advanced financial accounting

This TMA requires you to apply the course concepts. The TMA is intended to:
Ø Assess students’ understanding of key learning points within chapter 1, 3, 4 and 5. 
Ø Increase the students’ knowledge about the reality of the advanced Accounting issues. 
Ø Develop students’ communication skills, such as memo writing, essay writing, analysis and presentation of material.
Ø Develop the students’ ability to understand and analyze different issues that corporations might face in real world.
Ø Develop basic ICT skills such as using the internet.
The TMA requires you to:
1- Review various study chapters in addition to supplementary materials.
2- Conduct a deep information search using the internet and your E-Library. You are expected to use E-library sources to support your answers. A minimum of 3 sources is required.
3- It’s imperative that you write your answer using your own words. Plagiarism will be penalized depending on its severity and according to AOU plagiarism policy.
4- You should use a Microsoft Office Word and Times New Roman Font of 12 points.
5- You should use Harvard referencing style for in-text citation and list of references.
For Cut-off date: Check LMS
The TMA Questions:
PART A
Each year, Nestle produces a detailed Annual Report, which consists of i) the Annual Review, ii) the Consolidated Financial Statements of the Nestle Group, iii) the Financial Statements of Nestle S.A., iv) the Corporate Governance Report, and v) the Compensation Report. 
Access the Nestlé home web page and download: Corporate Governance & Compensation Reports, Financial Statements for 2018 
Note: this file is available at:
https://www.nestle.com/asset-library/documents/investors/annual-report/corp-governance-compensation-financial-statements-2018-en.pdf 
Instructions: In light of your study of the course subjects and your readings through (the Internet – Nestlé Corporate Governance & Compensation Reports, Financial Statements for 2018 – the university e-library), answer the following questions:
(Always support your answer with relevant examples and suitable figures from the Nestlé’s annual report.) 
1) In which financial statement does Nestlé record goodwill & other intangible assets and which section? (State the numbers of goodwill & other intangible assets and the page number from the annual report) (5 marks)
2) How much impairment did Nestlé report for goodwill & other intangible assets in 2018 & 2017? In which financial statement these charges are reported? In which section? Why? (7.5 marks)
3) Does Nestlé make any acquisitions during 2018? , and how these acquisitions affect the goodwill? (7.5 marks)
4) Determine the total amount of non-controlling interest for 2018 and state in which statement it is disclosed. Also, state the amounts of non-controlling interest share in Nestlé profit and Nestlé dividends for 2018. (5 marks)
PART B
1) Provide examples from the real world for successful and unsuccessful mergers and acquisitions cases in recent years and state the specific reasons behind their success or failure. (Do not provide general reasons behind success or failure & only one example should be provided for each case, any examples given dated before the year 2000 will not be considered).     (15 marks)
2) Explain in details ,the differences between the IFRS and GAAP (after FASB issued ASU 2017-04 to simplify the accounting for goodwill impairment) regarding the following:
– Assignment/allocation of goodwill. (i.e. The levels at which goodwill is assigned /allocated) 
– Impairment of goodwill and test(s) applied (i.e. Methods of determining impairment of goodwill)
– How impairment loss is recognized and allocated.(i.e. impairment loss[charge] calculation and allocation)
Answer this question in a tabular format, like the following one:
  

IFRS

GAAP
 
Assignment/allocation of goodwill

 
Impairment of goodwill

 
How impairment loss is recognized   and allocated 

(You must support your answer in this question with quality and up to date references.)  (15 Marks)
3) What are the differences between Merger, Consolidation, and Acquisitions? Support your answer with one recent example from the real world for each type. (Always give detailed information that would support you answer. Any examples given dated before the year 2000 will not be considered). (15 marks)
PART C:
(1) On January 1, 2018, Panorama Company acquired 80% of Scann Corporation for $6,400,000. 
At the time of the acquisition, the book value of Scann’s assets and liabilities was equal to the fair value except for equipment that was undervalued $80,000 with a four-year remaining useful life and inventories that were undervalued $20,000 and sold in 2018. Panorama separate net income in 2018 and 2019 was $1,100,000 and $1,150,000, respectively. Scann separate net income in 2018 and 2019 was $300,000 and $360,000, respectively. Dividend payments by Scann in 2018 and 2019 were $60,000 and $60,000, respectively
Required: Using equity method,
1) Calculate Investment in Scann shown on Panorama’s ledger at December 31, 2018 and 2019.
2) Calculate Investment in Scann shown on the consolidated statements at December 31, 2018 and 2019.
3) Calculate consolidated net income for 2018 and 2019.
4) Calculate Noncontrolling interest balance on Panorama’s ledger at December 31, 2018 and 2019.
5) Calculate Noncontrolling interest balance on the consolidated statements at December 31, 2018 and 2019.
(Support your answer in all points with detailed calculations and explanation) (15 Marks)
(2) The consolidated income statement for POP Industries and its 75% Subsidiary, SAS at the end of 2019 was as follows: Consolidated sales $900,000 , Consolidated cost of Sales $500,000 Operating expenses $200,000, Noncontrolling interest share $25,000 ,and Controlling interest share $175,000.
After preparing the consolidated income statement, the accountants discovered that POP had sold inventory that cost $75,000 to SAS for $95,000, and SAS had sold inventory that cost $40,000 to POP for $58,000. Half of the products from both transactions still remained in inventory at December 31, 2019. These intercompany sales transactions had not been properly eliminated in consolidation.
Required: Prepare the consolidated income statement for POP and Subsidiary for 2019 after correcting these errors. (Support your answer with detailed Formulas, calculations and explanation)    (15 Marks)

Place your order
(550 words)

Approximate price: $22

Calculate the price of your order

550 words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
Total price:
$26
The price is based on these factors:
Academic level
Number of pages
Urgency
Basic features
  • Free title page and bibliography
  • Unlimited revisions
  • Plagiarism-free guarantee
  • Money-back guarantee
  • 24/7 support
On-demand options
  • Writer’s samples
  • Part-by-part delivery
  • Overnight delivery
  • Copies of used sources
  • Expert Proofreading
Paper format
  • 275 words per page
  • 12 pt Arial/Times New Roman
  • Double line spacing
  • Any citation style (APA, MLA, Chicago/Turabian, Harvard)

Our guarantees

Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.

Money-back guarantee

You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.

Read more

Zero-plagiarism guarantee

Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.

Read more

Free-revision policy

Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.

Read more

Privacy policy

Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.

Read more

Fair-cooperation guarantee

By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.

Read more