Final Project for Advanced Financial Accounting

Final Project:
Details discussion on following arears on your own blog, followed by a comment on my blog here. Adjusting entries, Inventory, Propertyplant and equipment and cash flow statements. If the post has already been made on your blog, you may edit them to be a final project.
you may consult the site for PPT slides
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IAS 16 - Property, Plant and Equipment

According to IAS 16 - Property, Plant and Equipment the objective of IAS 16 is "to prescribe the accounting treatment for property, plant, and equipment. The principal issues are the recognition of assets, the determination of their carrying amounts, and the depreciation charges and impairment losses to be recognised in relation to them. "

you may have a very good article on Propert, Plant and Equipment at

www.studyforall.com/articles.htm

Bank Reconciliation Statements

Since there are timing differences between when data is entered in the banks systems and when data is entered in the individual's system, there is sometimes a normal discrepancy between account balances. The goal of reconciliation is to determine if the discrepancy is due to error rather than timing.

IAS 2 - Inventories

Inventories include assets held for sale in the ordinary course of business (finished goods), assets in the production process for sale in the ordinary course of business (work in process), and materials and supplies that are consumed in production (raw materials). .................

Adjusting Entries - Case 4.1 - Financial and Managerial Accounting by Williams et all 15e

Solution of the first two options are given here.
a.

No adjusting entry is needed, because although the revenue was collected in advance on September 1, it has all been earned prior to year-end. Thus, inclusion of the entire amount in revenue of the period is correct.

b.

Three months’ revenue was collected in advance on December 1 and was credited to an unearned revenue account. At December 31, an adjusting entry is needed to recognize that one-third of this advance payment that has now been earned as revenue. The effects of this adjusting entry will be to reduce a liability (unearned revenue) and increase revenue recognized as earned in the period. Of course, recognizing revenue also increases owners’ equity.