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1. Explain the regulatory framework that governsfinancial reporting in Australia

1. Explain the regulatory framework that governsfinancial reporting in Australia with emphasis on theConceptual Framework for financial reporting3. Apply accounting principles and standards whenaccounting for non-current assets, revenue and liabilitiesand recognise the judgements required in a range ofdiverse business contexts5. Differentiate between shares and debentures andapply appropriate accounting proceduresContext:This is Part B of assessment 2. A business scenario had been provided in part A, inwhich an entrepreneur, Xiaojing Wu, from China immigrated to Australia 10 years agoand considered setting up a business in South Australia. Xiaojing decided to change thebusiness structure from a partnership to a private company, ChiHerbal Pty Ltd, and ithad been working well for them till now.Currently, the company has grown beyond the current structure and they have made adecision to move onto a public company structure ChiHerbal Ltd from private companystructure.In this assessment, journal entries will need to be prepared to account for a range oftransactions undertaken by ChiHerbal Ltd.Business CaseRefer to the transactions for Modules 2, 3 and 4 (Impairment of Assets will not beassessed in this part).

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ASSESSMENT BRIEF
Subject Code and Title ACCT6003 FINANCIAL ACCOUNTING PROCESS
Assessment Assessment 2 Part B
Individual/Group Individual
Length Not applicable

1. Explain the regulatory framework that governs

financial reporting in Australia with emphasis on the

Conceptual Framework for financial reporting

3. Apply accounting principles and standards when

Learning outcomes accounting for non-current assets, revenue and liabilities
and recognise the judgements required in a range of
diverse business contexts
5. Differentiate between shares and debentures and
apply appropriate accounting procedures
Submission Sunday of Week 8 by 11:55pm AEST/AEDT
Weighting
25% (Part B only, Full assessment 30%)
Total Marks 100 marks

Context:

This is Part B of assessment 2. A business scenario had been provided in part A, in
which an entrepreneur, Xiaojing Wu, from China immigrated to Australia 10 years ago
and considered setting up a business in South Australia. Xiaojing decided to change the
business structure from a partnership to a private company, ChiHerbal Pty Ltd, and it
had been working well for them till now.
Currently, the company has grown beyond the current structure and they have made a
decision to move onto a public company structure ChiHerbal Ltd from private company
structure.
In this assessment, journal entries will need to be prepared to account for a range of
transactions undertaken by ChiHerbal Ltd.

Business Case
Refer to the transactions for Modules 2, 3 and 4 (Impairment of Assets will not be
assessed in this part).

ACCT6003 FAP Assessment 2 Part B Brief 1Instructions

Students are expected to review the content of Module 2, 3 and 4 (excluding Impairment of
Assets in Module 4). Students are required to account for the formation and operation of
CHiHerbal Ltd, i.e. transactions regarding the company’s financing activities, fixed assets,
and intangible assets.

Assignment Part B Questions
Assuming you…

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