FNSACC514: How Is The Report Disseminated And Who Is It Given To: Prepare Financial Reports For Corporate Entities Assignment, SU, Australia

Question 1 – Research Task

Your task is to undertake research and obtain an organisation’s annual report. You can locate one on the internet or obtain one from the ASIC website. Once you have obtained this document you are to answer the following questions. Provide answers in 1-2 paragraphs.

1. How is the report disseminated and who is it given to?

2. What reason would each of these people have for needing a copy of the report?

3. What information is contained in the report?

4. What format does the report use?

5. Is there evidence of consolidation or conversion procedures being used?

6. Are there any asset or liability valuations? If so, what are they?

7. Were there any discrepancies identified?

8. Is the organization’s total income and expenditure enclosed, give details?

9. Is the report clear and concise?

11. What charts and/or diagrams are enclosed and what are they highlighting?

12. Did the report meet statutory requirements?

13. What is the overall position of the organisation?

14. Does the organisation use double-entry bookkeeping or accrual accounting?

Question 2 – Question and Answers

Answer the following questions in writing.

1. In-house coding and classification of data should comply with what standards?

2. What are the AASB No: for each of the titles listed in an appendix?

3. To prepare a consolidated account there is a sequence of events that need to be undertaken. What is the sequence?

4. What are fair value measures used for?

5. What is a deferred tax liability and what are the exceptions?

6. What types of charts and diagrams can be used for a report?

7. What types of financial statements can be prepared and what do they tell you?

8. What types of accounting records are required by a company according to legislation?