Reconsideration of Consolidation Accounting

Question: Discuss about the Reconsideration of Consolidation Accounting. Answer: The main objective of accounting is to manage the data in appropriate form and present financial information relating to financial position, performance during the period and information relating to cash flows. The present study emphasises to explanation and application of AASB10 and AASB 101 Australian Accounting Standard through practical illustration. The first part of the report deals with the practical application of AASB 10 and journal entries has been accounted for an explanation of same. The second part deals with the preparation of financial position and statement of change in equity in accordance with AASB 101. Australian Accounting Standards are applied by entities which require preparing financial reports as per Corporations Act 2001, government sector and entities including both profit and non-profit sectors preparing general purpose financial statements. AASB 10 deals with Consolidated Financial Statements (AASB, C.A.S. Consolidated Financial Statements, 2016.). It provides principals and guidelines to provide assistance in making and presenting consolidated financial statements and report of an entity which controls one or more subsidiaries (Leo, Hoggett and Sweeting, 2012). The standard defines the principle of control and establishes control as a basis for consolidation. According to Howieson (2013), it also provides an explanation regarding accounting requirement for preparation of the consolidated financial statement. It applies to industries falling under the category of Tier 1 and Tier 2. According to Mayorga and Sidhu, B.K. (2012), the entities which are profit oriented, and apply the standard, will also be subjected to the application of IFRS 10. The major purpose of establishing this standard is to set up rules for the presentation and preparation of consolidated financial statements for entities with subsidiaries. For an entity to be eligible to apply this standard, it is important that the parent entity has total control over its subsidiary (Knapp, 2013). The AASB 101 Standard lays down the foundation for the presentation of general purpose financial statements (GPFS). The main objective of this standard is to make certain that the financial statements are comparable with the preceding years. It also ensures an easy comparison with the financial statements of other business units. Overall requirements for the presentation of financial statements are prescribed including guidelines for their structure and their content. This Standard is applicable to: Every entity which prepares financial reports in accordance with the provisions of Corporations Act; The GPFS of all the entities those are eligible to reporting; Financial statements that are included in, or are considered to be, GPFS. According to ACCOUNTING STANDARD AASB 10 (2012), the standard was applicable to entities reporting with effect from 1 January 2005. The standard is not applicable to the structures who report their statements in accordance with AASB 134 and content of interim financial statements (Hodgson and Russell, 2014). However, some clauses do apply to these structures also. This Standard also applies to full consideration to all the units, which present separate and consolidated financial statements as provided in AASB 127 (Carey, Potter and Tanewski, 2014). All the terminology used in AASB Standard 101 is appropriate for entities which work for profit motives, both public and private. As per the study of Grossi (2015), if any non-profit entity applies this Standard, they are required to revise the clauses which are used for particular items. Conclusion It can be concluded that, it is essential for business entities to apply the applicable clauses of AASB 10 and AASB 101 to provide an appropriate presentation of financial statements. The scope, objective and applicability of the standards have been described in the explanations thereon. The practical part illustrates the accounting of the same. The above queries have been solved as per the provisions of the standards. The accounting process followed to solve the preceding questions is according to the clauses laid by The Board of Australian Accounting Standard. The directions of Corporations Act 2001 and the standards laid in IFRS have also been considered for accounting. References Carey, P., Potter, B. and Tanewski, G. 2014. AASB Research Report. Grossi, G. 2015. Consolidated financial statements in the public sector. Public sector accounting. Pp.63-76. Hodgson, A. and Russell, M. 2014. Comprehending comprehensive income. Australian Accounting Review. 24(2). Pp.100-110. Howieson, B. 2013. Defining the Reporting Entity in the Not?for?Profit Public Sector: Implementation Issues Associated with the Control Test. Australian Accounting Review. 23(1). Pp.29-42. Knapp, J. 2013. A Reconsideration of Consolidation Accounting Requirements and Pre?acquisition Dividends. Australian Accounting Review. 23(3). Pp.190-207. Leo, K.J., Hoggett, J. and Sweeting, J. 2012. Company Accounting. John Wiley Sons. Mayorga, D.M. and Sidhu, B.K. 2012. Corporate disclosures of the major sources of estimation uncertainties. Australian Accounting Review. 22(1). Pp.25-39. AASB, C.A.S. Consolidated Financial Statements. 2016. [PDF]. Available through aasb.gov.au. [Accessed on 25th December 2016.] ACCOUNTING STANDARD AASB 10. 2012. [PDF]. Available through https://www.aasb.gov.au/admin/file/content105/c9/AASB. [Accessed on 25th December 2016.]

