ACC514 Financial Accounting and Financial Statements

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ACC514 Financial Accounting

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You are the financial accountant of Berjaya Ltd, which commences operations from 1 July 2019. A trainee accountant prepared its first statement of profit or loss and other comprehensive income; and statement financial position from the trial balance.

The intangible assets included in the property, plant and equipment amounted to $20,000 relates to a patent acquired on 1 July 2019. The patent allows Berjaya Ltd to trade a unique product in the market for a period of 5 years.
Provision for warranty related to warranty provided to customers that are expected to be claimed within the next 6 months. On another note, $2,000 of the provision for annual leave is expected to be paid off within the next 12 months.
Current tax liability for the financial year amounted to $32,000.
Bank loans from Westpac and Commonwealth Bank are repayable after two years.
Berjaya Ltd uses the single statement format for the statement of profit or loss and other comprehensive income and the directors would like to present an analysis of expenses by function on the statement.
In relation to the statement of financial position, where AASB 101 requires entities to disclose further sub-classifications of the minimum line items on the face of the statement or in the notes, the directors of Berjaya Ltd want to report only the minimum line items on the face of the statement, and leave the sub-classifications to be disclosed in the notes

(i) Review the financial statements prepared by the trainee accountant. Explain to the trainee accountant of the corrections and/or changes need to be made to the financial statements to ensure that they comply with the requirements of AASB 101. Provide references to relevant paragraphs in the accounting standards where appropriate to support your response given.
(ii) Prepare corrected statement of profit or loss and other comprehensive income and statement of financial position of Berjaya Ltd for the year ended 30 June 2020, in line with the advice provided above.

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