Financial Accounting -- 2
Budget: $10 – $30 USD
Read the SAPTCO Consolidated Statement of Financial Position, Consolidated Statement of Profit
or Loss and Consolidated Statement of Changes in Equity for the year ended 31 December 2021.
Also carefully read the Notes to the Consolidated Financial Statements.
Task -1
Under Point 3, Bases of Preparation (page 8), list the main points relating to the presentation of financial statements by SAPTCO.
Task -2
Under Point.4 Use of Estimates and Judgements (page 9 &10), describe clearly the “ measurement of fair values”.
Task-3
Under Point.5 Significant Accounting Policies, see 5.1 & 5.2, (page 11), summarize and report
about Basis of Consolidation and Investment in Associates.
Task-4
Read page 12 and list the procedure followed by SAPTCO regarding the classification of assets and liabilities as “current” and “non- current”.
Task-5
Read page 17 to 22 and report on SAPTCO policies and procedures related to a presentation of financial instruments. It should include:
Financial Assets:
(a) Initial recognition and measurement
(b) Subsequent measurement.
(c) Financial assets at FVTPL.
(d) Derecognition
(e) Impairment
(f) Measurement of Expected Credit Losses (ECLs)
(g) Credit Impaired Financial Assets
(h) Presentation of allowance for ELCs in the statement of financial position.
Financial Liabilities:
(a) Initial recognition
(b) Subsequent measurement
(c) Financial liabilities at amortized cost (lease liabilities and loans)
(d) Derecognition
(e) Offsetting financial instruments
(f) Write off
or Loss and Consolidated Statement of Changes in Equity for the year ended 31 December 2021.
Also carefully read the Notes to the Consolidated Financial Statements.
Task -1
Under Point 3, Bases of Preparation (page 8), list the main points relating to the presentation of financial statements by SAPTCO.
Task -2
Under Point.4 Use of Estimates and Judgements (page 9 &10), describe clearly the “ measurement of fair values”.
Task-3
Under Point.5 Significant Accounting Policies, see 5.1 & 5.2, (page 11), summarize and report
about Basis of Consolidation and Investment in Associates.
Task-4
Read page 12 and list the procedure followed by SAPTCO regarding the classification of assets and liabilities as “current” and “non- current”.
Task-5
Read page 17 to 22 and report on SAPTCO policies and procedures related to a presentation of financial instruments. It should include:
Financial Assets:
(a) Initial recognition and measurement
(b) Subsequent measurement.
(c) Financial assets at FVTPL.
(d) Derecognition
(e) Impairment
(f) Measurement of Expected Credit Losses (ECLs)
(g) Credit Impaired Financial Assets
(h) Presentation of allowance for ELCs in the statement of financial position.
Financial Liabilities:
(a) Initial recognition
(b) Subsequent measurement
(c) Financial liabilities at amortized cost (lease liabilities and loans)
(d) Derecognition
(e) Offsetting financial instruments
(f) Write off