Corporate Accounting Assignment Help in Australia

Corporate Accounting Assignment Help

As students of corporate accounting, you must be knowing that, corporate accounting deals with preparing account of corporate firms, analyzing and interpreting companies' financial statements etc.

While pursuing a course in the subject of corporate accounting, lengthy sums and assignments is one thing, that students cannot escape from. It requires students to devote lot of time and effort. A good alternative to this would be to take assignment help from corporate accounting assignment experts.

Take a look at the following corporate accounting assignment sample question which shows how professional our corporate accounting assignment writing service in Australia are:

Corporate Accounting Assignment Question:

This assignment has 2 parts, 1000 + 10% word theory interpretation essay and a response to a practical application of the theory.

Part A:

1000 word short essay about the following:

At 30 June 2014, Longreach Ltd is considering undertaking an impairment test. Having only recently adopted the international accounting standards, the management of Longreach Ltd seeks your advice in relation to this test under AASB 136 /mpairment of Assets.


Write a report to management, specifically explaining:

  1. the purpose of the impairment test
  2. how the existence of goodwill will affect the impairment test
  3. the basic steps to be followed in applying the impairment test.

Part B:

Crossbow Ltd iS an entity that specialises in the manufacture of leather footwear for women. It has aggressively undertaken a strategy of buying out other companies that had competing products. These companies were liquidated and the assets and liabilities brought into Crossbow Ltd.

At 30 June 2015, Crossbow Ltd reported the following assets in its statement of financial position:

  • Land $200 000
  • Inventory products 180 000
  • Brand _Crossbow Shoes' 160 000
  • Shoe factory 700 000
  • Machinery for manufacturing shoes 400 000
  • Goodwill on acquisition of competing companies 40 000

Because of the competition from overseas as customers pursue a strategy of buying online rather than visit Crossbow Ltd's stores, Crossbow Ltd assessed its impairment position at 30 June 2015. The indicators suggested that an impairment loss was probable. Crossbow Ltd calculated a recoverable amount of its company of $1 420 000. The fair value less costs of disposal of the land was $171 000.


Prepare the journal entry(ies) for any impairment loss occurring at 30 Jun 2015

Answer: (Please note, this is not the entire answer, but only a part of the answer)

Part A

Impairment of Assets

As per Para 8 when the carrying value of an asset is greater than the recoverable value then the asset is considered as impaired. The recoverable amount is the amount that can be recovered through sale or usage of the asset. The standard requires the entities to recognize the asset at its recoverable amount in the financial statements and the impairment loss is also recognized. The standard also prescribes about the circumstances under which the impairment loss might be reversed and the procedures and disclosures that would be required for reversing such impairment loss. The standard applies to all the classes of asset except the following which are covered by another standard:-

  • The construction contracts assets,
  • Deferred tax assets,
  • Inventories,
  • The assets that arise from employee benefits,
  • Financial assets that are covered under financial instruments,
  • Non-current assets that are held for sale or are from discontinued business operations,
  • Assets arising from contractual rights of insurer under the insurance contracts,
  • Investment property that has been measured at fair value,
  • Biological assets that are related to agricultural activity.

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Part B

In the books of Crossbow Ltd. Journal

Particulars Debit Credit
Impairment Loss Debit 260000 -

Career Paths

Our experts have listed out a few potential careers:

  • staff accountant
  • senior accountant
  • accounting supervisor
  • accounting manager
  • assistant controller
  • divisional controller (or controller for a subsidiary)
  • corporate controller (sometimes accompanied by a VP title)
  • chief accounting officer
  • chief financial officer

Job Titles

There are various job titles like:

  • Corporate Senior Accountant
  • Senior Corporate Tax Accountant
  • Interim Senior Accountant etc

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