The students studying the unit ACCT20073 have to develop themselves with the various accounting theories and accounting standards. For that, the students are given assignments from the university. One such assignment is ACCT20073 Assignment 2. Want to know how to write ACCT20073 Assignment 2 Part A answers? Follow the advice of the accounting assignment help provider at My Assignment Services.
Get the answers to the questions of the assignment one by one below.
To write this ACCT20073 Assignment 2 Part A answer, you need to know what is a revaluation model for fixed assets. Begin by writing what is the revaluation model and what happens in this model. Do not forget to talk about the depreciation of the value and how this model calculates that. Take both the aspects of the change in value - what happens when the fair value has risen and what happens when the fair value has went down.
Highlight the benefit of using the revaluation model for an organisation and why revaluation model should be used for more and more businesses. Using this, give your view on whether the proposition made by the board member is useful or not. Bring out the benefit that the organisation will have by adopting the revaluation model for fixed assets and shunning their existing one.
Use examples and instances from real-life or secondary literature, if you can in your ACCT20073 Assignment 2 Part A answers. This will assert that you know what you are suggesting and that your opinion is not out of the blue.
In the end, mention whether you think that the proposal should be accepted or not.
Read the statement that is written in the question. Read it again. Have a pen and paper ready with you. Write down all the components that you can identify from the statement and that will be useful in writing the ACCT20073 Assignment 2 Part A answer.
- assets in revaluation model
- fair value
- change in the fair value
- testing land and buildings for impairment
Now, you need to critically evaluate the above statement. It means that you are to take each and every component and test it. Think of yourself as a CIA agent that has to extract the information from the prisoner at a black site.
Begin by writing what is the cost model of accounting. Explain all that you can about the cost model of accounting and then work your way into what revaluation model is. Explain the revaluation model with respect to the market value’s change upwards or downwards.
In the end of ACCT20073 Assignment 2 Part A answer, you need to tell whether impairment holds any significance in the revaluation model or not. Not just that, you need to give valid reason for your answer. Then, write if the statement is correct or not on the basis of your evaluation.
This question is a little longer as you need to find and read an Annual Report. Then you need to work with 3 different sections of the this question.
In the first part, you will write the financial assets that the company has identified on a fair value. These can be property, fixed income, equities, etc. Then, you also have to mention the three categories in which the company has recognised the assets on fair value.
Next, you have to check where the report talks about fair value and mention them. Not just that, you have to relate fair value with IFRS. These include -
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Julia Martin has been a teacher, private academic expert and has held the position of an accounting manager at a firm in Melbourne. She joined My Assignment Services as an accounting assignment writing expert and have grown since then to become one of the best accounting assignment experts in the assignment help industry. She has worked with students of several universities and has even aided students from Singapore, the United Kingdom, etc. with her expert consultation. She writes blogs for students to help them understand the accounting assignments’ concepts, principles and theories.
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