Financial Statements And Requirements Of AASB 101 †Free Samples

Question: Review the financial statements prepared by the trainee accountant. Discuss what corrections / changes need to be made to the financial statements, to ensure that they comply with the requirements of AASB 101. Provide references to relevant paragraphs in the accounting standards where appropriate to support your answers? Answer: Location of relevant assumptions and judgements for disclosure: The AASB requires an organization to disclose the information relating to the significant judgements and assumptions. In the preliminary view of AASB it has stated that to make the accounting policy of an entity more useful by providing the users of the financial statements to make relevant judgement and assumptions while applying accounting policy (Aasb.gov.au, 2018). The board requires an organization to implement the accounting policy adjacent to the disclosure unless the organization decides to disclose the accounting policy close on another location which would be helpful in improving in better understanding of uses. An organization is required to disclose the accounting policy by clearly highlighting the significant judgements or assumptions. The preliminary view of AASB states that an entity is required to make the disclosure of the accounting policy either in the general disclosure or under the non-mandatory guidance. Reduced disclosure requirements by AASB: The AASB has released a statement in its preliminary that dealt with the reduced disclosure requirements for the companies under the Tier-2 that are reported for the accounting of lease under AASB 16 (Aasb.gov.au, 2018). In contrast to Tier-1 disclosure an entity that is disclosing the relevant information under the Tier-2 will be able to lower down the load of revelation with cost associated with the preparation and presentation of the general purpose monetary statement notwithstanding of the situation whether they are profit making organization or non-profit making organization. Location of information with respect to IFRS Standard: In the feedback received by AASB, there are circumstances where the financial statements and annual reports have turn out to be hard to determine and comprehend due to duplication and disintegration of information. In the initial opinion of AASB it is stated that a general disclosure standard is necessarily required to be in consistent with the IFRS standard for making disclosure of information relating to an entity profit making report. The location of information with respect to IFRS standard is that profit making are required to address the single reporting package by referring to International Accounting Standard of ISA 720. Presenting EBIT and EBITDA in Financial Report: Conferring to the initial opinion of the AASB, EBIT and EBITDA ought to be presented in the yearly monetary report as it would helpful in reflecting the financial performance with fair depiction of an entitys present expenditure based on their nature. As opinion by AASB stating the EBIT and EBITDA based on their nature would help in presenting the combination of expenditure and expenditure functions that causes disturbance in analysis of expenses. According to the AASB 101 there is a guideline that has been stated related to the preparation of the fiscal report. The guidelines provided by AASB 101 assures that general purpose financial statements should be comparable for an organization for both the previous and current year (Hodgson Russell, 2014). The situation of Blake Ltd evidently provides that the accountant follows the single line format for reporting and presenting the financial statements. As evident the accountant has not classified the current and non-current assets. The accountant has also not classified the liabilities that requires segregation among the current and non-current liabilities. A recognition for cash and cash equivalent is required under AASB 107 for the Blake Ltd. Certain accounting transactions namely the raw materials, WIP in raw materials and WIP in the inventory under the current assets sections. The primary reason for classifying the transaction under the non-current asset is that these transactions are input goods used in manufacturing procedure (Warren Jones, 2018). The accountant of Blake Ltd requires classification of current liabilities for transactions such as accounts payable and warranty provision, allowance for doubtful debts and annual leave. These transactions are the portion of Blake Ltd normal operating cycle and needs classification despite the dues are to be matured for more than twelve months subsequent to the financial year. The similar accounting cycle is applicable to Blake Ltd for the classification of the organizations assets and liabilities. The accountant has erroneously recorded the accumulated depreciation for PPE under the liabilities segment. In its place these transactions must be recorded under the asset side of the balance sheet (Warren Jones, 2018). The accumulated depreciation is viewed as the consistent credit balance having contra effect on the asset account. The bookkeeper of Blake Ltd is under obligation to deduct the accumulated depreciation from the property, plant and equipment at the end of the financial year or accounting period to provide the fair value of the asset. Dividend paid by the company has been incorrectly recorded by the Accountant under the income statement. An important assertion can be bought forward that dividends does not constitute business income and it is obligatory for the accountant to record the dividend paid into the stakeholders equity statement (Hodgson Russell, 2014). Additionally, thefinance cost constitutes business expenditure and the accountant is obligatory required to take account of the same before obtaining the profit before tax. On a conclusive note, the accountant is required to follow the guidelines defined under paragraph 85 of the AASB 101 as this will help in healthier understanding of monetary statements. References Hodgson, A., Russell, M. (2014). Comprehending comprehensive income.Australian Accounting Review,24(2), 100-110. Warren, C. S., Jones, J. (2018). Corporate financial accounting. Cengage Learning. Media releases. (2018).Aasb.gov.au. Retrieved 5 April 2018, from https://www.aasb.gov.au/News/Media-releases.aspx News. (2018).Aasb.gov.au. Retrieved 7 April 2018, from https://www.aasb.gov.au/News.aspx

