Advanced Financial Reporting

All requirements in the attached

similarity should be less than 10%. Ai is not allowed college system will catch it

Module Code
Module Title
Module Credits
GAA6002
Advanced Financial Reporting
20
Academic Year and
Semester
Examination Board
Level & Block
2023-24, 2nd Semester
July 2024
L6B2
Method of Assessment
Term (Mid-term)
Weighting
Coursework
Mid-term
30 %
Module Leader
Module Leader email
Mohammad Saleem
mohammadfbms@gulfcollege.edu.om
Additional Information (if any)
The last date to submit the assignment on Turnitin is on the 25th of April 2024 until 9 PM
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Assessment Details
Assessment title
Abr.
Weighting
Coursework
WRIT1
30%
Pass marks for undergraduate work is 40%, unless stated otherwise.
Task/assessment brief:
Assessment Task
IFRS (International Financial Reporting Standard) 3 is an accounting standard for business combinations issued by
the IASB. It guides entities in recognizing and measuring assets, liabilities, and goodwill in mergers, acquisitions,
and consolidations. The standard identifies the acquirer, determines the acquisition date, and outlines the
treatment of identifiable assets and liabilities. It also provides guidance on subsequent accounting for goodwill
and intangible assets. Detailed disclosures are required to provide transparency and comparability in financial
reporting. IFRS 3 facilitates informed decision-making and assessment of the financial performance of the
combined entity.
Discuss the recognition and measurement of assets, liabilities, and goodwill in mergers, acquisitions, and
consolidations as per the guidelines provided under IFRS 3.
a. What are the guidelines provided by IFRS 3 for recognizing and measuring assets, liabilities, and
goodwill in mergers, acquisitions, and consolidations?
b. How does IFRS 3 identify the acquirer in a business combination? What factors are considered
in determining the acquisition date?
c. Can you outline the treatment of identifiable assets and liabilities as per the guidelines of IFRS 3
in business combinations?
d. Discuss the guidance provided by IFRS 3 on subsequent accounting for goodwill. How does the
standard suggest handling intangible assets in the post-acquisition period?
e. In your evaluation, how effective is IFRS 3 in providing clear and comprehensive guidelines for
the recognition, measurement, and subsequent accounting of assets, liabilities, goodwill, and
intangible assets in business combinations?
This assignment work will be examined in accordance with the following criteria.
Introduction:
150 words
Structure and contents:
900 words
 What guidelines does IFRS 3 offer regarding the recognition and measurement of assets, liabilities, and
goodwill in mergers, acquisitions, and consolidations?
 In a business combination, how does IFRS 3 determine the acquirer’s identity? What factors are taken
into account when establishing the acquisition date?
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


Provide an overview of how IFRS 3 guidelines dictate the handling of identifiable assets and liabilities in
business combinations?
Elaborate on the guidance offered by IFRS 3 concerning the subsequent accounting for goodwill. In
addition, explain the approach recommended by the standard for managing intangible assets during the
post-acquisition period.
In your assessment, to what extent does IFRS 3 succeed in offering unambiguous and comprehensive
guidelines for the recognition, measurement, and subsequent accounting of assets, liabilities, goodwill,
and intangible assets in business combinations?
Conclusion
Note:
150 words
References

Use at least 8 academic sources from journals, Books, or e-books.

Use the Harvard referencing style.
Additional instructions:
*************
Word count (or equivalent):
1200
This is a reflection of the effort required for the assessment. Word counts will normally include any text,
tables, calculations, figures, subtitles and citations. Reference lists and contents of appendices are
excluded from the word count. Contents of appendices are not usually considered when determining
your final assessment grade.
Academic or technical terms explained:
Submission Details
Submission
Deadline:
Mid – 25th April 2024
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Estimated
Feedback
Return Date
After the result
announcement (10
Page 3 of 14
working days) – July 2024
EB
Submission
Time:
9:00 PM
Turnitin:
Any assessments submitted after the deadline will not be marked and will be
recorded as a non-attempt unless you have had an extension request agreed or have
approved mitigating circumstances. See the Gulf College website for more
information on submission details and mitigating circumstances.
File Format:
The assessment must be submitted as a word document and submit through the
Turnitin submission point.
Your assessment should be titled with your:
Student ID number, Module code and Assessment ID,
e.g. 1610200 GAC3000 WRIT1
Feedback
Feedback for the assessment will be provided electronically via Turnitin / MS Teams
/ Face to Face. Feedback will be provided with comments on your strengths and the
areas which you can improve. Module tutors give students two types of assessment
feedback: formative, which is given when the student is working on the completion
of an assignment or coursework, and summative, which is given upon completion of
the module. A comprehensive assessment feedback on your performance will be
given after the announcement of the results. (10 Working Days)
Assessment Criteria
Learning outcomes assessed
On successful completion of the module, a student should be able to:


Critically evaluate and apply the key requirements of company law, accounting standards and concepts in the
context of financial reporting
Extract, analyse and manipulate data, from multiple sources
In addition, the assessment will test the following learning outcome:
This assignment comprises 30% of the total assessment’s marks. It contains one component assignment. This will
develop the Analytical skill of the student. The discussion on IAS 27 enables the students to analyse and evaluate
the benefits of the different activities done in the class. This skill will eventually help them evaluate options
necessary to make decisions in the workplace
It will develop the following skills:

Analytical skills. This will develop the critical thinking of the students in analysing the various tasks.
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
Research skills. This will enhance their proper research and referencing skills that are necessary when they
enter the real world of work.
Mathematical skills. The analysis and calculation of the ratios will help the students develop the required skills
for their specialization.
Marking/Assessment Criteria
Task
Marks
Allocated
Description
Introduction
150 words
10
Structure and contents:
Recognition and measurement of assets, liabilities, and goodwill in mergers,
acquisitions, and consolidations as per the guidelines provided under IFRS 3.





Discuss the guidelines provided by IFRS 3 for recognizing and measuring
assets, liabilities, and goodwill in mergers, acquisitions, and consolidations
(90 words 8 marks)
How does IFRS 3 identify the acquirer in a business combination? What
factors are considered in determining the acquisition date.
(150 words 16 marks)
Outline the treatment of identifiable assets and liabilities as per the guidelines
of IFRS 3 in business combinations.
(150 words 16 marks)
Discussion of guidance provided by IFRS 3 on subsequent accounting for
goodwill. The standard suggestions handling intangible assets in the postacquisition period
(360 words 24marks)
Evaluation of effectiveness of IFRS 3 in providing clear and comprehensive
guidelines for the recognition, measurement, and subsequent accounting of
assets, liabilities, goodwill, and intangible assets in business combinations
(150 words 16 marks)
Conclusion
150 words
Total
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80
10
100
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