Lease Accounting

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Question 1 – Lease Accounting (20 Marks)

On 30 June 2006, Salohcin Ltd entered into a non-cancellable lease with Ffoeg Ltd, for a period of 4 years. The lessor is a Manufacturer/Dealer of the leased equipment. The leased asset is a specific item of industrial machinery (Portable Enamel Drying Room) with a fair value of $349,160. The equipment has a carrying value on the books of the lessor of $280,000. The equipment is expected to have an economic life of 5 years with an expected salvage value at the end of Year 5 of $50,000. The estimated residual value at the end of the lease term is $80,000 and the terms of the lease require that the lessee guarantees $60,000 of the residual value. The lessee is required to make 4 annual payments of $120,000, due on 30 June, each year. Included in the annual lease payments is $20,000 representing payment to the lessor for expected executory costs relating to insurance and maintenance of the equipment. At the end of the lease term the asset reverts to the lessor. The lessor incurs $15,000 in initial direct costs.

The implicit interest rate in the lease is 20%. The present value of an annuity due for 4 periods at 20% is 3.106. The present value of an amount for 4 periods at 20% is .482.

REQUIRED:

  1. Explain why the lease agreement in this case would be treated as a finance lease from the perspective of the lessee; Your answer should reflect the relevant requirements in AASB117 – Leases
  2. Calculate the present value of the lease receivable at the inception of the lease
  3. Complete the Schedule of Lease Receipts for the lessor. Your answer should provide proof that the interest rate implicit in the lease is in fact 20%.
  4. Prepare the necessary journal entries for 2006, 2007, and 2010 for the lessor assuming that the lessee is not required to make the guaranteed residual payment and that the asset is returned to the lessor.
  5. Prepare the portion of the balance sheet for 2006 and 2007 for the lessor relating to the asset associated with the lease

(2 + 3 + 8 + 5 + 2 = 20 Marks)

Question 2 – Intangible Assets (20 Marks)

A recent discussion paper issued by the AASB, suggests that there are potential advantages for bringing to account internally generated intangible assets at fair value. 

REQUIRED:

As a leading consultant undertaking an engagement for a large biomedical company that incurs considerable annual expenditure on drug research and development, write a brief report for the company’s board which evaluates the possible advantages and disadvantages of recognising internally generated intangible assets in the accounts of the company.

Question 3 – Conceptual Framework (20 Marks)

In December 2013, the Australian Accounting Standards Board issued a significant amendment to the AASB’s Framework for the Preparation and Presentation of Financial Statements (CF- 1-2013)

REQUIRED:

Comment on the genesis of the amendment, the main requirements prescribed by the amendment, and the consequential effects of the amendment on the existing AASB framework.

Discuss the impact of teenage pregnancy on this German American family

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1) Donna White a 59 years old African American woman presents to her clinic for a physical examination. Physical examination reveal that she is 5' 4″ tall and weighs 278lbs, blood pressure160/96 and total cholesterol of 297.

a)What cultural factors may have contributed to her hypertension? And why?

b)What environmental factors may have contributed to her obesity? and why?

2) Mrs. Cheng brought her 4-year-old son, Justin, to the emergency department because of high fever for 4 days. She mentioned that she gave her son some herbal medicine that her mother-in-law prepared, but it was ineffective. The ARNP in the ED diagnosed the child with a pulmonary infection and prescribed liquid antibiotic.

  1. a) From a traditional Chinese medical perspective, how might the nurse incorporate Western medical prescription while respecting Mrs. Cheng's family, who wishes to continue Chinese herbal treatments?
  2. b) Describe from the traditional Chinese individual the ideal health-care provider. Describe your own opinions.

3) Fourteen-years-old Lydia Shultz is 2 months pregnant. She is being see in the health-care provider's office and is accompanied by her mother and grandmother. Both her mother and grandmother occasionally weep as they wait in the office with Lydia. They tell of their disbelief that Lydia is pregnant at 14 and how embarrassed they are. They ask for names of homes for unwed mothers.

a)Discuss the impact of teenage pregnancy on this German American family

b)Understanding the German American family culture, how can this family be helped through this life crises?

4) In your opinion what do nurses need to understand about Jew's relationship with God and view of death?

5) In your opinion what are some Health-Seeking Beliefs and Behaviors that a Vietnamese patient have that would interfere with western medicine. Explain your view point

Disease Process on Diabetes

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5D2 (200) Disease Process on Diabetes

Write an imaginary case study for your hypothetical patient.

