Accounting Assignment


ACCT 235 Intermediate Accounting 2 Assignment Example UAEU

ACCT235 Intermediate Accounting 2 Assignment Sample UAEU, UAE

This assignment example will discuss intermediate accounting second whose course code is ACCT245.

This course expands the knowledge acquired in fundamentals of financial accounting and intermediate accounting 1. It develops required topics to facilitate the transition to the large environment of financial reporting. Intermediate accounting second is devoted to applying international accounting principles and standards related to the recognition and valuation of assets (topic 1), liabilities (topic 2), and equity (Topic 3).

This study guide will discuss the consequences of these issues on financial reporting and financial statements. A prerequisite for this course is a minimum D grade certificate in the course ACCT235.


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Intermediate Accounting II (ACCT245) learning outcomes

The second of two professional courses provides a comprehensive treatment of financial reporting topics, focusing on the conceptual, procedural, and regulatory issues involved in preparing and understanding corporate financial statements. ACCT 245 includes a detailed examination of rules and principles about intangible assets, investments, liabilities, stockholders’ equity, and statement of cash flows.

At the end of the course, students will be able to :

1.Apply Methods And Procedures Under Ifrss In Assets Recognition And Valuation.

IFRS 13 seeks to increase consistency and comparability in fair value measurements and related disclosures through a ‘fair value hierarchy. The hierarchy categorizes the inputs used in valuation techniques into three levels. IFRS establishes principles for recognizing and measuring financial assets, financial liabilities, and some contracts to buy or sell non-financial items. It also prescribes principles for derecognizing financial instruments and hedge accounting. The presentation and the disclosure of financial instruments are the subjects of IFRS 7.

2.Apply Methods And Procedures Per Ifrss In Equity Recognition And Valuation.

The goods or services received or acquired in an equity-settled share-based payment transaction are recognized as the goods are obtained, or the services are received, with a corresponding increase in equity. 

The goods or services received in a share-based payment transaction may qualify for recognition as an asset. If not, they are recognized as an expense. Services are typically consumed immediately, in which case an expense is recognized as the counterparty renders service. Goods might be consumed over some time or, in the case of inventories, sold at a later date, in which case an expense is recognized when the goods are consumed or sold.

However, sometimes it is necessary to recognize an expense before the goods or services are consumed or sold because they do not qualify for recognition as assets.

For example, an entity might acquire goods as part of the research phase of a project to develop a new product. Although those goods have not been consumed, they might not qualify for recognition as assets under the applicable IFRS.


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3.Apply Methods And Procedures By Ifrss In Liabilities Recognition And Valuation.

IFRS 9 specifies how an entity should classify and measure financial assets, financial liabilities, and some contracts to buy or sell non-financial items.

Even more, IFRS 9 requires an entity to recognize a financial asset or a financial liability in its statement of financial position when it becomes a party to the contractual provisions of the instrument. However, At initial recognition, an entity measures a financial asset or a financial liability at its fair value plus or minus, in the case of a financial asset or a financial liability not at fair value through profit or loss. Transaction costs that are directly attributable to the acquisition or issue of the financial asset or the financial liability.

4.Demonstrate Understanding Of Concepts And Principles of Accounting, Reporting And Disclosure For Current And Noncurrent Liabilities

IFRS defines and specifies the accounting concepts for disclosure of provision liabilities. A provision is a liability of uncertain timing or amount. The liability may be a legal obligation or a constructive obligation. A constructive obligation arises from the entity’s actions, through which it has indicated to others that it will accept certain responsibilities.

As a result, has created an expectation that it will discharge those responsibilities. Examples of provisions may include warranty obligations, legal or constructive obligations to clean up contaminated land. Also, restore facilities, and obligations caused by a retailer’s policy to make refunds to customers.

5.Demonstrate Understanding Of Concepts And Principles Underlying Accounting, Reporting And Disclosure For Equity

 IFRS 11 requires an investor to account for its investments in joint ventures using the equity method. Under the equity method, on initial recognition, the investment in an associate or a joint venture is recognized at cost.

Further, the carrying amount is then increased or decreased to recognize the investor share of the subsequent profit. Also, loss of the investee and to include that share of the investee’s profit or loss in the investor’s profit or loss. Distributions received from an investee reduce the carrying amount of the investment. Besides, adjustments to the carrying amount may be necessary for changes in the investor’s proportionate interest in the investee and the investee’s other comprehensive income.


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6.Demonstrate Understanding Of Concepts And Principles Underlying Accounting, Reporting And Disclosure For Major Asset Groups

IFRS 5 Non-current Assets Held for Sale and Discontinued Operations outlines how to account for non-current assets held for sale. In general terms, assets held for sale are not depreciating, are measured at the lower of carrying amount and fair value, fewer costs to selling. And, are presented separately in the statement of financial position. Besides, specific disclosures are required for discontinued operations and disposals of non-current assets.

7.Communicate On Issues In Recognition, Valuation, And Disclosure For Reporting Purposes, Through Group Tasks.

There are several techniques you can use when communicating the numbers to ensure everyone is on the same page. Here are four strategies to improve communication about financials with your employees:

  • Turn your financial information into common-sense, simplified scoreboards. They are simplified versions of standard financial statements that revolve around the company’s critical numbers.
  • The key is spending less time discussing what has occurred and more time discussing what will happen in the future. 
  • The primary purpose of creating real-time, common-sense financials is to help bring operational and financial realities to life and make them interesting, understandable, and relevant to everyone in the company. 

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