Corporate Accounting and Reporting Financial Performance

Question: Discuss about theCorporate Accounting and Reportingfor Financial Performance. Answer: Introduction The objective of accounting is to collect and report on the financial information pertaining to the cash flows, financial performance and position of an entity. The present report undertakes to explain the application and relevance of AASB 10 and AASB 101 of Australian Accounting through practical illustrations. Part I: AASB 10 The primary purpose of AASB 10 Consolidated Financial Statements is to set out principles and guidelines to facilitate the preparation and presentation of consolidated financial reports when one or more sub-businesses are controlled by an organisation (AASB, 2011). This standard gives a novel and extended guidance on recognising whether or not control exists in a company, and hence whether it requires consolidation. The mandates of AASB 10 are based on principles and entail exercising judgment (Crowe Horwath, 2011). At 1 July 2016 Net fair value of identifiable assets and liabilities = ($100000+$50000+$10000) equity + =$10000 (1-30%) inventory+ =$10000 (1-30%) plant + 90000 (1-30%) patent -15000 (1-30%) legal claim = $226 500 Consideration transferred =$88 000 Capital reserve =$138 500 Worksheet entries Entries Dr. Cr. 1. Inventory Dr 10000 Deferred tax liability Cr 3000 Business combination valuation reserve Cr 7000 2. Patent Dr 90000 Deferred tax liability Cr 27000 Business combination valuation reserve Cr 63000 3. Accumulated depreciation - equipment Dr 20000 Equipment Cr 10000 Deferred tax liability Cr 3000 Business combination valuation reserve Cr 7000 4. Deferred tax liability Dr 4500 Legal claim Dr 10500 Legal claim Cr. 15000 5. Business combination valuation reserve Dr 138500 Capital Reserve Cr. 138500 Pre-acquisition Entries Entries Dr. Cr. Retained earnings Dr. 10000 Share capital Dr. 100000 General reserve Dr. 50000 Shares in Kam Ltd. Cr. 88000 Business combination valuation reserve Cr. 72000 Worksheet Entries at 30 June 2017 Entries Dr. Cr. Business combination valuation entries 1. Cost of sales Dr. 10000 Income tax expense Cr 3000 Business combination valuation reserve Cr 7000 2. Patent Dr 90000 Deferred tax liability Cr 27000 Business combination valuation reserve Cr 63000 3. Accumulated depreciation - equipment Dr. 20000 Equipment Cr 10000 Deferred tax liability Cr 3000 Business combination valuation reserve Cr 7000 4. Depreciation expense Dr. 5000 Accumulated depreciation Cr (1/2 x $10 000) 5000 5. Business combination valuation reserve Dr. 138500 Capital reserve Cr. 138500 Pre-acquisition entries The pre-acquisition entries are affected by: -transfer from business combination valuation reserve Entries Dr. Cr. 1. Retained earnings Dr. 10000 Share capital Dr. 100000 General reserve Dr. 50000 Shares in Kam Ltd. Cr. 88000 Business combination valuation reserve Cr. 72000 *Alternative BCVR entry for Equipment Accumulated depreciation - equipment Dr. 20000 Equipment Cr 20000 Equipment Dr. 10000 Deferred tax liability Cr 3000 Business combination valuation reserve Cr 70000 Assumptions: Assets value is presumed to be before depreciation as on 1.1.2006. It is presumed that Lisa Ltd. profit margin is 10%. Statement of Affairs An Abstract of Consolidated Balance Sheet of Lisa Ltd. as at 30 June 2016 Notes Amount of $ ASSETS Financial Assets Cash and cash equivalents - Trade and other receivables - Total financial assets - Non-Financial Assets Land and buildings - Property, plant and equipment - Fixtures Fittings 45,000 Intangibles 90,000 Other - Total non-financial assets 1,37,000 Total Assets 1,37,000 LIABILITIES Non-Current Liabilities Long Term Loan - Other - Total - Current Liabilities Provisions Employee provisions - Other 15,000 Total provisions 15,000 Net Assets 15 000 EQUITY Reserves 122,000 Total Equity 1,37,500 Part II: AASB 101 This Standard lays down the grounds for presenting the financial statements thereby ensuring their comparability both with the companys financial statements of earlier accounting periods as well as with the financial statements belonging to other businesses (Berrington and Bhandari, 2011). It prescribes the complete requisites for presenting the financial statements, minimum disclosures of their content, and principles guiding their structure (AASB Standard, 2015). Profit Loss Account: Statement of Profit or Loss and Other Comprehensive Income Note In $'000s Income Sales 50,00,000 Expenses Cost of Sales 35,00,000 Expenses Marketing Cost 66,000 Administrative Cost 99,000 Distribution Cost 2,00,000 Finance Cost 1,00,000 Profit before Income Tax 10,35,000 Income Tax 3,10,500 Profit for the year after tax 7,24,500 Profit distributed as Dividend 10,000 Profit retained by the company 7,14,500 Total other comprehensive Income 0 Comprehensive profit for the year 7,14,500 Conclusion The prescribed ways of reporting financial statements have been learnt from the above examples. References AASB Standard. 2015. Preparation of Financial Statements. [pdf]. Available through: https://www.aasb.gov.au/admin/file/content105/c9/AASB101_07-15.pdf. [Accessed on 15th September 2016]. AASB. 2011. Consolidated Financial Statement. [pdf]. Available through: https://www.aasb.gov.au/admin/file/content105/c9/AASB10_08-11.pdf. [Accessed on 15th September 2016]. Berrington, M. and Bhandari, V., 2011. Pinnacle Financial Statements. IFRS System. Crowe Horwath. 2011. AASB 10, 11 and 12 - How Will They Affect You? [Online]. Available through: https://www.crowehorwath.net/uploadedfiles/au/insights/insights-assets/a_issue%20of%20aasb%2010%2011%20and%2012_sept11_final.pdf. [Accessed on 15th September 2016].

