ACC204 Advanced Financial Accounting : JIB Pty Ltd.

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ACC204 Advanced Financial Accounting

Questions:

Question One: 
Future Plus Ltd is a biotechnology company that was listed on the Australian Securities Exchange on 1 July 2018 following a very successful initial public offering of shares. The company is involved in research and the commercialisation of recent medical breakthroughs. Its managing director is Professor Tony Theodore, a world-renowned figure in medical and biotechnology research. The board of directors of Future Plus Ltd is about to discuss the preparation of financial statements for the company’s first year of operations (year ended 30 June 2019). The managing director has put forward the following views about the
Company’s financial statements:
• The entire company and its staff, whether security officers, secretaries or researchers, is focused on the company’s mission of commercialising research. Hence, the entire $30 million of non-capital spending during the year has contributed to the development of intellectual capital in the company.
As the market value of the company ($250 million) far exceeds the company’s book value, it is clear that all expenditures in the current year have added value to the company and should be capitalised as intellectual capital. The managing director expects further market value increases in the future and thus sees no reason for any amortisation of these capitalised amounts.
• The company is currently working on three research projects, and expenditures directly related to these projects total $18 million. Despite some setbacks on one project, the managing director is ‘supremely confident’ that all projects will be brought to a successful conclusion. As yet, no projects have reached the stage of starting commercial production.

Required:
Write a brief report to the board of directors evaluating the managing director’s views in light of relevant accounting standards. 

Question Two:
On 1 July 2019, Tech Ltd (lessee) contracts to lease equipment for five years at an annual rental of $20 000, with the first payment payable immediately and subsequent annual payments due on 1 July. The equipment could have been purchased from the supplier for $80 747. The rate of interest implicit in the lease is 12% and the end of the reporting period is 30 June.

Required:
(a) Prepare general journal entries to record the lease on 1 July 2019 for Tech Ltd (lessee).
(b) Prepare a schedule showing the division of the lease rental into interest and principal components for the lessee over the term of the lease.
(c) Prepare a depreciation schedule for the lessee assuming the right-of-use asset is depreciated over the term of the lease.
(d) Prepare general journal entries for the lessee for the remaining term of the lease (not covered by part (a) of this question).

Question Three:
ABC Pty Ltd (ABC) is a private company with many strategic investments. The CFO is concerned that he might be required to consolidate some of these investments, pursuant to AASB 10. Details of the investment relationships are as follows:

ABC operate as the trustee company for the ABC trading trust. The trust is a discretionary trust with the nominated beneficiaries being the directors of ABC. These directors are Mr Frank, Mrs Ada and Mr Leonard. Over the years. the trust has distributed its income in the following proportions

Mr Frank   70
Mrs Ada    20
Mr Leonard 10
 Under the terms of the trust deed, ABC has complete control over the operating and financing decisions of the trust
ABC hold 75 per cent interest 1n JIB Pty Ltd (JIB). The interest was created when ABC converted a substantial loan it made to JIB into equity at the invitation of JIB when JIB began to trade poorly and recovery of the loan seemed uncertain. JIB has a large deficiency in net assets and has been consolidated for many years. ABC is a passive investor, having no seats on the board of directors and no say in the financing or operating decisions or JIB.

Required:
You are required to advise the CFO of ABC Pty Ltd of the requirements of AASB 10 in respect of the control criterion. For each of the above investments indicate where the control rests and whether or not consolidation will be required. Provide your reasons with referring to the details of relevant standards.

ACC204 Advanced Financial Accounting

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