Corporate Accounting System by Australian Accounting Board

Question :

Learning Outcomes

a) Discuss an understanding of the concepts and theoretical approach of Company Accounting with Accounting standards.

b) Examine the purpose and practical applications of the requirements pertaining to a range of key areas of corporate accounting practices.

c)Evaluate and interpret issues relating to accounting for companies.

d)Devise and critically evaluate the contextual and theoretical aspects of accounting for groups

e) Implement the accounting standards of Corporate accounting for share capital, Leases and company tax.

f) Highlight accounting standards for group of entities, Business combination and consolidation g) Use the Principle of Fair value cash flow statement and Impairment Loss.

Assessment Descriptions

This assessment is developed to analyse the students’ ability to research and implement accounting standards and interpret how to apply relate corporate accounting concepts to various scenarios. It examines students’ problem solving and researching skills and enables them to deal with the financial affairs of a company. It consists of 2 sections; the first section covers the researching skills and section 2 cover case studies with complex calculations which allows the students to use relevant accounting standards to the real-life case.

INTRODUCTION

Corporate accounting relates to the analysis and reporting of fiscal statements and records. This typically points to accounting with respect to larger organizations instead of narrower-scale small businesses or partnerships in which the reporting account specifications and requirements appear to be less strict. That`s because companies have a responsibility to serve general public and legislative authorities with financial information, while smaller firms don`t have that obligation (Parker, 2013).