Michael Pollan Behind the Organic-Industrial Complex free essay sample

My reasons for doing this are as follows: I want to eat locally grown produce; I want to reduce the use of chemicals in the food I eat; I want to reduce my carbon footprint by buying local, non-corporate food; I prefer to support local farmers, especially in a down economy; by subscribing rather than just buying at a farmer’s market, I’m showing my commitment to organic farming; and I will eat a broader range of vegetables as a result. By doing this, I am hoping to improve my own health while also, I hope, reducing the environmental costs of corporate farming. Michael Pollan’s â€Å"Behind the Organic-Industrial Complex,† Rachel Carson’s â€Å"The Human Cost,† and Peter Huber’s â€Å"How Cities Green the Planet† each provide insight into the way the organic farming practices are influencing the health of people and the planet. However, there are overlooked human costs to buying organic food: not everyone can afford it, and on organic farms, farmworkers may be more at risk for Valley fever and mosquito-borne illnesses. We will write a custom essay sample on Michael Pollan Behind the Organic-Industrial Complex or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Nevertheless, organic farming practices have the best interests of the environment and of the humans living on the planet in mind. Paragraph #2 Lately we have been hearing a lot about buying local food, but many wonder whether it is healthier and better tasting than food that has come from longer distances. One benefit of local food is that the consumer knows exactly where it is coming from, and that may make the consumer feel better about eating it. A common definition of local food is food that comes from a single bioregion, which is a rather flexible term. For the purposes of this essay, food will be considered local if it comes from within a one-hundred mile radius. Why is eating and supporting locally grown food beneficial? Michael Pollan’s â€Å"Behind the Organic-Industrial Complex,† Rachel Carson’s â€Å"The Human Cost,† and Peter Huber’s â€Å"How Cities Green the Planet† each provide insight into the way locally sourced food is influencing the health of people and the planet. If you buy food grown by a giant corporation, you are likely harming the planet and possibly yourself because of the large carbon footprint and chemical residue of â€Å"corporatized† food. However, if you buy locally grown food, you support renewable farming practices and this leads to a healthier planet, a healthier you, and a healthier local economy.   Ã¢â‚¬Å"Think globally, eat locally. † We have been hearing this slogan a lot lately, but many of us do not yet know what it means to eat locally. We can often eat locally by buying from farmers markets, supporting small farms, and shopping at the local food co-op. Sometimes, however, the food in these places might come from too far away to be considered local. For the purposes of this essay, food will be considered local if it comes from within a one-hundred mile radius. Is eating and supporting locally grown food beneficial? Michael Pollan’s â€Å"Behind the Organic-Industrial Complex,† Rachel Carson’s â€Å"The Human Cost,† and Peter Huber’s â€Å"How Cities Green the Planet† each provide insight into the way locally sourced food is influencing the health of people and the planet. Locally sourced food is picked ripe, thereby having a better flavor and more nutrients; the carbon footprint may be lower because it is not transported so far; and buying local food stimulates your local economy. All this is well and good, but there is not enough locally sourced food available to feed everyone in a particular region, and locally sourced food may not be grown or transported as efficiently as food grown elsewhere. While many are concerned that there is not enough locally sourced food available to feed everyone in a particular region, and locally sourced food may not be grown or transported as efficiently as food grown elsewhere, it is still in our best interests to consume locally sourced food whenever possible. Locally sourced food is picked ripe, thereby having a better flavor and more nutrients; the carbon footprint may be lower because it is not transported so far; and buying local food stimulates your local economy.

