MAA725 – Advanced Accounting Principles and Practice Assignment Help
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MAA725 Advanced Accounting Principles Assignment Help
Task One
The global financial crisis (GFC) gave rise to concerns about the accounting treatment of financial instruments. Discuss these concerns and how these have been addressed by AASB 9 ‘Financial Instruments’. (Maximum 1000 words) (10 Marks)
Task Two
On 1 November 2019 Burwood Limited an Australian company, entered a contract for US$3 500 000 worth of inventory with Harlom Incorporated, a US supplier. The goods will be purchased FOB Philadelphia. The goods are shipped on 1 April 2020 and are paid for on 30 June 2020. Burwood Limited also entered into a forward exchange contract for US$3 500 000 on 1 November 2019 with NY Bank in which NY Bank agrees to supply Burwood Limited with US$3 500 000 on 30 June 2020. Burwood Limited has a financial year ending 31 December.
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Assume that the hedging arrangement satisfies the requirements for hedge accounting as stipulated in AASB 9 ‘Financial Instruments, and the management of Burwood Limited adopts Cash flow hedge accounting. Prepare a table showing Gains/losses on the hedging instrument (the forward rate contract) and also provide necessary journal entries to record the above transactions from 1 November 2019 to 30 June 2020. (10 marks)
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