The document “TMA 2022 – BUS356 Contemporary Financial Accounting Revision Notes” covers key topics in financial accounting, including shareholders’ equity, asset valuation, impairment, deferred taxes, consolidation, and foreign exchange accounting.
Key topics include:
- Shareholders’ Equity – Differences between ordinary and preference shares, journal entries for share issuance, and forfeiture transactions.
- Asset Valuation & Impairment – AASB 116 (Property, Plant, and Equipment), impairment tests, and revaluation models.
- Deferred Taxes – Temporary differences, tax base calculations, and journal entries for deferred tax assets/liabilities.
- Consolidation – Acquisition method, goodwill calculations, intra-group transactions, and non-controlling interest adjustments.
- Foreign Exchange Accounting – AASB 121 rules for translating financial statements and handling FX gains/losses.
The document includes worked examples, journal entries, and exam-related guidance for application in practical scenarios.
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