[SOLVED] CS代考 ACCT 6010 Advanced Financial Reporting

ACCT 6010 Advanced Financial Reporting
Introduction to the unit & overview of inter-entity investments
The University of 1
1.1 Intro to the unit (course admin)

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1.2 Overview of inter-entity investments 1.3 Case firm: BlueScope Ltd
1.4 Academic readings
The University of 2
LS Class 1 1

ACCT 6010 Advanced Financial Reporting
Class 1.1: Introduction to the unit
The University of 3
• Acknowledgement of country
• Meet the ACCT6010 Team
• Class format
• Health & safety notices (on campus)
• Online support (remote learning)
• Unit of study outline
• Assessment tasks
The University of 4
LS Class 1 2

Acknowledgement of Country
I would like to acknowledge the Traditional Owners of Australia and recognise their continuing connection to land, water and culture. I am currently on the land of the Gadigal people of the Eora Nation and pay my respects to their Elders, past, present and emerging.
I further acknowledge the Traditional Owners of the country on which you are on and pay respects to their Elders, past, present and future.
The University of 5
Meet the ACCT6010 Team
Dr Dr Neal
The University of 6
LS Class 1 3

• 1 x 90-minute live lecture
• Lecture recording available from Tuesday morning
• 1 x 90-minute tutorial live tutorial
• Oncampus(CC)
• RemoteviaZoom(RE)
• Commence in Week 1
• Attend only tutorial class you are enrolled in
• TimetablingchangescanberequesteduntiltheendofWeek2via the Timetabling system.
The University of 7
Keeping our community safe (on campus)
We can all help reduce the spread of COVID-19 through following good hygiene practices:
– Wash hands regularly, for at least 20 seconds with soap and water, or use an alcohol-based hand rub.
– Cover your mouth when coughing and sneezing with a tissue or a flexed elbow.
– Maintainadistanceofatleast1.5mbetweenyourselfand others, where possible.
– Avoid large gatherings, where possible.
– Avoidclosecontactwithanyonewithcoldorflusymptoms,
e.g. fever, cough, runny nose or shortness of breath. The University of 9
LS Class 1 4

Keeping our community safe (on campus)
– All students and staff who have cold or flu symptoms should isolate themselves from others.
– If you are unwell with any symptoms please excuse yourself from this class and get tested for COVID-19 as soon as possible. We will support you to continue the work remotely.
– Make sure you read the information on special consideration in the unit outline.
The University of 10
Keeping our community safe (on campus)
– The University is following advice from the government and related public health authorities.
– For the latest information, see the advice on the University website.
– In some classes, especially those involving use of shared equipment, please follow additional advice from your coordinators.
– Please take care of each other and yourselves and if you need support reach out to your unit coordinator or the health and wellbeing area of the Current Students website.
The University of 11
LS Class 1 5

Tips for students joining online (remote)
– Remember that you are still in a space with other students.
– Mute your microphone when not speaking.
– Use earphones or headphones – the mic is better and you’ll disturb others less.
– If you have a webcam, please switch it on so we can see you, if you are comfortable doing so.
– Try not to talk over someone else.
– Some classes may use breakout rooms – engaging fully in
these is a great way to meet classmates and your teachers.
– Help your teachers know you’re there by participating in chat, polls and other activities during class – we’re all in this together.
The University of 12
Tips for students learning online (remote)
– For tips and guides on learning online and the tools you will use, refer to Learning while off campus resources in Canvas. This is especially useful if it’s your first time learning online at university.
The University of 13
LS Class 1 6

Unit of Study outline
Assessment tasks and due dates Weekly schedule
Prescribed readings
Learning outcomes
The University of 14
Assessment tasks
• Final exam • Quizzes
• Four(4)smallonlinequizzesonCanvas
• Scheduledduringlecturetime(Monday2pm)inWeeks5,7,9&11 Case study
• Formgroupsoffour(4)studentsinyourtutorialclass Tutorial participation
• Two(2)grouppresentations–3markseach
• Weeklyparticipation–1markperclassforbest9outof12
The University of 15
LS Class 1 7

Learning materials organised in weekly modules • Learningchecklist&readings
• Lecturematerials
• Self-studymaterials
• Practicequiz–completepriortotutorials
• Additionalresourcesincludingstudentvideos
Assumed knowledge test and revision materials • TakethetestinWeek1
• Reviewrelevanttopics
Consultation times (on campus or via Zoom) The University of 16
ACCT 6010 Advanced Financial Reporting
Class 1.2:
Overview of inter-entity investments
The University of 18
LS Class 1 8

Learning Objectives
Learning objectives:
After completing this topic students should be able to
1. Describe the different classifications for investments in other entities and explain the accounting methods that apply to each.
2. Explain the concepts of parent, subsidiary and group
3. Explain the alternative concepts of consolidation
The University of 19
Readings & Videos
§ Arthur et al. 8th Edition Chapter 1.1-1.6 § SAC 1 Definition of the Reporting Entity
§ AASB 127 Separate Financial Statements § Dean & van der Laan 2010
§ Refer also to videos on Canvas
The University of 20
LS Class 1 9