My pursuit of a graduate degre... free essay sample

My pursuit of a graduate degree in engineering began with one very simple device-a mouse trap. The mission-to maximize the distance traveled by a mouse trap propelled vehicle . Winning this competition, part of my High School introductory physics course, was an event that sparked my life-long interest in engineering. I didnt know that 5 years later I would be applying to one the elite engineering schools in the country, but I did recognize that innate curiosity within me to push limits and tackle challenges. Since that experience, I have taken advantage of every opportunity available to develop my problem-solving skills and apply my knowledge to real-world applications. My decision to pursue graduate studies in mechanical engineering roots from my desire to solve problems of future, contribute to quality research, and promote education. This decision came as a byproduct of my success as an undergraduate-I consistently attain top scores in the class- and aspiration to achieve more. We will write a custom essay sample on My pursuit of a graduate degre or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Xxxx was a logical choice because it provides high-quality research laboratories in the areas I am interested, valuable resources, and the flexibility required such that both myself and xxxx benefit from my attendance.My Junior year, I was fortunate to meet Professor Mo Samimy who runs the Gas Dynamics and Turbulence Lab (GDTL) at The Ohio State University. I quickly got underway with research in the field of aerodynamic flow control. My research activities first consisted of an extensive literature review of flow control methods used in the past as well as familiarization with the laboratory facilities. By working with Dr. Little, who now is a faculty member at the University of Arizona, I learned how to effectively measure and interpret flow properties via static pressure taps, dynamic pressure transducers, hot film anemometers, and Particle Image Velocimetry (PIV). I also learned to analyze data using MATLAB.The research quickly moved into implementing classroom knowledge and lab experience which I had developed. The team I work with at GDTL mainly experiments with flow control via dielectric barrier discharge (DBD) plasma actuators which work by inducing momentum into the flow, thereby delaying separation and increasing lift. I have assisted with the experimental testing and closed-loop control of nanosecond (NS) pulse generated plasma, thought to be superior to the more traditional AC generated plasma. My most recent work involved designing a wall-mounted hump which I will use to control the state of the incoming boundary layer. The culmination of this work will include writing and defending a the sis at the end of the school year as part of the undergraduate research program at Ohio State. As alluded to previously, my pursuits in science and engineering began long before I came to The Ohio State University. In high school I was active in activities such as Academic Team, Junior Scholars, science club, and TEAM+S (Tests of Engineering, Aptitude, Math, and Science). My first real leadership experiences came in completing a large landscaping project at my local parish to earn my Eagle Scout award. The true foundation and beginning of my pursuit in engineering began when I was a freshman in the Fundamentals of Engineering for Honors (FEH) program at Ohio State. The program taught core engineering/math/science concepts and fostered an environment where students were challenged to make discoveries on their own. The program culminated with an autonomous robot competition at the end of the year which required working efficaciously in a team environment and solving problems on the fly. Another useful experience for my future aspirations is my work as a math teaching assistant a t Ohio State. This challenge has enabled me to develop my communication skills inside the classroom as well as prepare me for future teaching opportunities.Furthermore, I have held two valuable internships/quasi-research opportunities over the course of my education at Ohio State. One of these was working in the Applied Research Division at Minster Machine, a world-wide leader in the press industry. Here I worked to improve product efficiency and fatigue life via design modifications, testing (using LVDTs, accelerometers, and pressure transducers), and data analysis. My other internship was this past summer was with the U.S. Army in which I investigated the consistency of the clay backing used to measure the impact of the ammunition on the body armor. My initial goal is to complete a MS degree in Mechanical Engineering and then to continue on to Ph.D. My overarching career objective is to become a valued faculty member at a respected research university who challenges students to expand their horizons and aim to reach their full potential. However, I also realize that these opportunities are limited and that an industry position utilizing my research aptitudes would be a good fit as well.My desire to be a valuable asset at xxxx encompasses working alongside talented faculty/graduate students and contributing to work that has direct impact on future generations. The decision to apply to xxxx was an arduous task that involved pouring through tons of literature, websites, and forums to see where I would fit in best. Two research areas really stood out to me for why xxxx would be a good choice for me- those being Fluid Mechanics and the Energy Science and Engineering area. The research labs that struck me with particular interest were the experimental sides of the Reacting Gas Dynamics Laboratory and the Marine Hydrodynamics Laboratory. These are areas where I have a passion for as well as the core knowledge/experience to succeed. Along with the introductory thermo/fluids courses which I have excelled in, I am currently taking a graduate level course in compressible flow, and next quarter I am taking a graduate course in combustion.I hope that you find my previous research experience and academic qualifications well-suited for a MS at xxxx. I have a firm grasp of fluid/thermal/energy concepts along with the enthusiasm necessary to tackle engineering challenges. Thank you.

