are entities that are required to prepare and publish financial statements in accordance with the Financial Reporting Standards for PBEs (FRS48).

The main types of PBEs are government agencies, universities, hospitals, and registered charities.

There are two sets of standards that can be used by PBEs. The first is the Public Benefit Entity Accounting Standards (PBEAS) which apply to entities that are not required to prepare financial statements in accordance with NZ IFRS 9. The second set of standards is the Financial Reporting Standards for PBEs (FRS48) which apply to entities that are required to prepare financial statements in accordance with NZ IFRS 9.

For both sets of standards, there is a requirement for PBEs to disclose in the notes section their objectives and whether or not they have met those objectives. A company’s objectives can include social benefit (e.g. health care), financial performance (i.e. utility companies), and compliance with legal requirements (e.g. New Zealand Customs Service).

The main difference between the two sets of standards is that the PBEAS does not have any recognition and measurement requirements, whereas the FRS48 does apply all of IASB’s recognized or disclosed categories within NZ IFRS 9. Another difference is that specific examples are included in the FRS48 to help entities apply the standards, whereas the PBEAS are principles-based.

Assignment Activity 5: Explain sustainability reporting

A company’s sustainability report contains information about its environmental and social performance.

Environmental issues such as climate change, water, and waste impact businesses in ways that can affect their financial performance. The reports will also include information on the company’s employees, community engagement, suppliers, and other areas where they think improvements can be made.

These reports are becoming increasingly important to investors and other stakeholders as they want to be sure that the company is taking into account all aspects of its business when making decisions.

Sustainability reports can help a company identify any risks and opportunities that may arise from environmental and social issues. For example, a company may identify that climate change will have an impact on its ability to source materials. This could result in increased costs because of the limited supply, or limited availability of its materials. On the other hand, it may identify that if a new technology is developed to help improve recycling rates there may be an opportunity for the company to make money from this increase in demand.

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