How to watch your brother die free essay sample

Michael Lassell portrays himself as a straight man in his poem â€Å"How to Watch your Brother Die.† In reality he is a 21st century gay poet. The poem tells the story of a man, this being the straight narrator, who is called across the country to visit his brother as he lies on his deathbed. Later in the poem we learn the dying brother is suffering from HIV, and had been disowned by his brother because of his homosexuality. As the poem goes on, the narrator creates a unique and close relationship with his brother’s lover. Through the trials of the writer, the poem conveys the struggles and judgment received by the gay community, ultimately creating a life-changing shift in his morals. The reader can see and understand the changes in the narrator because of Lassell’s use of reversed roles, second-person voice, and symbolism. â€Å"Michael Lassell often writes about life as a gay man. We will write a custom essay sample on How to watch your brother die or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page He speaks bravely about sexuality and vulnerability.† (480) In this poem Lassel had to shift his role. He had to step into a perspective of someone whose beliefs are on the other side of the spectrum. What we know about the narrator before he wrote the poem is that he lived a conservative life. We know this because he is married to a woman who has no interest in her husband’s dying brother, simply because he is gay. The lover tells him, â€Å"Forgive yourself for not wanting to know him.† (482) This tells us the narrator disagreed with his brother’s sexual orientation enough to take a step out of his life, and discontinue their relationship. By portraying the story from the view of an orthodox straight man, Lassell creates a stronger connection and understanding with his non-gay readers, while still portraying a new perspective. Lassell tells you the story as if it is an experience you are going to soon face and teaches you how to react appropriately, walking you through each step. He used second person to allow the reader to connect with the story on an emotional level. In the first line of the poem he says, â€Å"When the call comes, be calm. Say to your wife, ‘My brother is dying I have to fly to California.’† (480) After reading the first two sentences the reader can immediately understand the heart-ships the narrator will soon face. Everyone carries a little bit of judgment but that judgment seems to drop when it’s something involving yourself or the ones you love most. Except for the dying brother, the  narrator and the lover, there are no other big roles in this poem. Even so, it doesn’t mean the other characters didn’t work together to play a key part in the poem. They symbolize the hate he had before he came, and the judgment people hold against ideas they don’t understand. The first character we are introduced to is the doctor, described as â€Å"remote† and is said to â€Å"talk with a steel face on.† In most cases doctors show sympathy toward their patients and the patient’s loved ones, but in this instance he didn’t care. He distanced himself off from the family, and the sorrow they felt because of his opposed opinion to homosexuality. The narrator and the lover take a trip to Mexico in search of illegal drugs in hopes to help the dying brother live longer. When the border guard learns what the drugs are for and sees the two men link arms he refuses to let them to bring the drugs through the border. When the narrator contests to this he can â€Å"See in the guard’s eye how much a man can hate another man.† (481) When the narrator makes a call home to his wife he starts to question their love because the love his brother shared with his partner was so visibly strong, she brushes this off, not wanting to know the details. The last is the funeral director who refused to â€Å"embalm the body in fear of contamination† (482). The funeral director symbolizes the ignorance and the lack of knowledge people gain when they choose to hate someone or something. They choose to be dumb to the idea because they cannot connect or understand it, and refuse to take a look into another man’s perspective. Before the narrator came to watch his brother die, he shared the same views as all of the characters talked about. The wife demonstrates the commitment he has to these views, and that the epiphany he had during the loss of his brother will not be an easy life shift. Although his view on homosexuality and love changed, it doesn’t mean the world, and all its people have. The narrator shifted his mindset completely by having a little taste of the gay man’s hardships. He started with the view that being gay is wrong and that it is okay to brush someone of so easily because of it, to feeling that judgment and not being able to wrap his mind around â€Å"another man’s hate†. At the face of his brother’s death he was able to come to understanding of the difficult life his brother must have led by facing a constant struggle between who he was and the society that demanded what right and wrong is. Since he had to defend himself at every corner of his existence it became clear to his brother who now feels the pain and will embrace his children upon his return home, with an additional knowledge and the sense of relief that they will not have to experience the same. . Lassell, Michael. â€Å"How to Watch your Brother Die.† Alvarado, Beth, and Barbra Cully. Writing as Revision, Fourth Edition. Boston, MA. Pearson, 2012. 480-82. Print.