How to Write a Sample Essay

How to Write a Sample EssayThe goal of a writing sample is to give the prospective employer of your resume that impression that you are the best candidate for the job. You will be submitting your sample essay in place of a resume in most cases, and your boss is going to see how prepared you are for the job.As with any other form of writing, there are a few guidelines you should follow when writing the essay. First, make sure you do not go overboard. Writing too much can make your reader feel that you are writing from too much experience or knowledge.The first part of the essay should begin with an introductory paragraph that gives the reader a little background on the topic at hand. That paragraph should focus on what it is that you hope to share with the reader, what you hope to offer them. Include your contact information in the introduction.Now that you have provided a little background information to the reader, the next step in the process of writing a sample essay is to list yo ur credentials. Do not over-complicate this part of the document, as it is your job to provide only the facts. Keep it simple and to the point.In order to save time, avoid using long, complicated sentences that lack focus and that use lots of short sentences. Stick to the facts, and do not leave out facts that will be discussed later on in the document. Remember, your goal is to impress your readers.The next section of the sample essay should include the section that contains your information about why you are the best candidate for the job. The best way to do this is to simply present the facts of your background. If you think that the employer needs more background information about you, you can add that information in a second, third, or fourth paragraph. Don't overload them. Once you have answered the first three questions of the employer that is hiring you, you can move on to the next two sections of the sample essay. Here you can address the areas that they want you to talk ab out. Try to fit in your experience in this section, as well.Don't forget that you should be as brief as possible when writing the sample essay. Tell them exactly what you want them to know, without becoming too much of a teacher. It is your job to tell them what you are best at and to convince them that it is you who is the best candidate for the job.

Free trade

Free trade Free trade is a part of the geopolitical landscape today, but that was not always the case. In terms of free trade, the practice of reciprocal non-interference had been followed in the second period between 1934 and 1990, but there had also been very different results ("Civil," 1999). The period witnessed an expansion in terms of the scope of civil society, and a growing labor movement had become increasingly involved in the debate; this occurred in addition to the shift in national objectives (1999). What happened was that the United States switched from a protectionist to a free-trade position with the enactment of the Reciprocal Trade Agreements Act of 1934 (RTAA) (1999). The move gave the president the authority to negotiate and impose tariff-reduction agreements (1999). The recurring conflicts in respect to the various factions within U.S. civil society had been resolved by a variation on reciprocal non-interference, where specific groups that objected to the overall policy of t rade liberalization could be "bought off" with the extension of special treatment (1999).PowerPoint 2010I love spending time with my friends and family on a regular basis and try and live life to the fullest.

College Essay Topic #4 7 Essay Tips for Writing a College Application Essay About a Fictional Character

College Essay Topic #4 7 Essay Tips for Writing a College Application Essay About a Fictional Character How can you write an essay about a character from a novel, play or movie without ending up with a book report instead of a college application essay?   Follow these guidelines and you will demonstrate your ability to think critically about literature, film or theater, as well as about yourself. 1.  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Choose a character who truly inspired you, repulsed you, or otherwise moved you. Demonstrate that you know the character well.   Re-read the book or watch the movie again if you have to! 2.  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Ask yourself, â€Å"How am I like this character?   How am I different? Write about it. 3.  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Write about the lessons you learned from the character.   How have you applied those lessons in your life? 4.  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   If the character is from the past or the future, or from a different town, country, or even planet, inquire as to how you would fare in the character’s world. 5.  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Similarly to #4, how would the character fare in your world?   What if the character had to babysit your brother or do your science fair project? 6.  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Share just enough information about the character and the character’s situation to allow us to understand how you are similar to or different from that character.   Keep the â€Å"story† to a minimum. 7.  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Make sure the essay is at least 75% about you!   If you find yourself writing more than 25% about the character, step back, ask yourself question #s 1-5, and change the balance. Remember, just because you’re writing about a character doesn’t mean you have to re-tell the entire life story of the character.   Keep it personal and reflective and you’ll write a winning essay. For examples of successful college essays, The Essay Expert recommends Accepted!   50 Successful College Admissions Essays by Gen and Kelly Tanabe. Still not sure how to write a great college application essay about your sport?   Contact The Essay Expert for a FREE 15 minute consultation.

