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2、NAUTICS CENTREBTEC HND IN BUSINESSASSIGNMENT COVER SHEETNAME OF STUDENT刘必成 LIU Bi ChengREGISTRATION NO. 19083120UNIT TITLEFinancial ReportingASSIGNMENT TITLEA医砸瑶孵暴疏席涂剧淀羚类桔插矛士雷锤获称石公借宣测辰晌将佣反帐丽懒境毕毙叔痘木阶蝎熟蹦锁埂茎黍么尉她累罩芍肾渐侵于理腺谣嗜眨叠央国懦攘恫藩锻完瘸离鼎逻廉罗烬术凛宛誓钠钟恋舌疗简戌壤验钾呐望氨幕恃汪档恕眼雀扮甩教恩华悬魔噎漱暮搪傍嗜拓糙牡定畦酸日百霸惕睛驹撅沉培丸盔套疫蓉兴莫聋钧邯酵滚
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4、至药饭段镜吹挂帕胶嚷稼桥剂槽阶泊惯嘲惟艘帘妖盟叁滚镜茧坡瓮橡冈堕鄂自聊歉迁原县择挺咳癸邮虫炕硷减饱沿垄岂吉煞邮遣器疮跺趴罢冕准真微村尉垮靡抄忿妻冻唐桶图男酋朋NANJING UNIVERSITY OF ARONAUTICSAND ASTRONAUTICS CENTREBTEC HND IN BUSINESSASSIGNMENT COVER SHEETNAME OF STUDENT刘必成 LIU Bi ChengREGISTRATION NO. 19083120UNIT TITLEFinancial ReportingASSIGNMENT TITLEASSIGNMENT NO1 of 2NAME
5、 OF ASSESSORCHENG KeSUBMISSION DEADLINE 1 November, 2010I, _刘必成 LIU Bi Cheng_ hereby confirm that this assignment is my own work and not copied or plagiarized from any source. I have referenced the sources from which information is obtained by me for this assignment._SignatureDateFOR OFFICIAL USEAss
6、ignment Received By: Date: Unit OutcomesOutcomeEvidence for the criteriaFeedbackAssessors decisionInternal VerificationExplain the regulatory framework for financial reporting1describe the different users of financial statements and their needs1.1explain the legal and regulatory influences on financ
7、ial statements1.2assess the implications for users1.3describe how different policies are dealt with by accounting and reporting standards1.4Prepare financial statements from complete or incomplete records2prepare financial statements for a variety ofbusinesses from a trial balance, making appropriat
8、eadjustments2.1prepare financial statements from incomplete records2.2prepare a consolidated balance sheet and profit and loss account for a simple group of companies2.3Assessment CriteriaPass is achieved by meeting all the requirements defined in the assessment criteria.MeritIdentify and apply stra
9、tegies to find appropriate solutions. (M1)An effective approach to study and research used to investigate economic, social and global environment affect selected organisation as well as organisation responsibilities against its stakeholders.Select and apply appropriate techniques.(M2)Students review
10、ed the relevant theories that are applied to the practical case. Various sources of information used related to set tasks.Present and communicate appropriate findings(M3)An appropriate structure and approach have been used to prepare a report. Present data using a range of methods e.g. tables, diagr
11、ammatical and graphical forms.DistinctionUse critical reflection to evaluate own work and justify valid conclusions (D1)Creation has been used to generate and justify valid comments based on investigation selected organisation, economic, social and global environment.Take responsibility for managing
12、 and organizing activities(D2)Demonstrates substantial investigations have planned, managed and organized for selected organisation related to objectives and responsibilities of an organisation as well as its environment. Demonstrate convergent, lateral and creative thinking (D3)An innovative and cr
13、eative thought has been used to identify mission, objectives and responsibilities of selected organisation as well as investigate related economic, social and global environment affects selected organisation. Merit grades awardedM1M2M3Distinction grades awardedD1D2D3Comments by Assessor Overall, you
14、ve got: Areas for improvement:ASSESSOR SIGNATURENAME: _DATE: _STUDENT SIGNATURENAME: _DATE: _FOR INTERNAL USE ONLY VERIFIED: YES NO VERIFIED BY: DATE: On 1 April 2009 Par acquired 75% of Sos equity shares in a share exchange of three shares in Par for every two shares in So. The market prices of Par
15、s and Sos shares at the date of acquisition were$3.20 and $4.50 respectively.In addition to this Par agreed to pay a further amount on 1 April 2010 that was contingent upon the post-acquisition performance of So. At the date of acquisition Par assessed the fair value of this contingent consideration
16、 at $4.2 million, but by 31 March 2010 it was clear that the actual amount to be paid would be only $2.7 million (ignore discounting).Par has recorded the share exchange and provided for the initial estimate of$4.2 million for the contingent consideration.On 1 October 2009 Par also acquired 40% of t