Free Essays on The Crusades

The Crusades The crusades were military expeditions launched against the Muslims by the Christians in an attempt to regain the Holy Land. They took place between 1095 A.D. and 1270 A.D. It was one of the most violent periods in the history of mankind. The starting point of the crusades was on November 18, 1095 A.D. When Pope Urban II opened the Council of Clermont. On November 27, outside the French city of Clermont-Ferrand, the Pope made an important speech. He called upon everyone to help the Christians in the east to restore peace. The crowd's response was very positive. Garments were cut into the shape of a cross, which was attached to people's shoulders in an imitation of Christ (Matthew 10:38). (1) The original object of the First Crusade was to help Christian churches in the east. The new goal became to free the Holy Land from Muslim control, especially Jerusalem. Pope Urban II stayed in France until September 1096 to provide leadership and guidance for the members of the First Crusade. He urged churchmen to preach the cross in France. Urban wanted the crusading army to be mostly made up of knights and other military personnel. Since the news of his speech at Clermont spread through the west, people from all social classes and occupations joined the Crusade. As a result of Urban losing control of personnel, violence was launched against the Jews of northern France. This violence was mostly instigated by bands of the urban and rural poor led by men like Peter the Hermit and Walter Sans-Avoir. These groups lacked supplies and discipline. They attempted to reach Constantinople but most of them never got that far. The leaders in lands that they passed through were frightened and killed many of the crusading bands. Some did get to Constantinople and traveled across the Bosphorus in August 1096. There they split into two groups. One tried to overtake Nicaea and was unsuccessful. ... Free Essays on The Crusades Free Essays on The Crusades The Crusades The crusades were military expeditions launched against the Muslims by the Christians in an attempt to regain the Holy Land. They took place between 1095 A.D. and 1270 A.D. It was one of the most violent periods in the history of mankind. The starting point of the crusades was on November 18, 1095 A.D. When Pope Urban II opened the Council of Clermont. On November 27, outside the French city of Clermont-Ferrand, the Pope made an important speech. He called upon everyone to help the Christians in the east to restore peace. The crowd's response was very positive. Garments were cut into the shape of a cross, which was attached to people's shoulders in an imitation of Christ (Matthew 10:38). (1) The original object of the First Crusade was to help Christian churches in the east. The new goal became to free the Holy Land from Muslim control, especially Jerusalem. Pope Urban II stayed in France until September 1096 to provide leadership and guidance for the members of the First Crusade. He urged churchmen to preach the cross in France. Urban wanted the crusading army to be mostly made up of knights and other military personnel. Since the news of his speech at Clermont spread through the west, people from all social classes and occupations joined the Crusade. As a result of Urban losing control of personnel, violence was launched against the Jews of northern France. This violence was mostly instigated by bands of the urban and rural poor led by men like Peter the Hermit and Walter Sans-Avoir. These groups lacked supplies and discipline. They attempted to reach Constantinople but most of them never got that far. The leaders in lands that they passed through were frightened and killed many of the crusading bands. Some did get to Constantinople and traveled across the Bosphorus in August 1096. There they split into two groups. One tried to overtake Nicaea and was unsuccessful. ...

