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ACC510 Financial Reporting-Fair Value Measurement

Discuss the highest and best use principle and the relevance of the information provided by its application. Ltd has two divisions, Time and Leisure. Each of these is regarded as a separate CGU.   

At 31 December 2016, the carrying amounts of the assets of the two divisions were:





$1 500 

$1 200 

Accumulated depreciation












The receivables were regarded as collectable, and the inventories’ fair value less costs of disposal was equal to its carrying amount. The patent had a fair value less costs of disposal of $220. The plant at Time was depreciated at $300 p.a., and that at Leisure was depreciated at $250 p.a.Last Ltd undertook impairment testing at 31 December 2016, and determined the recoverable amounts of the two divisions to be:As a result, management increased the depreciation of the Time plant from $300 to $350 p.a. for the year 2017.

By 31 December 2017, the performance in both divisions had improved, and the carrying amounts of the assets of both divisions and their recoverable amounts were as follows:




Carrying amount

$1 322

$1 433

Recoverable amount

1 502

1 520


Determine how Last Ltd should account for the results of the impairment tests at both 31 December 2016 and 31 December 2017. 

On 29 April 2014, Lockheed Martin posted an announcement on its website in relation to achieving a significant milestone in research and development for unmanned technologies. The announcement inclued the following:

Three systems acquired by Lockheed Martin [NYSE: LMT] have progressed from their research and development phase to operational readiness. The Indago vertical take-off and landing (VTOL) quad-rotor, accompanied by its handheld ground control station (GCS) will offer a robust, mobile surveillance application. Additionally, a new Commercial Avionics Suite delivers the same performance and reliability that customers have enjoyed with the previous products but at a new low price.

‘After two years of developing these capabilities, we will now be able to deliver affordable and effective products to both military and commercial customers,’ said Kevin Westfall, director of unmanned solutions at Lockheed Martin’s Mission Systems and Training business. ‘The Indago VTOL, handheld GCS and advanced Commercial Avionics Suite will provide mobility and high accuracy for a range of missions – now and in the future.’


In accounting for internally generated intangible assets it is necessary to distinguish between the research phase and the development phase of a project. Discuss the difference between these two phases, and the accounting for outlays incurred in the two phases..

Some years ago, Wattle Ltd established a defined benefit superannuation plan for its employees. The company has since introduced a defined contribution plan, which all new staff join when commencing employment with Wattle Ltd. Although the defined benefit plan is now closed to new recruits, the fund continues to provide for employees who have been with the company for a long time. The following actuarial report has been received for the defined benefit plan:




Present value of the defined benefit obligation 1 Jan.

20 000 000

Past service cost

2 000 000

Current service cost

800 000

Benefits paid

2 100 000

Actuarial loss on DBO

100 000

Present value of the defined benefit obligation 31 Dec.

23 000 000

Fair value of plan assets at 1 Jan.

19 000 000

Contributions paid to the fund during the year

1 000 000

Benefits paid by the fund during the year

2 100 000

Fair value of plan assets at 31 December 2016

20 130 000

Additional information

(a) All contributions received by the funds were paid by Wattle Ltd. Employees make no contributions.

(b) The interest rate used to measure the present value of the defined benefit obligation was 10% at 31 December 2015 and 31 December 2016.

(c) The asset ceiling was nil at 31 December 2015 and 31 December 2016.


  1. Determine the surplus or deficit of Wattle Ltd’s defined benefit plan at 31 December 2016.
  2. Determine the net defined benefit asset or liability that should be recognised by Wattle Ltd at 31 December 2016.
  3. Calculate the net interest and the return on plan assets for the year ended 31 December 2016.
  4. Present a reconciliation of the opening balance to the closing balance of the net defined benefit liability (asset), showing separate reconciliations for plan assets and the present value of the defined benefit obligation.
  5. Prepare a summary journal entry to account for the defined benefit superannuation plan in the books of Wattle Ltd for the year ended 31 December 2016.

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