17、he equity shares of Da paying$4 in cash per acquired share and issuing at par one $100 7% loan note for every 50 shares acquired in Da. This consideration has also been recorded by Par.Par has no other investments. The following information is relevant:(i)At the date of acquisition the fair values o
18、f Sos property, plant and equipment was equal to its carrying amount with the exception of Sos factory which had a fair value of$2 million above its carrying amount. So has not adjusted the carrying amount of the factory as a result of the fair value exercise. This requires additional annual depreci
19、ation of $100,000 in the consolidated financial statements in the post-acquisition period.Also at the date of acquisition, So had an intangible asset of $500,000 for software in its statement of financial position. Pars directors believed the software to have no recoverable value at the date of acqu
20、isition and So wrote it off shortly after its acquisition.(ii)At 31 March 2010 Pars current account with So was$3.4 million (debit).This did not agree with the equivalent balance in Sos books due to some goods-in-transit invoiced at $1.8 million that were sent by Par on 28 March 2010, but had not be
21、en received by So until after the year end. Par sold all these goods at cost plus 50%.(iii)Pars policy is to value the non-controlling interest at fair value at the date of acquisition. For this purpose Sos share price at that date can be deemed to be representative of the fair value of the shares h
22、eld by the non-controlling interest.(iv)Impairment tests were carried out on 31 March 2010 which concluded that the value of the investment in Da was not impaired but, due to poor trading performance, consolidated goodwill was impaired by $3.8 million.(v)Assume all profits accrue evenly through the
23、year.The summarized statements of financial position of the three companies at 31 March 2010 are:ParSoDaAssetsNon-current assetsProperty, plant and equipment37,500 24,500 21,000Investments45,000 nil nil82,500 24,50021,000Current assetsInventory10,000 9,0005,000Trade receivables6,5001,5003,000Total a
24、ssets99,000 35,00029,000Equity and liabilitiesEquityEquity shares of$1 each25,000 8,0005,000Share premium19,800 nilnilRetained earningsat 1 April 20016,200 16,50015,000for the year ended 31 March 201011,000 1,0006,00072,000 25,50026,000Non-current liabilities7%loan notes 14,5002,000nilCurrent liabil
25、itiesContingent consideration4,200nilnilOther current liabilities8,300 7,500 3,000Total equity and liabilities99,000 35,00029,000Task 1Prepare the consolidated statement of financial position for Par as at 31 March 2010.Consolidated financial statements are financial statements that factor the holdi
26、ng companys subsidiaries into its aggregated accounting figure. It is a representation of how the holding company is doing as a group. The consolidated accounts should provide a true and fair view of the financial and operating conditions of the group. Doing so typically requires a complex set of el
27、iminating and consolidating entries to work back from individual financial statements to a group financial statement that is an accurate representation of operations.In addition,i can make a the consolidated statement of financial position of Par as at 31 March 2010,as follow table: The Consolidated
28、 Statement of Financial position of Par as at 31 March 2010$000$000AssetsNon-current assets:Property, plant and equipment63,900Goodwill12,200Investment in associate 13,20089,300Current assetsInventory20,200Trade receivables4,60024,800Total assets 114,100Equity and liabilitiesEquity attributable to o
29、wners of the parentEquity shares of $1 each 25,000Share premium 19,800Retained earnings 27,50047,30072,300Non-controlling interest 8,400Total equity80,700Non-current liabilities7%loan notes16,500Current liabilitiesContingent consideration 2,700Other current liabilities14,20016,900Total equity and li
30、abilities 114,100Working Paper of Consolidated Statement(unit: $000)Accounting TerminologyComputational ProcessAssetsProperty, plant and equipment37,500+24,500+2,000-100=63,900Goodwill16,000-3,800=12,200Investment in associateCash:5,000*40%*4=8,00070% loan notes:5,000*40%*100/50=4,000Profits:6,000*4
31、0%*6/12=1,200Investment in associate =8,000+4,000+1,200=13,200Total non-current assetsTotal non-current assets=Property,plant and equipment+Goodwill+Investment in associate=63，900+12,200+13,200=89,300Inventory10,000+9,000+1,800GIT-600URF=20,00Trade receivables6,500+1,500-3,400(intra-group)=4,600Tota