Explain how the patient moved through the healthcare delivery system.

With respect to the costs you calculated last week, describe how the patient will pay for the cost of treatment.

Analyze the healthcare delivery system as illustrated in this case. What problems did you notice? Would some people find it difficult to pay for treatment? Are there areas where treatment for this illness is unavailable or unaffordable to the common person?

Topic 2: Healthcare Profession

Research to find organizations that assess the quality of care provided by the healthcare professionals you chose to study and answer the following:

What is the liability of these professionals?

How do changes in medical technology affect these professionals?

Support your answers for both the topics with appropriate examples and research.

Assignment details

Assignment 2 Grading Criteria: Topic 1

Provided a case study for the patient. Explained how the patient moved through the healthcare delivery system.

Described how the patient will pay for the cost of treatment.

Analyzed the healthcare delivery system. Determined areas where treatment for this illness is unavailable or unaffordable to the common person.

Incorporated the feedback from the instructor for all the tasks of the project topic you selected and combined what you have developed in Weeks 25 into a single document, with appropriate headings and formatting.

Assignment 2 Grading Criteria: Topic 2

Researched to find organizations that assess the quality of care provided by the healthcare professionals chosen to study.

Described the liabilities of these professionals.

Explained how changes in medical technology affect these professionals.

Incorporated the feedback from the instructor for all the tasks of the project topic you selected and combined what you have developed in Weeks 25 into a single document, with appropriate headings and formatting.

Describe the primary process principals of a typical pharmaceutical tabletting operation. List three (3) critical parameters that must be controlled.

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Written questions assignment

WQ-1.   Scenario: A doctor is about to inject an aseptically manufactured injectable finished pharmaceutical into the arm of a child.

Medicinal injection

  1. How would you convince both the patient’s parents and the doctor that the manufacturing process was robust and to proceed in confidence with administration?
  2. What are the biggest risks to the child?
  3. How are they controlled?

WQ-2.   Examine the graphical representation on the next page for “A Validation Approach for a Complex Project, Consisting of Many Systems and Components”.

  1. In terms of “Qualification Rationale”, describe the process of a system-impact-assessment and component-level-impact assessment.
  2. In your own words define the term installation qualification (IQ).
  3. In your own words define the term operational qualification (OQ).
  4. In your own words define the term performance qualification (IQ).

WQ-3.   Briefly describe the inter-relationships between the following operational activities for a computerized system in a GxP enironment.

  1. Handover
  2. Establishing and Managing Support Services
  3. Performance Monitoring
  4. Incident Management
  5. Corrective and Preventive Action
  6. Operational Change and Configuration Management
  7. Repair Activity
  8. Periodic Review
  9. Backup and Restore
  10. Business Continuity Management
  11. Security Management
  12. System Administration
  13. Archiving and Retrieval

WQ-4.   Examine the diagram on the next page for a typical vertical processing facility designed for batch API production.

Describe, with reference to the diagram, how synthetic API plants (Batch Organic Chemical Synthesis) normally follow a sequence to produce a solid product:

  1. Reaction (Continuously Stirred Tank Reactor (CSTR))
  2. Crystallization
  3. Seperation
  4. Drying

WQ-5.   Study the following diagram that represents the basic unit operations that most companies implement when manufacturing a biopharmaceutical protein-based drug substance.

Briefly describe the following three stages of a typical process:

  1. Stage I: Upstream Processing
  2. Stage II: Fermentation
  3. Stage III: Downstream Processing

WQ-6.   Describe the principals for a typical cleaning validation sequence as listed below:

  1. Use the equipment for the process
  2. After processing hold the equipment and allow to dry
  3. Clean as per the procedure
  4. Sample for product residue, cleaning-agent residues, and others
  5. Repeat twice more, giving three (3) consecutive runs
  6. Develop on post-cleaning monitoring strategies

WQ-7.   Describe the primary process principals of a typical pharmaceutical tabletting operation. List three (3) critical parameters that must be controlled.

WQ-8.   Combining the principals of the FDA’s approach to medical device classifications with the EU Medical Device Directive 93/42/EEC, list three devices in the following categories giving reasons for your answers:

Heart Stent

  1. Class I
  2. Class II (or IIa / IIb)
  3. Class III