Intro – Single Entity Structure
§ ACCT5001&6001focusonthefinancialreporting of a single business entity
(e.g. company, partnership)
§ Recall:Acompany…
… is a separate legal entity from its owners … raises equity (share capital) by issuing
shares to its owners (shareholders)
… usually has limited liability
… may be required to prepare and lodge audited financial statements if a reporting entity [SAC 1]*
… as a legal entity may invest (acquire ownership interests) in another company
* [] are references to AASB pronouncements in the Accounting Handbook
The University of 100% of BSL shares
Prepares financial reports for shareholders and other stakeholders
BSL Shareholders
Bluescope Steel Ltd (listed entity)
Bluescope Steel Ltd Single Entity Financial Statements
The University of another entity may give rise to intercorporate investments, e.g. Bluescope Steel Ltd owns 100% of the shares in Ltd and 50% of shares in Steel Ltd. BSLshareholdersmaynotonlybe interested in Bluescope Steel Ltd, but also in BSL investments.
HowshouldBSLreportitscorporate
investments to shareholders?
ACCT6010coversintercorporate investments and the financial reporting of these multiple entity structures.
Intro – Multiple entity structure
BSL Shareholders
Bluescope Steel Ltd*
Fielders Australia Pty Ltd
* Extract of corporate tree
LS Class 1 10

Categories of intercorporate investments
Investor Investee
Investee type/ name
Relationship
Investor name
Principal Relevant AASBs
Subsidiary
Joint arrangement – Joint venture
– Joint operation
Joint control
Joint investor
– Joint venturer – Joint operator
The University of 23
Significant influence
no special name
Equity instrument
Ordinary investment; no special relationship
no special name
Subsidiaries
• Controlled entities
• Investor is referred to as the “parent”
• The parent and its subsidiaries together represent a “group”
• How is control achieved?
• One of the elements is rights that enable the investor to direct relevant activities
• This can include voting rights
• Definition and concept of control is covered in class 2
• Benefits?
• Management of the parent (or group) can use power over the investee to affect the variable returns
The University of 24
LS Class 1 11
Degree of power

Associates
• If investor does not have control or joint control, it may have “significant influence” over investee.
• Associates are “significantly influenced” by the investor.
• What is “significant influence”?
• Defined as the ability to participate in operating and financial policy decisions
• Accounting method is “equity accounting”
• Investor recognises its share of the profit of the associate as income
• Why would managers seek to gain significant influence?
The University of 25
Joint Arrangements
• Where two (2) or more parties have “joint control”.
• Means they control the joint arrangement collectively (through a
contractual agreement)
• Decisions about the relevant activities require unanimous consent of the
parties that together control the joint arrangement • Advantages:
• Sharing of risk
• Sharing of resources
• So, commonly seen in large scale and / or risky projects
(e.g., mineral exploration)
Accounting:
varies according to type of joint arrangement (joint venture or joint operation)
The University of 26
LS Class 1 12

Other investments
• This category is for corporate investments that are not controlled, jointly controlled or significantly influenced
• Normally measured at fair value
• Cost is permitted in limited circumstances
• Covered in ACCT 6001
• Motivations
• Highly liquid (if traded); expected return (c.f. cash); diversification
• Example: USyd most recent balance sheet shows $287m invested in listed securities (plus $1,285m of financial assets with external fund
The University of 27
ACCT 6010 Advanced Financial Reporting
Class 1.3:
Case firm – BlueScope Steel Ltd Group
The University of 28
LS Class 1 13

Case firm: Bluescope Steel Ltd – Introduction
– Australian public company (Ticker: BSL)
– Included in the S&P/ASX 200 index
– Manufacturer and distributor of steel and building products
– Operations in Australia,, North America and Asia
– Five businesses in the materials sector:
– Australian Steel Products
– Buildings North America
– Building Products Asia and North America – & Pacific Islands
– North Star BlueScope Steel
https://www.bluescope.com/about-us/our-business/
The University of 29
Case firm: Bluescope Steel Ltd – Introduction (cont.)
vDownload Bluescope Steel Ltd Annual Report
The University of 30
LS Class 1 14

1. Introduction – Corporate Combinations & Associations
The University of 31
Excerpt from Note 22: Investment in subsidiaries
Operations are carried out by >100 entities in 22 countries owned (fully or partially) by Bluescope Steel Ltd
v LSQ 1.1: How should Bluescope Steel Ltd financial statements be prepared?
Next Class: Accounting for Business Combinations
Prepare for class
– Complete pre-knowledge test – Pre-read Chapter 2 of text
The University of 32
LS Class 1 15

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