Story Writing Helper Essays - New Zealand Films, The Hobbit

Story Writing Helper There are lots of people in the story, so it is sort of hard to follow. In the beginning there is an introduction where the author tells what a hobbit is. This introduction gives the general background, which makes the story easier to understand. The plot development in the middle isn't complicated. The ending is expected since the author gives hints about it. As in the introduction when he says that the hobbit would gain something, this means he doesn't die. The last climax takes a long time to occur, the fight between good and evil. After the climax there is the long trip home. It is really boring since there is nothing to expect and the reader knows that the hobbit would get home safely. I think it should have been shorter. Character Development The dialogues, monologues, actions and notes of the author do the creation of the characters. An example for dialogue: "Also I should like to know about risks, out-of-pocket expenses..." (Bilbo, page 22), it shows that he is not ready to jump into things so quickly. A good example for action is when Thorin blocked the Gate in the mountain, that shows that the treasure is important to Thorin and he would rather die than give it away. An example for notes by the author: "You are familiar with Thorin's style on important occasions..." (page 210) the author talks directly to the reader and helps him understand the text. The main character is Bilbo. He is the one that makes many things occur by his mistakes and luck. The author gives long descriptions of him and refers to him a lot, he also made him save his companions' lives and without him the plot wouldn't have been the same. The supporting cast is divided into the more important characters (such as the dwarves and Gandalf) and into less important ones (such as the elf guards that caught the party in the woods). It is hard to believe that the characters can exist, since in reality, they can't. Setting The story occurs in the imaginary world called Middle Earth, it was somewhat like the Chronicles of Narnia. Since the story happens in many places over Middle Earth, the author gives a good description where important things happen. In other places he gives a more general description. Most places give the reader a picture in their brain because the author uses words that give good descriptions. The story happens within a year. It starts in the spring and ends about the same time a year later.

Trumam on the Korean War essays

Trumam on the Korean War essays Thoughout Truman's narration of his actions and decisions in regarding the Korean conflict, he strongly emphasizes that his first priority is to prevent a third world war. He addresses that the public has questioned his actions as to why he doesnt bomb the aggressors (line 5), but he assures that that would only instigate a major war, not help prevent one. Another major complication that would go hand in hand with bombing the aggressors would be that it would entangle America in Asian politics, and America's influence worldwide could possibly weaken due resources focused on another Truman continues to state, once again, that America will have no part in prolonging this war or extending it to new frontiers. However, Truman shows concern that the communists will widen the hostilities beyond Korea if they soon do not realize that America isn't a force to be reckoned with (line 16). Therefore, Truman implies that it would only be "foolhardy" for the Koreans to make such an attempt (line 19). Here Truman is providing confidence to the American people while at the same time, attempting to strike fear into the enemy. Fittingly, at the end of his intimidation segment, he offers a chance for North Korea and the communists to opt for a peace agreement. Though he briskly notes that any peace deal reached must not compromise the principles of the United Nations. It appears to the reader, with Truman constantly stating that he wants the war done with, that it is he who is actually scared and concerned with the threat the communists hold with their large and re-enforcing numbers (line 36). Truman once again elaborates on his decision of not bombing the aggressors with again stating that he is trying to prevent World War Three. But now he is also adding that ...

