Many universities across the globe are offering courses in finance. We can say that the primary aim of the finance course is to provide the student with a platform to launch a successful career in business. Finance course gives students a thorough understanding of the theoretical financial principles and practical implementation of these principles in the world of business.After pursuing a course in finance and writing assignments and essay, students will get to know about the financial markets. Courses in Finance can be further subdivided into major subjects, such as Futures and options, Markets and Trading, Financial Modeling, Capital Markets, International Finance, Mergers, Acquisitions and Corporate Structure.
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Question 1: Prepare the statement of financial position and the statement of profit or loss and other comprehensive income of Flash Ltd for the year ended 30 June 2016 in accordance with AASB 101, using the line items that a listed company is likely to use. Show all workings. Notes and comparative figures are not required.
Question 2: Advise the directors of Flash Ltd what other financial statement reports need to be prepared to accompany the statement of financial position and the statement of profit or loss and other comprehensive income – to ensure that the company complies with its obligations under the Accounting Standards. Briefly explain the purpose of each other, financial statement report listed.
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