i want to solve my assignment

Version 1

Student ID Number:

Module Code Module Title Module Credits

GAA6000 Advanced Financial Reporting 20

Academic Year and

Semester Examination Board Level & Block

2022-23, 1st Semester Jan 2023 L6B1

Method of Assessment Term Weighting

Coursework Mid-term 30 %

Module Leader Module Leader email

Abdul Samad Khan [email protected]

Additional Information (if any)

Module Tutor: Muhammad Saleem ([email protected])

Version 1

Contents

1. Assessment Details

2. Submission Details

3. Assessment Criteria

4. Further Information

 Who can answer questions about my assessment?

 Referencing

 Submission problems

 Unfair academic practice

 How is my work graded?

5. IV form

Version 1

Assessment Details

Assessment title Abr. Weighting

Coursework WRIT1 30%

Pass marks for undergraduate work is 40%, unless stated otherwise.

Task/assessment brief:

Assessment Task

IAS 36 Impairment of Assets seeks to ensure that an entity's assets are not carried at more than their recoverable

amount (i.e. the higher of fair value less costs of disposal and value in use). With the exception of goodwill and

certain intangible assets for which an annual impairment test is required, entities are required to conduct

impairment tests where there is an indication of impairment of an asset, and the test may be conducted for a

'cash-generating unit' where an asset does not generate cash inflows that are largely independent of those from

other assets.

You are required to critically discuss the Impairment of Assets of an entity’s assets as per the guideliness provided under IAS 36.

1) Explain and discuss the concepts with reference to IAS 36

a. Carrying amount

b. Cash generating unit

c. Are you agree that an entity shall assess at the end of each reporting period the recoverable

amount of its assets?

2) A company owns a car that was involved in an accident at the year end. It is barely useable, so the value

in use is estimated at OMR 1,000. However, the car is a classic and there is a demand for the parts. This

results in a fair value less costs to sell of OMR 3,000. The opening carrying value was OMR 8,000 and

the car was estimated to have a life of eight years from the start of the year.

3) An entity owns a property which was originally purchased for OMR 300,000. The property has been

revalued to OMR 500,000 with the revaluation of OMR 200,000 being recognized as other

comprehensive income and recorded as revaluation reserve. The property has a current carrying value

of OMR 460,000 but the recoverable amount of the property has just been estimated at only OMR

200,000. What is the amount of impairment and how should this be treated in the financial statements?

Version 1

This assignment work will be examined in accordance with the following criteria. Introduction: 150 words Structure and contents: 900 words IAS 36 procedures of accounting treatment for:

Carrying amount Cash generating unit Discuss to an entity shall assess at the end of each reporting period the recoverable amount of its assets

Discuss the following case as per IAS 36 guidelines for:

1) A company owns a car that was involved in an accident at the year-end. It is barely useable, so the value

in use is estimated at OMR 1,000. However, the car is a classic and there is a demand for the parts. This

results in a fair value less costs to sell of OMR 3,000. The opening carrying value was OMR 8,000 and the

car was estimated to have a life of eight years from the start of the year.

2) An entity owns a property which was originally purchased for OMR 300,000. The property has been

revalued to OMR 500,000 with the revaluation of OMR 200,000 being recognized as other comprehensive

income and recorded as revaluation reserve. The property has a current carrying value of OMR 460,000

but the recoverable amount of the property has just been estimated at only OMR 200,000.

What is the amount of impairment in both cases and how should this be treated in the financial

statements?

Conclusion 150 words

Note: References

 Use at least 8 academic sources from journals, Books, or e-books.

 Use the Harvard referencing style.

Version 1

Additional instructions:

*************

Word count (or equivalent): 1200

This is a reflection of the effort required for the assessment. Word counts will normally include any text,

tables, calculations, figures, subtitles and citations. Reference lists and contents of appendices are

excluded from the word count. Contents of appendices are not usually considered when determining

your final assessment grade.

Academic or technical terms explained:

Submission Details

Submission

Deadline:

Mid – 3rd November 2022

Estimated

Feedback

Return Date

After the result

announcement (10

working days) – January

2023 EB

Submission

Time:

9:00 PM

Turnitin: Any assessments submitted after the deadline will not be marked and will be

recorded as a non-attempt unless you have had an extension request agreed or have

approved mitigating circumstances. See the Gulf College website for more

information on submission details and mitigating circumstances.

Version 1

File Format: The assessment must be submitted as a word document and submit through the

Turnitin submission point.

Your assessment should be titled with your:

Student ID number, Module code and Assessment ID,

e.g. 1610200 GAC3000 WRIT1

Feedback Feedback for the assessment will be provided electronically via Turnitin / MS Teams

/ Face to Face. Feedback will be provided with comments on your strengths and the

areas which you can improve. Module tutors give students two types of assessment

feedback: formative, which is given when the student is working on the completion

of an assignment or coursework, and summative, which is given upon completion of

the module. A comprehensive assessment feedback on your performance will be

given after the announcement of the results. (10 Working Days)

Assessment Criteria

Learning outcomes assessed

On successful completion of the module, a student should be able to:

 Critically evaluate and apply the key requirements of company law, accounting standards and concepts in the

context of financial reporting

 Extract, analyse and manipulate data, from multiple sources

In addition, the assessment will test the following learning outcome:

This assignment comprises 30% of the total assessment’s marks. It contains one component assignment. This will

develop the Analytical skill of the student. The discussion on IAS 36 enables the students to analyse and evaluate

the benefits of the different activities done in the class. This skill will eventually help them evaluate options

necessary to make decisions in the workplace

It will develop the following skills:

 Analytical skills. This will develop the critical thinking of the students in analyzing the various tasks.

 Research skills. This will enhance their proper research and referencing skills that are necessary when they

enter the real world of work.

Version 1

Mathematical skills. The analysis and calculation of the ratios will help the students develop the required skills

for their specialization.

Marking/Assessment Criteria

Task Description Marks

Allocated

Introduction 150 words 10 %

Structure and contents: IAS 36 procedures of accounting treatment for; Carrying amount Cash generating unit Discuss to an entity shall assess at the end of each reporting period the recoverable amount of its assets Discuss the following two case as per IAS 36 guidelines for: 900 words

80 %

Conclusion 150 words

10 %

Total 100%