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Question 1

Felix Limited is a registered Australian public company and as such is required by the Corporations Act 2001 (Section 292) to prepare a financial report for each financial year that complies with Australian Accounting Standards (Section 296). The financial statements prepared by Felix Ltd are general purpose financial statements because Felix Ltd is a reporting entity as defined in SAC 1 Definition of the Reporting Entity. The following is an extract from the trial balance prepared by Felix Limited’s accounting staff for the year ended 30 June 2016.

Notes

1. In relation to items of other comprehensive income:

• Items that will not be reclassified subsequently to profit or loss: revaluation of land and buildings; and defined benefit actuarial gains.

• Items that may be reclassified subsequently to profit or loss: effective portion of changes in fair value cash flow hedges, exchange differences on translation of foreign operations, recognition of effective cash flow hedges on capitalized assets.

2. Comparative figures for the preceding year (ending 30 June 2015) have been omitted.

3. All figures in the trial balance are in thousands ($’000).

Required

Note: Show all workings: If you get the wrong answer without workings it is very difficult to get any marks for your attempt. Therefore it is extremely important to show all working so that marks can be allocated for incorrect answers.

(a) Briefly explain if Felix would be classified as a disclosing entity.

(b) What are the reporting implications of being a publically listed company and being classified as a disclosing entity?

(c) Prepare the Statement of Profit or Loss and Other Comprehensive Income for Felix Limited for the year ended 30 June 2016 in accordance with the requirements of AASB 101 Presentation of Financial Statements.

Question 2

Moroney Limited sells a range of electrical products through its retail outlets throughout Australia. Up until 30 June 2016 Moroney Limited had been incorrectly valuing inventories using the LIFO method. In July 2016 the management of Moroney Limited discovered that LIFO is not an acceptable method of assigning inventory cost and as a consequence now intends to use the FIFO method to value inventory.

The following extracts of Moroney Limited’s most recent financial statements before the application of the FIFO method are shown below.

Required:

Note: Show all workings: If you get the wrong answer without workings it is very difficult to get any marks for your attempt. Therefore it is extremely important to show all working so that marks can be allocated for incorrect answers.

(a) In light of AASB 108 - prepare draft extract of the Statement of Financial Position, the Statement of Profit and Loss and Other Comprehensive Income, and the Statement of Changes in Equity for 2015 and 2016 to account for the switch from the LIFO method to the FIFO method of accounting for inventory.

(b) In the case of Moroney Limited, would the adjustments to the financial statements be classified as a retrospective application or a retrospective restatement? In explaining your answer distinguish between a retrospective application and a retrospective restatement.

Skills: Articles

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