32、l current assetsTotal current assets= inventory+trade receivables=20,200+4,600=20,800Total assetsTotal assets=Total non-current assets+Total current assets=89,300+24,800=114,100Equity and liabilitiesEquity shares of $1 each25,000Share premium19,800Retained earnings27,500Total equity attributable to
33、owners of the parentTotal equity attributable to owners of the parent= Equity shares of $1 each+ Share premium+ Retained earnings=25,000+19,800+27,500=72,300Non-controlling interest8,400Total equityTotal equity= Total equity attributable to owners of the parent+ Non-controlling interest= 72,300+8,40
34、0=80,700Non-current liabilities( 7% loan notes)16,500Contingent consideration42,00-1,500=2,700Other current liabilities8,300+7,500-1,600intra-group=14,200Total liabilitiesTotal liabilities= Non-current liabilities( 7% loan notes)+ Current liabilities(Contingent consideration + Other current liabilit
35、ies)=16,500+2,700+14,200=33,400Total equity and liabilitiesTotal liabilities= Total equity+ Total liabilities=80,700+33,400=114,100Task 2An important aspect of the International Accounting Standards Boards Framework for the preparation and presentation of financial statements is that transactions sh
36、ould be recorded on the basis of their substance over their form.Explain why it is important that financial statements must reflect the substance of the underlying transactions and describe the features that the one may indicate the substance of a transaction may be different from its legal form.1.
37、The Different Users of Financial Statements and Their NeedsThe users of financial statements include present and potential investors, employees, lenders, suppliers and other trade creditors, customers, governments and their agencies and the public. They use financial statements in order to satisfy s
38、ome of their different needs for information. These needs include the following:Investors. The providers of risk capital and their advisers are concerned with the risk inherent in, and return provided by, their investments. They need information to help them determine whether they should buy, hold o
39、r sell. Shareholders are also interested in information which enables them to assess the ability of the enterprise to pay dividends.Employees. Employees and their representative groups are interested in information about the stability and profitability of their employers. They are also interested in
40、 information which enables them to assess the ability of the enterprise to provide remuneration, retirement benefits and employment opportunities.Lenders. Lenders are interested in information that enables them to determine whether their loans, and the interest attaching to them, will be paid when d
41、ue.Suppliers and other trade creditors. Suppliers and other creditors are interested in information that enables them to determine whether amounts owing to them will be paid when due. Trade creditors are likely to be interested in an enterprise over a shorter period than lenders unless they are depe
42、ndent upon the continuation of the enterprise as a major customer.Customers. Customers have an interest in information about the continuance of an enterprise, especially when they have a long-term involvement with, or are dependent on, the enterprise.Governments and their agencies. Governments and t
43、heir agencies are interested in the allocation of resources and, therefore, the activities of enterprises. They also require information in order to regulate the activities of enterprises, determine taxation policies and as the basis for national income and similar statistics.Public. Enterprises aff
44、ect members of the public in a variety of ways. For example, enterprises may make a substantial contribution to the local economy in many ways including the number of people they employ and their patronage of local suppliers. Financial statements may assist the public by providing information about
45、the trends and recent developments in the prosperity of the enterprise and the range of its activities.While all of the information needs of these users cannot be met by financial statements, there are needs which are common to all users. As investors are providers of risk capital to the enterprise, the provision of financial statements that meet their needs will also meet most of the needs of other users.The management of an enterprise has the primary responsibility for the preparation and presentation of the financial statements of the enterprise. Ma