Eukaryotic and Prokaryotic cells Essay Example | Topics and Well Written Essays - 500 words

Eukaryotic and Prokaryotic cells - Essay Example DNA as we know tells us about our family structure and passes on from one generation to another. The large number of cells and their network helps in differentiating the DNA structure. The DNA keeps of replicating with the help of template polymerization. The Eukaryotic and Prokaryotic cells are made up of similar basic chemicals like carbohydrates, proteins, nucleic acid, minerals, fats and vitamins, while making use of proteins as catalysts. The hereditary information is transformed into RNA, which in turn is translated into proteins. Therefore these two cells are similar in nature in many respects. But, there are a number of features which differentiate these two types cells from each other. One of the major distinctive feature is that the Prokaryote is without a nucleus, therefore the DNA keeps floating around in an unorganized manner in the cells. But on the other hand, the Eukaryote cells have a large centrally located nucleus, surrounded by double layer of membrane known as nuclear envelope. This envelope contains nucleoplasm. The DNA is held within this nucleus only. The nucleus being the centre of activities is also termed as brain of the cell. Prokaryotic cells do not have the organelles, but Eukaryotic cells have organelles which allow them to perform more complex functions. Both these cells differ in respect of their size as well.

Heritage and Cultural Tourism Management Essay Example | Topics and Well Written Essays - 3750 words

Heritage and Cultural Tourism Management - Essay Example Early day’s travelers used to walk or rode on domestic animals. Due to technological improvement travelling becomes very easy and much faster with the help of introduction of different vehicles. Roads are improved, governments are established, different purposes for travelling are coming towards the human race, such as educational purposes, religious purposes etc. In this context, it has been argued that, â€Å"tourism is a collection of activities, services and industry that delivers a travel experience, including transportation, accommodations, eating and drinking establishments, retail shops, entertainment business, activity facilities and other hospitality services provided for individuals or groups traveling away from home† (Introduction- what is tourism, n.d.). Tourism has some dimensions like attraction, which is the primary motivation for travelling. Mode of attraction could be of any type, such as natural resources, cultural and historical aspects, entertainmen t and ethnicity. Facilities is the another dimension that acts in favour of travelling, which includes lodging, foods, support services, infrastructure etc. Then transportation, hospitality are the remaining two. At present cultural heritage sites are becoming the attractive tourist spots as the mode of intention for travelling changes. So now among the tourism industry cultural and heritage tourism industry is in the booming stage (Introduction- what is tourism, n.d.). This paper is aimed at providing an analytical perspective of various heritage and cultural tourism places across the globe. The paper thus discusses about the growth and development aspects of these places. Task 1: Understand the growth and development of the heritage and cultural industry within travel and tourism: LO (1.1): Heritage Tourism Location: Heritage is the practice or a tradition, which comes from one generation to another. Heritage locations are those locations which represents country’s historic al, scientific and heritage offerings associated with entire community. Heritage locations are appearing to gain an enormous acceptance as a part of tourism and a source of attraction. Heritage tourism is a travelling experience of the places and activities which conveys the story of the people from the past. These places reveal much information about the famous historical characters and events. It includes historical sites, archeological sites, war and battle sites and old structures etc. as heritage tourism products. Heritage locations help for making a strong bonding between the host who provides the quality heritage experiences and the guests who enjoys those experiences. These kinds of activities are very important for describing the quality of life of and for the community (Edgell, 2006, p.62). Cultural Tourism Location: For the purpose of understanding the Cultural tourism locations we have to understand culture because cultural locations tell about the cultural aspects of a particular community. â€Å"Culture is the collective programming of the mind which distinguishes the member of one category people from another† (What is culture?, 2012). Culture speaks about the patterns of some kind of symbols consisted of various achievements of cultural groups. A cultural location tells about the various cultural aspects of the societies and the communities prevailing in the concerned area. The cultural and heritage tourism includes wide ranges of strategies and services. These strategies and se