Expanding Sentences With Adjectives and Adverbs

Expanding Sentences With Adjectives and Adverbs Descriptive words in writing add details  to a scene or action  by making the imagery in it more precise for the reader to visualize. For example, sentences with a person waiting  patiently  or  nervously  for something to happen probably lead to very different paragraphs or stories.  Maybe its significant in a mystery novel that something happens by a  stone  wall rather than a  clapboard  wall.   Descriptors can also add layers of meaning to a scene, or set up metaphors, with just one word. A character with Victorian sensibilities gives the reader a very different feeling than one with punk attitudes. Adjective and Adverb Exercises Instructions:  Add to each sentence below by filling in the blanks with any adjectives and adverbs that you think are appropriate and correct. Example:Original: The _____ cat rested _____ on the windowsill.Expanded: The old black cat rested fitfully on the windowsill. Of course, theres no single set of correct answers to this exercise. Simply rely on your imagination to expand the original sentences, and then compare your new sentences with those created by your classmates. For additional practice, go through the exercise sentences multiple times. See how many different ways you can make them read and notice how the different adjectives and adverbs change the mood of the scene or the gravity of the situation (or increase the hilarity of the image if the adjectives and adverbs are a little bit off-kilter). For example, its a very different feel in No. 14 if an imposing teacher spoke gruffly to the boys in the hallway or whether it was a kindergarten teacher speaking comfortingly to the boys in the hallway.   One _____ afternoon in July, I walked with my cousin to the petting zoo.Under the rickety old bridge lived a(n) _____ witch.Gertrude waited _____ for the Lorax to arrive.The mouse in our kitchen was _____ small.My sister heard a(n) _____ noise coming out of the closet in her bedroom.The children laughed _____ when they saw what their uncle had brought them.Dylan received a(n) _____ smartphone for his birthday.We heard _____ music playing in the _____ apartment next door.The _____ puppy fell off the bed, but _____ he wasnt hurt.A(n) _____ man walked _____ up and down the room.The twins were playing _____ in their _____ playpen.The _____ wizard watched _____ as Rico became more and more upset.The _____ playground was filled with _____ leaves.A(n) _____ teacher spoke _____ to the boys in the hallway.The bells of the _____ church rang _____ in the clear winter air.   Avoid Overuse One caveat: When youre writing, be careful not to overstuff your sentences with adjectives and adverbs, or else the sentences (and the reader) will get bogged down in the detail. Placing the perfect adjective or adverb in the best possible spot will be more memorable to the reader and draw more attention to the detail than having an overabundance of description. If your sentences are hitting overload with descriptors, change your verbs. Instead of ​walking stealthily, maybe the person slunk around the corner. All in all, never be afraid of revision, which can bring out the best in your writing.

The Olympic Games Essay Example | Topics and Well Written Essays - 500 words

The Olympic Games - Essay Example However, there was not enough positive response from the delegates. That was actually devised for the study of amateur sports, he again voiced his view on the revival of the Olympic Games and was delighted when the other countries participating in the Congress agreed with him. Following this consensus, delegates decided to have Coubertin construct a committee, comprising members of various countries, to conduct the first Modern Olympics in Athens, Greece. That committee headed by Demetrious Vikelas from Greece oversaw the preparations for the games and that committee only became the later day and now functioning International Olympic Committee. So, Pierre de Coubertin is widely-acknowledged as the originator of the modern Olympic Games, along with Demetrios Vikelas. The three Latin words of Citius, Altius, and Fortius became the Olympic motto, with Coubertin himself proposing after having borrowed it from his friend Henri Didon, a Dominican priest who taught the sport to students. Th e games started at the Athens’ Panathenaic Stadium in a celebratory mood on 6th April 1896 and concluded on 15th April. â€Å"The modem games were inaugurated in style, with the ritual and fanfare that Coubertin felt was essential to their social purpose.† Competitors came from 14 nations, with around 245 athletes, all of whom were male. From those beginnings, the games continued to take place with increasing number of countries and athletes every four years, with the exception of the years during the World Wars.

McDonalds of Leadership and Management Essay Example | Topics and Well Written Essays - 5000 words

