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Assignment Two

This document outlines a financial statement analysis assignment for an accounting course. Students are instructed to select financial statements for any public company and answer 10 questions analyzing various components of the statements, including: 1) the accounting framework used, 2) classification of profit/loss sections, 3) reporting of discontinued operations, 4) depreciation methods and estimates, 5) changes in estimates or errors, 6) asset impairment reporting, 7) classification of the statement of financial position, 8) investment asset types and measurement bases, and 9) equity section disclosures including shares issued. The assignment responses must be submitted in PDF format after the midterm exam.

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21 views

Assignment Two

This document outlines a financial statement analysis assignment for an accounting course. Students are instructed to select financial statements for any public company and answer 10 questions analyzing various components of the statements, including: 1) the accounting framework used, 2) classification of profit/loss sections, 3) reporting of discontinued operations, 4) depreciation methods and estimates, 5) changes in estimates or errors, 6) asset impairment reporting, 7) classification of the statement of financial position, 8) investment asset types and measurement bases, and 9) equity section disclosures including shares issued. The assignment responses must be submitted in PDF format after the midterm exam.

Uploaded by

AirForce Man
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Accounting for managers

Summer 2022

Assignment Two (10 Marks)


Each student should select a set of financial statements for any company and answer the
following questions:

1. What is the accounting framework followed by each company? Example: does the Company follow IFRS, GAAP,
or the Egyptian standards?

Answer according to International Financial Reporting Standards (IFRS).

2. How did the company classify the statement of Profit or loss? Are you able to differentiate between the operating
and non -operating sections in the Statement of Profit or loss?

Answer the company classify the statement of Profit or loss


 Gross profit
 Operating profit
 Net profit
 Other comprehensive loss, net of tax
Difference between the operating and non -operating sections in the Statement of Profit or loss ( Non-
controlling interest as operating section.

3. Does the Profit or loss statement include a section for discontinued operations?
Does management to stop this kind of activity present the reasons how the company reported this in the disclosure
notes and what?

Answer: Yes the discontinued operations was showed, the company sold EPS was showed for discontinued operation in 31
march 2021 was 0.20 and it was 0.21 in the same date which was march 2020 Identify the sale of operations (gain or loss)
 Identify the operating income or loss realized by the discontinued division.

4. Show how the company reported information regarding depreciation, disclosure of the related information.
Identify the depreciation methods used and how the company reported its estimates of the assets’ useful life?

5. Are there any change of estimates or errors reported by the company? How are these changes recognized? Explain.

Answer No changed shows up.

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Accounting for managers
Summer 2022

6. Is there any impairment of assets and how the company reported their values and reported the related information
in the disclosure notes regarding the impaired assets and how the impairment was calculated?

7. How did each company classify the Statement of financial position? (In terms of liquidity and the main sections
used in the statement).
Answers
 Assets
 Current assets
 Equity
 Liability
 Current liabilities

8. Concerning the investment account: Describe the type of assets held by the company for investments and the type
of investments (Properties/ Securities….) and how the company is classifying these investments and what is the
measurement basis used to record each category.
9. Concerning the equity section: Show how the company disclosed the information related to number of stocks
issued and outstanding and if there is any stock transaction performed by the company during the year)
10.

Note
The assignment should be presented in the first lecture after your midterm exam
The file should include the financial statement you used and the answers to the above
questions in a pdf format

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Accounting for managers
Summer 2022

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