Australian Accounting
Accounting Questions
This part of the assignment is worth a total of 12 marks (details are provided below). It requires you to provide a written response to the questions listed below.
When answering the provided questions you must ensure that your answers address the questions, that your answers have an accounting/financial reporting focus, that your answers are internally consistent and that the individual components of your answers provide a well-rounded argument that is easy to follow.
The Chief Financial Officer (CFO) of Large Mart has been unable to find answers for two accounting problems. He has asked you to investigate the following questions and to write a report (including relevant references to source materials and accounting standards) that will provide him with answers to these questions and help him to understand how you have developed your answers.
(5 marks) Large Mart has recently purchased and installed a filter system through which all exhaust fumes that are created when PCs are produced in the Large Mart factory are passed before being released into the atmosphere. The filter system was installed because the Australian Environmental Protection Agency (EPA) threatened to close the factory unless all exhausted fumes were filtered.
The Chief Operating Officer (CEO) has asked the CFO if the filter system can be treated as an asset of the company. The CFO is not sure whether or not the filter system is an asset of Large Mart because after reviewing the Australian Conceptual Framework document, the CFO is not sure if the filter system produces any future economic benefits. The main reason for the CFO's concerns is that the filter system is not actually used in the production process.
a) Determine whether or not the filter system that was purchased and installed in the Large Mart factory meets the future economic benefit requirement that is included in the asset definition criteria AND provide a detailed description of the future economic benefits that the filter system is producing.
The filter system does not add value to the production process and...
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