McDonalds of Leadership and Management - Essay Example The competitive environment is studies through the use of Porter’s Five Forces. The combined analysis brings forth the strengths, weaknesses, opportunities and threats of the company which forms grounds on which suitable management and leadership strategies are built. Brief outline of company McDonalds is regarded as the largest chain of fast food restaurants in the world which serves as many as 68 million customers across 119 numbers of countries across the world each day. Based and headquartered in the US, the company had begun operations as a barbeque restaurant in 1940 and ran their business as a hamburger stand with the use of product line principles. The famous businessman Ray Kroc who had joined the organization as a franchisee agent subsequently purchased the chain from the McDonald brothers. Thereafter the company has seen widespread and rapid growth which eventually turned into immense success and victory. Some of the products which account for the USP of the company are hamburgers, chicken, cheeseburgers, breakfast items, French fries, shakes, soft drinks and desserts. Along with changes in consumer tastes and preferences, the company also has accordingly expanded its menu and included items such as wraps, salads, fruits and smoothies. Operated through both franchisees and affiliates the company earns its revenues through the fees, royalties and rent paid by franchisees and sales revenues through the company oriented restaurants. Almost 59% of the company’s restaurants are franchised; 21% of them are licensed to developmental licensees and foreign affiliates; and the remaining 20% are company operated (McDonalds, 2012). The company’s demonstrated huge growth between the years 2004 and 2007 which reflected through enhanced revenue of $22.8 billion and 9% increase in its operating income (MC Spotlight, 2012). McDonald’s success can be considerably attributed to its strength of alignment between suppliers and franchisees coup led with its business model which has enabled it to deliver consistent experience of a local restaurant to its customers and become an integral part of the communities which they serve. A customer focussed plan forms part of its global business strategy which is aimed to meet the changing tastes and preferences of customers and maintain sustainability in the market. The company’s business managed by numerous and a distinct geographic segment which includes countries in USA, Europe, Asia Pacific, Middle East and Africa and also nations like Canada and Latin America (McDonalds, 2012). How the organization monitors its environment The company makes a thorough analysis of its social and environmental; environment and integrates them into the four business aspects which forms the key to its success and profitability. The company’s programs, policies and progress are appreciated by its investor community since the company is a member of Dow Jones Sustainability Index from th e year 2004 and is also named to many of the other socially

So You Think You Are Going to Live Forever Essay Example for Free

So You Think You Are Going to Live Forever Essay Everyone thinks that none of the stories they hear will happen to them. They think they are invincible. â€Å"So You Think You Are Going to Live Forever? † is a presentation by Officer Pete Collins to a group of high school students. It was taken in 1990 to lower the level of those who drink and drive. Sadly, the rate of drinking has gone up. In this essay, it will explain what beer commercials don’t. Alcohol is advertized every day. They are the leading category in commercial advertisements today. However, there is so many things alcohol and beer advertisements don’t mention. Like the many lives it has take, young and old, or how it robs yourself of your own decisions. When alcohol is running through one’s bloodstream it paralyzes their ability to make decisions for themselves. Alcohol robs the bloodstream of oxygen. Your body and brain need lots of oxygen to function properly. The lack of oxygen results in speech and behavioral changes. They cannot think for themselves. Imagine you can’t think and you mix that with driving. The consequences are extreme. People think that if they don’t drink they are safe. That is tremendously wrong. You have the same chances of getting in a wreck when you are not drunk then when you are. There has already been 244 deaths due to drunk driving just this year. Drinking affects every one of us, regardless of whether we chose to drink or not. You probably were not drinking, but the reckless driver that crashed into you was. Other peoples actions and chooses affect you just as much as your own chooses affect you. One person is killed every half hour due to drunk driving. Each year approximately 16,000 are killed. Alcohol is a factor in almost half of all traffic fatalities. Every other minute a person is seriously injured in an alcohol related crash. YOU can prevent this by just not drinking while driving. That is why everyone should help spread the word to not drink and drive. You never know, it might even save our life and also your loved ones. When Officer Collins first walked on and started talking, I was like â€Å"Great another video teaching us not to drink and drive. † However, after the video ended I was so affected by the stories of the many that dies; I decided I would make a chose to never drink and drive. People don’t understand the risk they are putting on their lives and on everybody else’s life on the read. If people understood, they wouldn’t even think twice about getting into a car when they are drunk. They think they are invincible, like nothing will happen to them. Their friends are by their side, drinking and having a good time. They pressure you into drinking, even though you know you have to drive that night. You think they are true friends that they’ll be by your side forever. However, when you are covered in glass, you know you were wrong. Your friends won’t be there. â€Å"You’ll die all alone† were the exact words of Officer Collins. Do not drink and drive, no matter what the circumstances are. It is only human nature to think that nothing will happen to you. We are raised hearing so many stories that have never happened to us and we think they never will. Nevertheless, when we make the bad chooses, they most definitely happen. Officer Pete Collins experienced things that a human being should never have to ever experience. Every single one of us can prevent the deaths of car accidents if we chose not to drink and drive. Do not be fooled by the beer commercials. For they only tell you what they want you to hear. Do not drink and drive, no matter what. If you survived once, you won’t be so lucky the next time.