With assets of ($ 675) billion (AUS), Westpac Banking Corporation is one of Australia's largest banks. The

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With assets of $\$ 675$ billion (AUS), Westpac Banking Corporation is one of Australia's largest banks. The company provides a broad range of banking and financial services including retail, business and institutional banking and wealth management services. The company has branches throughout Australia, New Zealand and the Pacific region and employs 34,000 people. The company's September 30, 2012, fiscal year end balance sheet (IFRS) reported the following: image text in transcribed

Required

a. Westpac reports trading securities of $\$ 44,603$ million and available-for-sale securities of $\$ 24,472$ million. Are these substantial assets for the bank?

b. At what amount does Westpac Banking Corporation report its trading securities on its balance sheets for 2012 ?

c. Assume that the historic cost of the available-for-sale securities was $\$ 24,390$ at September 30, 2012. Did Westpac have an unrealized gain or loss on these securities?

d. Explain how the unrealized gain or loss on available-for-sale securities affects Westpac's balance sheet and income statement in 2012.

e. Assume that the historic cost of the trading securities was $\$ 45,812$ at September 30, 2012. Did Westpac have an unrealized gain or loss on these securities?

f. Explain how the unrealized gain or loss on trading securities affects Westpac's balance sheet and income statement in 2012.

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