Financial Position of Winter Ltd-Free-Samples-Myassignmenthelp

Questions: 1.Prepare a 2 Page Newsletter that Identifies and Summarises Changes / developments and news in the Financial Reporting Environment for the period from1 May 2017 to 4 August 2017. 2.Prepare the Statement of Financial Position of Winter Ltd for the year ended 30 June 2017 in accordance with AASB 101, using the line items that a listed Company is likely to use. Answers: 1.Australian The Era End (29-07-17) Relevant amendments is been conducted, where AAS 25 is been changed by the AASB. He overall changes is been conducted on the overall AASB 1056, which is been deemed outdated. This mainly depicted that relevant development in superannuation plans needs to be conducted only within the fiscal year. Aasb Strategy For 2017-2021 (28-07-16) Relevant amendments is been conducted by the overall strategy for 2017 to 2021, which is been conducted by the AASB. Moreover, certain people could conduct relevant strategy finalisation and comment on the overall strategy developed by AASB. Tax Declaration By Organisation (04-07-2017) AASB has mainly conducted different types of amendments on the overall tax provisions, which is been taken into account relevant knowledge provided by the tax authority. Moreover, relevant anticipated amount of settlement is been conducted, which does not need to be depicted in the balance sheet. The declaration is mainly conducted for organisation for effectively stating the tax liabilities. Transparent Annual Report (20-07-2017) Relevant assets and liabilities needs to be reported by the organisation in their annual report. This disclosure is mainly conducted by AASB, where adequate declaration needs to be conducted by the organisation for increasing reliability and accountability of the annual report. Aasb Implementation On Tax Transparency (16-05-17) According to the AASB relevant Tax transparency mainly needs to be conducted by the organisation, which could mainly allow the stakeholders for understanding the overall tax position of an organisation. This move conducted by AASB mainly depicted the relevant international disclosure, which needs to be conducted by the organisation for international investors. Moreover, this disclosure is mainly depicted in for ASIC consideration of GAAP. Therefore, relevant declaration of ETR needs to be conducted by the organisation. There are relevant disclosures associated with difference in ETR with the accounting ETR conducting in the accounting standards. Insurance Contracts Impact (18-05-2017) The insurance contact mainly states the benefits provided from IFRS 27, where the company is not able to employee historical costs in its annual report. Furthermore, the contract, opportunity are mainly decreased in the annual report. This could directly allow the organisation for portraying the overall unprofitable business in early stage. This recognition in the overall losses incurred by the company could directly allow the stakeholders to increase relevant problems of the organisation. This could directly help in strengthen the impact of the financial report disclosed by the organization. Ed 280- Equipment, Property And Plant (18-05-2017) AASB has mainly proposed relevant amendments in the AASB 116, where proceeds from the relevant plant, property and equipments need to be accounted in the financial report. According to AASB the overall proceeds from the testing phase of the manufacturing process can be considered under the financial accounts and need not be deducted from asset cost. Previously the overall testing phase of the manufacturing process were mainly considered under the asset costs, which is been changed by AASB. 2.Balance Sheet Winter Limited Balance Sheet for the year ended 30th June 2017 Particulars Amount (in $) Amount (in $) Assets: Current assets: Interest receivable $ 6,700.00 Prepaid rent $ 13,600.00 Inventories $ 212,400.00 Raw materials $ 100,500.00 $ 312,900.00 Cash at bank $ 18,200.00 Cash management account $ 150,000.00 $ 168,200.00 Accounts receivable $ 123,900.00 Less: Allowance for doubtful debts $ 14,600.00 $ 109,300.00 Loan receivable $ 60,000.00 Non-current investments: Investment property $ 614,000.00 Non-current assets: Plant and equipment $ 652,200.00 Less: Accumulated depreciation $ 104,300.00 $ 547,900.00 Goodwill $ 68,300.00 Land $ 1,100,000.00 Total $ 3,000,900.00 Equity and liabilities: Current liabilities and provisions: Current tax liability $ 33,500.00 Accrued wages payable $ 8,200.00 Interest payable $ 8,300.00 Dividends payable $ 45,000.00 Accounts payable $ 75,800.00 Add: Provisions repayable $ 32,000.00 $ 107,800.00 Non-current liabilities: Debentures $ 600,000.00 Bank loan $ 500,000.00 Less: Repayable in a year $ 19,000.00 $ 17,000.00 Provision for warranty $ 17,000.00 Provision for long service leave $ 27,000.00 Less: Repayable in a year $ 8,000.00 $ 19,000.00 Provision for annual leave $ 36,000.00 Less: Repayable in a year $ 5,000.00 $ 12,000.00 Shareholders' funds: General reserve $ 276,800.00 Retained earnings $ 873,300.00 Share capital $ 500,000.00 Total $ 3,000,900.00 References News. (2017).Aasb.gov.au. Retrieved 27 August 2017, from https://www.aasb.gov.au/News.aspx Robson, K., Young, J., Power, M. (2017). Themed Section on Financial Accounting as Social and Organizational Practice: Exploring the work of financial reporting.Accounting, Organizations and Society,56, 35-37.