Accounting for Assets and Liabilities Assignment | Homework For You

Module 4: Answer both of the Case Study Questions below. Case Study 1 Accounting for assets and liabilities Mensa Ltd has acquired all the shares of Cancer Ltd. The accountant for Mensa Ltd, having studied the requirements of AASB 3 Business Combinations, realises that all the identifiable assets and liabilities of Cancer Ltd must be recognized in the consolidated financial statements at fair value. Although he is happy about the valuation of these items, he is unsure of a number of other matters associated with accounting for these assets and liabilities. He has approached you and asked for your advice. Required Write a report for the accountant at Mensa Ltd advising on the following issues:

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1. Should the adjustments to fair value be made in the consolidation worksheet or in the accounts of Cancer Ltd? Minimum 180 words

2. What equity accounts should be used when revaluing the assets, and should different equity accounts such as income (similar to recognition of an excess) be used in relation to recognition of liabilities? Minimum 120 words

3. Do these equity accounts remain in existence indefinitely, since they do not seem to be related to the equity accounts recognized by Cancer Ltd itself? Minimum 150 words

Case Study 2 Goodwill When Hydra Ltd acquired the shares of Draco Ltd, one of the assets in the statement of financial position of Draco Ltd was $15 000 goodwill, which had been recognized by Draco Ltd upon its acquisition of a business from Valhalla Ltd. Having prepared the acquisition analysis as part of the process of preparing the consolidated financial statements for Hydra Ltd, the group accountant, Asmund Asmundson, has asked for your opinion. Required Provide advice on the following issues:

1. How does the recording of goodwill by the subsidiary affect the accounting for the group’s goodwill? Minimum 200 words

2. If, in subsequent years, goodwill is impaired, for example by $10 000, should the impairment loss be recognized in the records of Hydra Ltd or as a consolidation adjustment? Minimum 150 words. Get Accounting homework help today

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