Financial Reporting Academic Essay - Write My Academic Essay

Introduction to Financial Reporting

Assessment Task
Task 1 Concepts and Conventions (guide 800 words, 35%)
Accounting concepts and conventions have been described as the ‘highway code’
of accounting. These are basic rules that need to be complied with when preparing
financial statements.
For each of the descriptions below, indicate which basic accounting rules are being
applied and provide an example of each to show how these two rules are applied.
• Rule 1: Transactions that reflect financial data should be entered in the
books of account when the legal title to them has been transferred from one
party to another, irrespective of when cash settlement takes place.
• Rule 2: Financial statements should be prepared on the assumption that the
business will continue operations for the foreseeable future, unless this is
known not to be true.
Task 2 Accounting Treatment (guide 400 words, 20%)
The payment of rent for business premises would be regarded as an expense,
whereas premises acquired by a mortgage would not.
Evaluate the differences in accounting treatment, indicating how the mortgaged
premises would be treated in the accounts.
Task 3 Reporting Requirements (guide 800 words, 35%)
Compare and contrast some of the key differences between charity reporting
requirements and company reporting requirements.
It is important that clear, concise communication is used. Credit is awarded for
writing style, communication, grammar and referencing for all tasks. (10%)
Learning Outcomes
This assessment will enable students to demonstrate in full or in part the learning
outcomes identified in the unit descriptor.
NOTE:
Note 1: The word count is given as a guideline, rather than a rigid rule.
Assignments under or over the word count will not be penalised provided they
cover the question set in an appropriate amount of detail and in a reasonably
concise style. Lack of content, unnecessary repetition or the inclusion of irrelevant
material will result in the marks awarded being reduced within the mark allocation
given below.
Note 2: Clear reference should be made to sources of research used, within the
body of the work. A poorly referenced piece of work is unlikely to achieve a pass
grade. Please refer to ‘Succeed at Solent’ to establish the University standard.
Note 3: You should append a bibliography (University standards) to the end of your
work. Please refer to ‘Succeed at Solent’ to establish the University standard.