1- Read the annual report for National Grid plc Utilities and critically analyse and discuss the accounting policies and principles adopted by the company regarding intangible assets (IAS 38)?
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1- Read the annual report for National Grid plc Utilities and critically analyse and discuss the accounting policies and principles adopted by the company regarding intangible assets (IAS 38)?
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- 1- Review the annual report and critically analyse the accounting policies and principles adopted by National Grid plc Utilities regarding intangible assets (IAS 38).Analyse the Annual Report for National Grid plc Utilities and dicuss the accounting policies and principles adopted by the company regarding intangible assets (IAS 38).Critical Analysis of the Annual Report for National Grid plc Utilities and dicuss the accounting policies and principles adopted by the company regarding intangible assets (IAS 38).
- Property, Plant, and Equipment (PPE) Assessment: Describe the company’s Property, Plant and Equipment section in the balance sheet relative to the total fixed assets of the company’s industry (use quantitative and qualitative summaries to support your description. Analyze the accounting treatment of Property, Plant and Equipment, including depreciation methods employed and any impairments recognized, and include a brief summary of the accounting standards and principles included in the decision (reference the Notes that inform your summary). Discuss the significance of Property, Plant And Equipment in the company’s operations and its impact on financial performance and reporting.Access the FASB Accounting Standards Codification at the FASB website (asc.fasb.org). Determine the specific citation for each of the following items: 1. The disclosure requirements in the notes to the financial statements for depreciation on property, plant, and equipment. 2. The criteria for determining commercial substance in a nonmonetary exchange. 3. The disclosure requirements for interest capitalization. 4. The elements of costs to be included as R&D activities.Property, Plant, and Equipment (PPE) Assessment:a) Describe the company’s Property, Plant and Equipment section in the balance sheet relative to the total fixed assets of the company’s industry (use quantitative and qualitative summaries to support your description. b) Analyze the accounting treatment of Property, Plant and Equipment, including depreciation methods employed and any impairments recognized, and include a brief summary of the accounting standards and principles included in the decision (reference the Notes that inform your summary). c) Discuss the significance of Property, Plant And Equipment in the company’s operations and its impact on financial performance and reporting.
- Which of the following should be disclosed in the Summary ofSignificant Accounting Policies?a. rent expense amount b. maturity dates of long-term debtc. methods of amortizing intangiblesd. composition of plant assetsClassify the accounts listed below by matching the account name with one of the following financial statementsections in which the account would be reported:a. Current Assetsb. Fixed Assetsc. Intangible Assetsd. Current Liabilitye. Long-Term Liabilityf. Owners’ Equityg. Revenuesh. Operating Expensesi. Other Income/Expense____ 31. Buildings____ 32. Accumulated Depreciation - Buildings____ 33. Depreciation Expense____ 34. Trademarks____ 35. Amortization Expense____ 36. Repairs Expense____ 37. Land Improvements____ 38. Gain on sale of equipment____ 39. Loss on disposal of asset____ 40. Loss from Impaired GoodwillWhat do you know about PPE ( property, plant and equipment ? • What range of measures is used to determine amounts for these items in the reports of the individual companies? • Do you think it is valid to add the items, given the measures used? • How would you interpret the total amount for property, plant and equipment in the financial statements? • Compare the measures used by the different companies for similar items. Are there any inconsistencies in how similar items are measured by the different companies? Answer above by seeing 2020 annual report of Coles & WoolWorths AU and evaluate the PPE disclosure of WOW and COL.
- Explain the situation that a company (in the extractive industry) expenses all exploration and evaluation expenditure as incurred. Would the related financial reports provide ‘relevant’ information?Which of the following groups would be classified as intangible assets for financial accounting andreporting purposes? a. long-term notes receivable, copyrights, goodwill, and trademarksb. patents, computer software costs, franchises, and trademarksc. computer software costs, research and development costs for internally developed patents,patents, and goodwilld. organization costs, goodwill, costs of employee training programs, and trademarksPP&E Assertions and Substantive Procedures. This question contains three items that are management assertions about property and equipment. Following them are several substantive procedures for obtaining evidence about management’s assertions.Assertions1. The entity has legal right to property and equipment acquired during the year.2. Recorded property and equipment represent assets that actually exist at the balance-sheet date.3. Net property and equipment are properly valued at the balance-sheet date.Substantive Proceduresa. Trace opening balances in the summary schedules to the prior-year audit documentation.b. Review the provision for depreciation expense and determine whether depreciable lives and methods used in the current year are consistent with those used in the prior year.c. Determine whether the responsibility for maintaining the property and equipment records is separated from the responsibility for custody of property and equipment.d. Examine deeds and title insurance…