On the City of Tulsa Essay Example | Topics and Well Written Essays - 500 words

On the City of Tulsa - Essay Example Despite the economic potential further development brings in, we must recognize the ill-effects that come with it. A study on population dynamics has questioned the sustainability of our natural resources amidst the current population boom and the influx of illegal immigrants in the country not to mention the legal immigrants. The law of supply and demand may create an imbalance if the natural resource is scarce. No matter how we try to accommodate improvement but nature refuses to provide the demands due to over-population and over-usage will thereby result in a tangible scarcity of resources. Man’s basic needs for food and water can no longer be met and that is an ill-effect of too much economic improvement. The issue of illegal immigration has been placed in the background in favor of several more pressing issues. However, we cannot ignore that our country is approaching a population 280 million of which illegal immigrants are not even accounted for. If we continue and allo w the influx of illegal immigrants, food and water scarcity will be experienced in the later years to come. Compassion should start within us all and consider these illegal immigrants have a home country to return to when dire consequences would hit us, but we only have this country to return to, therefore it is our sole responsibility to make our country sustainable and viable for us all. All Americans must be educated on the effects of the current population boom. Education creates consciousness for every American to focus on his responsibility towards his country and work on acceptable jobs to help reduce the influx of â€Å"aliens†. The aim is not to discriminate anybody in particular, but to work towards the common goal of having jobs for everyone. Americans are complaining about â€Å"fewer jobs† available to them.  

Teaching ESL through Culture Essay Example | Topics and Well Written Essays - 1000 words

