AASB 110 Assignment Help 2

AASB 110 Assignment Help

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Objective: This task requires you to prepare a report to evaluate information provided in the annual report for a chosen company listed on the Australian Stock Exchange (ASX). Your comments or evaluation should comply with the requirements for relevant Australian accounting standards (AASBs). The report should address the points outlined below: 1) Events after the Reporting Period: You should use the requirement for AASB 110 Events after the Reporting Period as the guidelines for your comments. • According to your knowledge, provide the types of ‘events after the reporting period’. Provide at least one example for each type for events after the reporting period (2 marks) • How will events after the reporting period be reported in the annual report? (1 mark) • Provide at least one example for  each type after reporting period events disclosed in the annual report for the chosen company (2 marks) • Discuss whether the disclosures are sufficient for investors (1 mark) 2) Provisions, Contingent Liabilities and Contingent Assets: you should refer to the requirements for AASB 137 Provisions, Contingent Liabilities, and Contingent Assets as the guidelines for your discussions and comments. • Discuss the recognition and measurement of provisions and contingent liabilities or contingent assets. (2 marks) • What are the differences between contingent liability and provision? (1 mark) • Provide at least one example for contingent liability and provision reported in the annual report for the chosen company and discuss (2 marks) • Have contingent liabilities and provisions changed during the reported financial year? (1 mark) • Are there any contingent liabilities and contingent assets that are not presented in the annual report for the chosen company? Discuss whether the information presented in the annual report regarding provisions, contingent liabilities and contingent assets are sufficient to investors (1 mark) 3) Related Party Disclosures: you should use AASB 2 Share-based Payment [for for-profit entities] and AASB 124 Related Party Disclosures [for for-profit entities] as the guidelines as your discussions. • Discuss what are related party (1 mark) • State what is related party transaction and give at least one example for related party transaction reported in the chosen company (1 marks) • Do you think that related party disclosures are important to investors? Discuss. (1 mark) • Briefly outline the components for CEO and key personnel remuneration in the chosen company (1 mark) • Evaluate whether the amount forCEO and key personnel remuneration are associated with the performance the chosen company (1 mark) 4) 2 marks will be awarded to effective communication and reference.

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