ACCY 308: Advanced Financial Accounting Assignment Sample NZ

This course will focus on developing your core theoretical and practical issues with respect to financial accounting. We’ll emphasize key themes that face accountants when they are working, as well as an understanding of how different contexts affect accounting and financial reporting.

The course will seek to illustrate the importance of this issue by considering how different entities can have a significant impact on accounting choices, policies, and other matters. We’ll explore issues related to legal structure as well as profit orientation for each type or sector-size company in order not only to understand but also apply these principles creatively when making decisions about your own business’ financial statement preparation strategy.

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This course will increase your students’ knowledge and understanding of the subject. The following are some tasks that will be answered in this course:

Assignment Task 1: Explain how the nature of different reporting entities affects the financial reporting by those entities

The nature of the reporting entity affects the financial reports of that entity because different types of companies (i.e., Natural vs. Legal) follow different sets of accounting principles and rules, which affect the way they report their transactions and present their financial statements, as well as how they are reported by analysts who use these financial statements to make investment decisions. As a result, investors would most likely view the financial statements of, for example, a large public company differently than they would those of a small private company.

The nature of a reporting entity is based on different factors, such as whether the business is for-profit or not-for-profit if its ownership is shared by many individuals or held by a small number of shareholders, and whether it provides services to the public. For example, a not-for-profit organization typically generates enough revenue from donations and grants to cover its expenses, so it doesn’t need to make a profit as a for-profit company would. In contrast, a company that is publicly traded has shareholders who expect it to generate a return on their investment, which drives the company to make profits. Finally, a company that is privately held has shareholders, but it doesn’t have to worry about making its financial results public because the shareholders are its owners.

The nature of reporting entities also affects which information business analysts use when performing their analyses. For example, when investors invest in companies that provide services to the public (i.e., utilities), they expect to see certain metrics such as return on equity (ROE) and earnings per share (EPS) in the financial statements, because these companies are in a highly regulated industry. In contrast, when investors invest in technology or pharmaceutical companies, they look at different metrics, like gross margin and price to earnings (P/E) ratios, because these companies are in industries with less government regulation.

Assignment Task 2: Compare and contrast the financial reporting requirements of private companies and public companies

Publicly traded companies have to adhere to specific financial reporting requirements set by the Securities and Exchange Commission (SEC) in order for their financial statements to be considered “true and fair.” These requirements are known as Generally Accepted Accounting Principles (GAAP), which are set by the Financial Accounting Standards Board (FASB) and updated every year. The process of developing these rules is a collaborative effort that involves representatives from companies, investors, and other interested parties.

Private companies, in contrast, do not have to follow GAAP and instead can use “private company GAAP” or another set of accounting principles, as long as they are consistently applied. Private company GAAP is typically less rigorous than GAAP and allows for more discretion in the financial statement preparation process.

An important difference between public and private companies is that public companies have to disclose their financial results every quarter, while private companies do not have to disclose anything unless they are sold or merged with another company. This is why private company financial statements are not as easily available to the public as those of public companies.

When it comes to making decisions about investing in a company, analysts often look at the financial statements of both public and private companies. However, because private company financial statements are not as readily available, public company financial statements are typically given more weight. This is especially true if the private company is a startup or is in a high-risk industry because there is more uncertainty around its future prospects.

Assignment Task 3: Assess the implications of recent developments in external reporting in respect of both business and the wider context of society (including harmonization and corporate social responsibility)

External reporting is the process of communicating a company’s financial results to its stakeholders, which includes shareholders, employees, creditors, and the government. In recent years, there has been a trend towards harmonization of external reporting requirements, which means that companies are required to follow the same set of rules when preparing their financial statements. This is intended to make financial statements more comparable across companies so that investors can make better investment decisions. This trend towards harmonization is driven by the global economy, where economic activity has become increasingly interconnected and capital markets are becoming more integrated.

Although there have been some steps taken to improve the international harmonization of financial reporting requirements, there are still significant differences between countries’ rules for preparing financial statements. For example, European companies are required to follow the International Financial Reporting Standards (IFRS), which is very similar to GAAP in the United States, while Japanese companies are required to report under Japan’s Generally Accepted Accounting Principles (GAAP). These different requirements mean that investors cannot make direct comparisons between financial results reported by Japanese and European companies.

In recent years, there has been a growing awareness of the need for companies to be more responsible stewards of their financial resources. This has led to the development of new reporting standards known as “sustainability accounting.” Sustainability accounting is the process of measuring and disclosing a company’s environmental, social, and governance (ESG) performance. ESG factors are important because they can have a significant impact on a company’s long-term financial performance.