Teaching ESL through Culture - Essay Example The complexity was actually compounded when the aspect of culture comes into play. With the growth of technology that contributed to breaking barriers of time and distance, people from various cultures felt the most eminent need to learn ESL, considering English as the universal language. In this regard, the objective of the essay is to review six pertinent literatures that delve into the subject of teaching ESL with culture seen as playing a crucial role in learning and reinforcing literacy and proficiency. Defining Culture From evaluating the contents of the six articles, one observed that in discussing the role that culture plays in teaching ESL, several authors acknowledged that defining the term ‘culture’ proffered challenges due to its broad perspectives. Lafayette acknowledged that â€Å"because culture can be defined so broadly, it is often difficult for teachers to select those aspects that should be included in the curriculum at various levels of instructionâ €  (6). ... omprises a set of symbolic systems, including knowledge, norms, values, beliefs, language, art, customs, as well as habits and skills learned by members of a given society† (Young, Sachdev, & Seedhouse, 2009, p. 149). From among the definitions noted, Young, et al. included language as part of the definition acknowledging the important role it plays in the communication process. Problems in Incorporating Culture in Teaching ESL Aside from the dilemma in defining the term, most authors have revealed that there were apparent apprehensions for incorporating teaching culture in the ESL curriculum (Lafayette, 1978, p. 6). Sauve have enumerated seven problems with teaching culture in the Canadian ESL classroom, to wit: (1) naming â€Å"a Canadian culture† (Sauve, 1996, p. 17); (2) unprepared academic programs for teaching cultural aspects; (3) a conceptual dilemma of defining ESL; (4) perceived decline in valuing the ESL professional; (5) the role of immigrant educators as ESL staffs; (6) biased society in favor of white, Anglo-Saxon, Christian and of middle class tradition and values (Sauve, 1996, p. 22); and (7) time context and priorities. The article written by Young, et al. highlighted concerns that included ambiguity in determining â€Å"whose culture should be a focus for study on English language program† (Young, Sachdev, & Seedhouse, 2009, p. 151) and how effective an identified approach would be after taking into account the increasing predominance of nonnative speaking (NNS) teachers of a language and their acknowledged difficulty in teaching culture with the ESL realm. Finally, Byram and Kramsch (2008) disclosed the problem of cultural translation by citing Geertz’s words as: â€Å"Translation is not a simple recasting of others' ways of putting things in terms of

Selection of Web Server Software for Client Essay

Selection of Web Server Software for Client - Essay Example The client would also want a customised Content Management System to be coded so that they can easily change the content on site and add new pages, thus, making it flexible for accommodating changes. The current Information Technology Infrastructure is not very advanced and includes basic users with little knowledge of web technologies. The client is also not willing to spend a hefty amount but do requires a robust, agile and flexible system. 2) - Comparison of available technologies After going through the detailed requirements document from the client and understanding his needs, two sets of technologies can be recommended to the client. Let us compare and contrast between these two sets to see which set can be more viable for the client in the future. The two sets of technologies are: 1) - Internet Information Services, Active Server Pages and SQL Server (Microsoft Products) 2) – Apache, PHP and MySQL It is to be noted here that that both sets have a web server, a web progr amming language and a database. We should now just compare these technologies individually in detail and then in the subsequent sections, we will relate our results with the available IT infrastructure of the client. 2.1 - Web Servers The function of web server is to deliver services (web content) to the users who are requesting access via Hyper Text Transfer Protocol. The HTTP protocol is normally set by web browsers and doesn’t really require manual intervention or settings by the user. Web content here actually means all the media that is available on the web page. (WDN, 2012) The following table actually shows the differences between two available web servers: Apache and Internet Information Services. APACHE IIS Current market share at 65% Current market share at 15% Designed to work with most Operating Systems IIS designed to work only with Windows Operating Systems Co-operation is limited with the host system and there are no specific utilities available in every OS to monitor web service Greater co-operation with the host system and control through various Windows utilities Independent Request handler is limited Independent Request handler is not limited .Net languages aren’t integrated Support for most programming languages Open source software Comes with Windows OS More secure Less secure because of multiple system calls 2.2 - Web Programming Languages A web programming language or a server side scripting language is a language designed for developing web pages of dynamic nature. The following table shows the comparison between two leading server side scripting languages: PHP and ASP.Net PHP ASP.Net Microsoft Technology. Ships free with IIS on Windows OS. Open source language Runs on most OS Support windows only Slower compilation time Quick compilation and response time Hardware required to run PHP applications is expensive Windows licensing cost Not supported by any specific framework but has custom CMS such as Drupal and Magento Suppo rted by .Net framework which is very reliable Simple to code Complex to code Recommended for small applications Recommended for large applications Lesser data security Enhanced data security (Lerdorf & Tatroe, 2002) 2.3 - Database Management Systems A database management system (DBMS) is a software application that allows for the creation and management of a database. It also allows the users to make changes to the