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FINANCIAL ACCOUNTING - Essay Example

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Summary to essay on topic "FINANCIAL ACCOUNTING"
This is a presentation of adjustments considered necessary to the profits of the financial year ending 30.09.2010, which had been previously presented to the Management. Some errors were noted by the Financial Director, and the adjustments to the profits were effected through…
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FINANCIAL ACCOUNTING
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Download file "FINANCIAL ACCOUNTING" to see previous pages... More specifically, the report will answer the question, “What was the adjusted profit for the financial year ending 30th September 2010 and which were the actual adjustments made to the accounts to reach at that amount?”
1. In this case the problem lies in the fact that the financial assistant was not aware of the new changes where there was a review in 31st March 2010 giving the plant a useful life of 5 years.
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The depreciation rate that should be reflected in the financial statements and in the comptation of profits for the financial year should be based on the reviewed value. This is when IAS number 16 has been applied. The adjustments are going to be shown in the appendix number (1). A journal entry is to be used to correct this error by the Financial Assistant.
2. This was a case by the Assistant where he did not consider the review of the value of the building in 1st October 2009. This is from the original £700,000 to £1,200,000. The review was to affect the profits by being included as a profit or gain to the firm rather than opening a revaluation account and reflecting the same in the asset account (in this case the building). IAS 16 is also applicable in this case as it is the most appropriate. Adjustments necessary are shown in Appendix (2).
3. This is a case where the Investment property was shown under land and buildings. There was no clear cut line as to where it should have been included. Though, IAS 16 still applies in this case no action is going to be made in making a journal entry to rectify. This is since there are neither rates nor the depreciation rate applicable. Investment property shown in 30.09.2009: £800,000
Adjustment: since the rate of depreciation is not given nor the useful years as well as how the assistant treated it during the current financial year, no adjustment is to be ...Download file "FINANCIAL ACCOUNTING" to see next pagesRead More
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