Companies are increasingly reporting their ESG performance in their financial statements, and there is pressure for regulators to require companies to disclose this information. Some countries, such as the United Kingdom and Australia, have already started requiring companies to disclose their ESG performance. Other countries, such as the United States, are considering doing the same.

The trend towards harmonization of external reporting requirements and the increasing awareness of sustainability accounting are important developments that will have a significant impact on business and society in the years to come.

Assignment Task 4: Describe the applications and implications of various financial reporting standards in complex environments

In a complex environment, external financial reporting is more challenging because of the level of uncertainty surrounding a company’s future prospects. This is especially true for companies in high-risk industries such as technology and biotechnology because there are many chances for failure. For example, up to 90 percent of all biotech start-up companies fail before completing clinical trials, and investors must rely on projections when deciding whether or not to invest in these companies.

This uncertainty makes it more difficult for companies to produce reliable financial reports that meet regulatory requirements for transparency and comparability. In such an environment, there is a risk of “information overload,” which occurs when users become overwhelmed by a large amount of information they are presented with. This can lead to investors making poor decisions because they are unable to process all of the information they are given.

In order to mitigate the risks of information overload and ensure that investors have access to reliable financial information, companies in complex environments should use innovative financial reporting methods. For example, they could use scenario analysis to project their future financial performance under different scenarios. This would give investors a better understanding of the risks involved in investing in these companies.

Additionally, companies could provide more granular information about their performance and break down their results by business segment and geography. This would help investors to better understand how a company is performing in different areas and make informed decisions about where to invest their money.

Finally, companies in any environment could use internal sustainability accounting to provide investors with more comprehensive information about their environmental, social, and governance performance. For example, if a company has high greenhouse gas emissions, this will have an impact on its financial performance. When reporting their ESG performance internally, companies can disclose the causes of these emissions and explain what they are doing to mitigate them.

Assignment Task 5: Evaluate the strengths and weaknesses of the current financial reporting requirements for particular entities, transactions, and events against underlying concepts of accounting

The current financial reporting requirements for particular entities, transactions, and events are as follows:

• For a company to issue shares as consideration for an acquisition, it must disclose sufficient information to enable its shareholders to reach an informed judgment on the relative merits of the transaction.
• A company that provides goods or services as part of a barter transaction should disclose the fair value of those goods or services and the company should account for the transaction as a normal cash transaction unless it is clear that the exchange is, in essence, a non-monetary transaction.
• Goodwill arising on the acquisition of subsidiaries, including unidentifiable assets and liabilities, must be recognized in full in the acquirer’s balance sheet at the time of the acquisition.

Strengths:

The strengths of these requirements are as follows:

• They provide a high level of transparency for shareholders, which enables them to make more informed decisions about where they should invest their money.
• The requirement for companies to disclose the fair value of goods and services in barter transactions means that investors know exactly how much value is being exchanged in these deals.
• The requirement to recognize goodwill on acquisitions means that investors can track the value of companies’ intangible assets and understand how they are growing.

Weaknesses:

The weaknesses of these requirements are as follows:

• They can be quite onerous for companies to comply with, which can lead to them having to disclose more information than is necessary. This can overwhelm investors and lead to them making poor decisions.
• Additionally, the requirements do not always accurately reflect the underlying concepts of accounting. For example, the requirement to recognize goodwill on acquisitions can lead to companies artificially inflating the value of their intangible assets.

Assignment Task 6: Develop new approaches to at least one circumstance where a weakness has been identified in the current reporting requirements

In the first situation, companies that provide goods or services as part of a barter transaction should not be required to disclose the fair value of those goods and services. Rather, they should be allowed to account for these transactions as non-monetary exchanges if there is no commercial conflict of interest involved.

This approach would mean that companies could make transactions less onerous and time-consuming for themselves – for example, they could avoid holding up the transaction to wait for their auditor to provide a valuation. Investors would also benefit from this approach because it would mean that they received less information than is currently disclosed about these transactions, which could lead them to make better decisions.

In the second situation, companies should not be required to recognize goodwill on acquisitions. Instead, they should only assume the value of intangible assets if it is explicitly stated in the contract with the seller.

This approach would lead to companies disclosing less information about their intangible assets to investors which could lead them to make better investment decisions. Additionally, this approach would reduce costs for companies because they would no longer have to incur the expense of goodwill impairment tests.

These are just two possible approaches that could be adopted to improve the weaknesses in the current reporting requirements. Other solutions may also be possible and should be explored further.

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