ACFI2012: Accounting for Corporate Entities Individual Writing Assignemnt T1 | UoN

Published: 14 Jun, 2025
Category Assignment Subject Accounting
University University of Newcastel (UoN) Module Title ACFI2012: Accounting for Corporate Entities

ACFI2012 Part A: Essay (40 marks)

In their article entitled 'U.S. firms challenged to get "intangibles" on the books', Byrnes and Aubin (2011) noted that in the United States some companies were accounting for intangibles such as brands, patents and information technology differently when they were developed internally rather than being acquired. This could mean major differences in accounting numbers where internally generated intangibles developed at low costs by one company were sold for large amounts to another company.

They noted:
The accounting difference could result in distorted behaviour, warns Abraham Briloff, a professor emeritus of accountancy at Baruch College, tempting companies to buy intellectual property rather than doing research themselves...

Required

  1. Explain the accounting for internally generated intangible assets in AASB 138/IAS 38. 
  2. Discuss any differences between accounting for internally generated intangible assets and acquired intangible assets in AASB 138/IAS 38.
  3. Discuss why shareholders and lenders may be reluctant to press for changes in AASB 138/IAS 38 to require more recognition of internally generated intangible assets. 
  4. Explain why managers of organisations would prefer changes in AASB 138/IAS 38 to require more recognition of internally generated intangible assets.

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ACFI2012 Part B: (60 marks)

On 1 August 2024, Severus Ltd issued a prospectus inviting applications for 400 000 ordinary shares to the public at an issue price of $6.00, payable as follows:

  • $2.00 on application (due by closing date of 1 November 2024)
  • $2.50 on allotment (due 1 December 2024)
  • $1.50 on future call/calls to be determined by the directors

By 1 November, applications had been received for 430 000 ordinary shares of which applicants for 50 000 shares forwarded the full $6.00 per share, applicants for 150 000 shares forwarded $4.50 per share and the remainder forwarded only the application money.

At a directors' meeting on 7 November, it was decided to allot shares in full to applicants who had paid the $6.00 or $4.50 on application, to reject applications for 10 000 shares and to proportionally allocate shares to all remaining applicants. According to the company's constitution, all surplus money from application can be transferred to Allotment and/or Call accounts.

Share issue costs of $20 000 were also paid on 7 November. All outstanding allotment money was received by the due date.

A first call for $0.80 was made on 1 February 2025 with money due by 1 March. All money was received by the due date. A second and final call for $0.70 was made on 1 June with money due by 18 June. All money was received by the due date.

Required:

  1. Prepare a schedule that shows the numbers of shares applied for, numbers of shares allotted, total cash received, cash received that relates to application, cash received that relates to allotment, cash received that relates to calls, cash refunded. (24 marks)
  2. Prepare journal entries to reflect all transactions for the year end 30 June 2025. (36 marks)
    Note: the entries should be displayed in date order of the underlying transaction. The detailed calculations and relevant description should be listed below each entry.

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