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    Course Title: Financial Statement Analysis Course Code: FIN4233 Assignment No.1

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    ھاشم عمران واھلہ
    This document provides instructions and questions for Assignment 1 of the Financial Statement Analysis course at the University of Central Punjab for the Fall 2020 semester. It includes 7 questions related to key differences between IFRS and US GAAP, analyzing an audit report for a selected company, reasons for recording land at historical cost, how inventory valuation methods affect profitability, identifying assumptions of the accounting model in various situations, classifying note payables on the balance sheet, the importance of disclosure notes, and what a management discussion and analysis covers.

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    Course Title: Financial Statement Analysis Course Code: FIN4233 Assignment No.1

    Uploaded by

    ھاشم عمران واھلہ
    25 views2 pages
    This document provides instructions and questions for Assignment 1 of the Financial Statement Analysis course at the University of Central Punjab for the Fall 2020 semester. It includes 7 questions related to key differences between IFRS and US GAAP, analyzing an audit report for a selected company, reasons for recording land at historical cost, how inventory valuation methods affect profitability, identifying assumptions of the accounting model in various situations, classifying note payables on the balance sheet, the importance of disclosure notes, and what a management discussion and analysis covers.

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    Assignment 1

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    This document provides instructions and questions for Assignment 1 of the Financial Statement Analysis course at the University of Central Punjab for the Fall 2020 semester. It includes 7 questions related to key differences between IFRS and US GAAP, analyzing an audit report for a selected company, reasons for recording land at historical cost, how inventory valuation methods affect profitability, identifying assumptions of the accounting model in various situations, classifying note payables on the balance sheet, the importance of disclosure notes, and what a management discussion and analysis covers.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    25 views2 pages

    Course Title: Financial Statement Analysis Course Code: FIN4233 Assignment No.1

    Uploaded by

    ھاشم عمران واھلہ
    This document provides instructions and questions for Assignment 1 of the Financial Statement Analysis course at the University of Central Punjab for the Fall 2020 semester. It includes 7 questions related to key differences between IFRS and US GAAP, analyzing an audit report for a selected company, reasons for recording land at historical cost, how inventory valuation methods affect profitability, identifying assumptions of the accounting model in various situations, classifying note payables on the balance sheet, the importance of disclosure notes, and what a management discussion and analysis covers.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 2

    UNIVERSITY OF CENTRAL PUNJAB

    FALL 2020

    FALL 2020
    Course Title: Financial Statement Analysis
    Course Code: FIN4233

    Assignment No.1

    Name of Course Instructor: Snober Javid

    Section: Program: Date: 11th November, 2020


    Submission Date:19th November,
    Maximum Marks: 20
    2020
    Program Objective: Course Objective: Course Learning Objective: CL01,
    P01, P02 C01, C02 CL02

    Instructions:
    Assignment Topic & Details:
    Q1.
    What are some of the most important specific differences between IFRS and U.S. GAAP?

    Is the possible conversion to IFRS from U.S. GAAP solely a financial reporting issue?

    Q2. Take your selected company for a project, analyze its audit report and Discuss why
    auditor give such opinion.

    Q3. Why businesses record Land at its original cost, even though its of much more value
    then its cost. Give reasons

    Q4. Do inventory valuation methods affect profitability of the company?


    Q5. In each of the following independent situations, an example is given involving the five
    traditional assumptions of the accounting model.
     For each situation, identify the assumption involved.
    a. A subsidiary of Parent Inc. was exhibiting poor earnings performance for the year.
    In an effort to increase the subsidiary’s reported earnings, Parent Inc. purchased
    products from the subsidiary at twice the normal markup.
    b. When preparing the financial statements for MacNeil & Sons, the accountant
    included certain personal assets of MacNeil and his sons.
    c. The operations of Uintah Savings & Loan are being evaluated by the federal
    government. During their investigations, government officials have determined
    that numerous loans made by top management were unwise and have seriously
    endangered the future existence of the savings and loan.
    d. Pine Valley Ski Resort has experienced a drastic reduction in revenues because of
    light snowfall for the year. Rather than produce financial statements at the end of
    the fiscal year, as is traditionally done, management has elected to wait until next
    year and present results for a two-year period.
    e. Colobri Inc. has equipment that was purchased in 1996 at a cost of $150,000.
    Because of inflation, that same equipment, if purchased today, would cost
    $225,000. Management would like to report the asset on the balance sheet at its
    current value.

    Q5. Explain how each of the following liabilities would be classified on the
    balance sheet:
    • A note payable of $100,000 due in five years.
    • A note payable of $100,000 payable in annual installments of $20,000
    each, with the first installment due next year.

    Q6. Disclosure notes are an integral part of the information provided in


    financial statements. In what ways are the notes critical to understanding
    the financial statements and to evaluating the firm’s performance and
    financial health?
    Q7. Every annual report includes an extensive discussion and analysis
    provided by the company’s management. Specifically, which aspects of
    the company must this discussion address? Isn’t management’s
    perspective too biased to be of use to investors and creditors?

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