ACCY231: Financial Accounting Assignment Sample NZ

Financial accounting is an important function in any business. It provides managers with the information they need to make sound decisions about how resources are allocated and where money is spent.

A thorough understanding of this topic will be beneficial for anyone who wishes to advance their career in finance or accounting, but it can also help people outside of these fields when they need to understand the financial reports that are often cited by journalists and investors.

In order to properly understand financial accounting, it is first necessary to understand the different types of financial statements. The three most common ones are the balance sheet, the income statement, and the cash flow statement.

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Buy Assignment sample of (ACCY 231) Financial Accounting Course

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 the current New Zealand regulation of financial reporting

New Zealand's financial reporting regulation can be separated into two parts. The first is the legal framework, which sets out the general requirements for all financial statements. The second is specific requirements related to certain classifications of sponsorships.

The Financial Reporting Act 1997 primarily set out requirements surrounding the form and content of financial statements, whether they are public or not. It also defines what constitutes a "public" statement or meeting for its purposes. Defenses for people who sign complex decisions that may have consequences beyond their control were created with this act as well, by way of Director's Charters and Articles of Agency respectively.

New Zealand has also passed various pieces of legislation that place additional obligations on particular categories holders or contractors with regards to reports that they file. For example, the Financial Markets Conduct Act 2014 requires issuers of securities for sale to publish a prospectus that complies with the requirements in this act before any offer is made to anyone in New Zealand.

The Financial Reporting Review Panel reviews all financial statements filed with the registrar general in accordance with Section 47 Disclosure Statements and Section 158 Financial Statements of the Companies Act 1993.

Assignment Task 2: Critique current international GAAP, the underlying concepts, and assumptions

There are three main criticisms of the international GAAP:

1. The first criticism is that GAAP is based on historical cost, which does not reflect the current market value of an asset. For example, a company may record the purchase of a new building at $1 million even if it is currently worth $2 million.
2. The second criticism is that GAAP values inventory at cost instead of its current selling price. For example, a company may record the purchase of $100 worth of raw materials as an expense even if it could sell those raw materials for $50.
3. The third criticism is that under GAAP, companies must report non-cash items such as depreciation and amortization as expenses. This can distort a company's financial results.

Despite these criticisms, GAAP is the most widely accepted accounting standard in the world. Many investors and analysts rely on GAAP to make informed investment decisions.

The three main underlying concepts of GAAP are historical cost, conservatism, and revenue recognition.

1. Historical cost is the basis for most of GAAP. This concept is based on the assumption that historical cost provides the best indication of economic value. Any time a company changes an accounting principle, it must show this decision in its financial statements under FASB Statement No. 124(R) "Accounting for Uncertainty in Income Taxes."
2. Conservative accounting requires companies to report assets and liabilities at their lowest possible value. This concept is based on the assumption that it is better to be safe than sorry.
3. The revenue recognition principle states that revenue should be recognized when it is realized or realizable and earned. This principle is based on the assumption that revenue is not earned until it has been realized or is within the company's control.

One of the underlying assumptions of GAAP is that companies must report non-cash items such as depreciation and amortization as expenses. This assumption is based on the belief that the degradation of assets reduces their economic benefits to a business enterprise.

GAAP also requires companies to disclose both before and after-tax cash flows from operating, investing, and financing activities. The objective of this disclosure is to provide financial statement users with a better understanding of how the company is generating and using its cash resources.

Despite its shortcomings, GAAP remains the most widely accepted accounting standard in the world. Investors and analysts rely on GAAP to make informed investment decisions. In the long run, it is likely that GAAP will continue to evolve to meet the needs of financial statement users.

In conclusion, GAAP is a set of principles that companies must follow when preparing their financial statements. These principles are based on historical cost, conservatism, and revenue recognition. While GAAP has come under criticism for its lack of flexibility, its principles remain the foundation of financial reporting.

Assignment Task 3: Explain the likely motivation for, and outcomes from, asset and liability measurement and recognition according to international GAAP

One of the main motivations for asset and liability measurement and recognition according to international GAAP is to provide financial statement users with a better understanding of a company's financial position. Assets and liabilities are reported at their carrying amounts, which is the amount that is used to calculate the net assets or net liabilities of a company.

Another motivation for asset and liability measurement and recognition is to provide financial statement users with information about a company's liquidity and solvency. Liquidity is the ability of a company to meet its short-term financial obligations, while solvency is the ability of a company to meet its long-term financial obligations.

The outcomes from asset and liability measurement and recognition according to international GAAP are that financial statement users have a better understanding of both the liquidity and solvency of a company. In other words, financial statement users can see how much cash a company has on hand as well as the length of time it would take for this cash to be realized.

One result from asset and liability measurement and recognition that is not necessarily beneficial to companies is that it can highlight potential financial problems. For example, if a company has a large number of liabilities compared to its assets, this may indicate that the company is not solvent. Financial statement users can use this information to make informed investment decisions.

Overall, asset and liability measurement and recognition according to international GAAP provide financial statement users with a more comprehensive understanding of a company's financial position. This information can be used by investors and analysts to make informed investment decisions. At the same time, this information can also highlight potential financial problems for companies.

Assignment Task 4: Explain the differences between meeting user needs through financial reporting of profit-orientated entities and public benefit entities

The main difference between meeting user needs through financial reporting of profit-orientated entities and public benefit entities is that profit-orientated entities are primarily concerned with generating profits for their shareholders, while public benefit entities are primarily concerned with providing a benefit to the public.

For profit-orientated entities, the goal of financial reporting is to provide users with information that is relevant to making investment decisions. Profit-orientated entities are required to report both qualitative and quantitative information, but the focus is on providing financial statement users with quantifiable data such as sales figures, net income figures, and total assets.

Public benefit entities are primarily concerned with reporting on their social impact. Thus, public benefit entities are required to report both qualitative and quantitative information, but the focus is on providing financial statement users with qualitative data such as descriptions of their programs and activities.

The main difference between profit-orientated entities and public benefit entities is that profit-orientated entities are primarily concerned with generating profits for their shareholders, while public benefit entities are primarily concerned with providing a benefit to the public.

Another difference is that profit-orientated entities are required to report both qualitative and quantitative information, but the focus is on providing financial statement users with quantifiable data such as sales figures, net income figures, and total assets.

By comparison, public benefit entities are primarily concerned with reporting on their social impact. Thus, public benefit entities are required to report both qualitative and quantitative information, but the focus is on providing financial statement users with qualitative data such as descriptions of their programs and activities.

Public benefit entities are also regulated by different agencies than profit-orientated entities. For example, public benefit entities are regulated/governed by government agencies whereas profit-orientated entities are regulated/governed by the stock market. This is because public benefit entities need to provide transparency on how they affect society, while private companies can often be "secretive" about their operations due to the fact that they operate for the sake of shareholders.

Their respective reporting requirements also differ in terms of what is required and how it is reported. Public benefit entities are primarily concerned with reporting on their social impact, and thus, they must report qualitative information such as descriptions of their programs and activities.

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