Task 2 ACC510 Semester 1, 2018
You have been randomly assigned an Australian publicly listed company (refer to the separate excel spreadsheet provided to identify your company). Using the financial reports for your company, you are required to prepare an essay that addresses the 8 requirements listed below.
1. Provide details of the provisions and contingencies recorded or disclosed by your company.
2. Discuss the recognition criteria and measurement issues associated with those provisions or contingencies.
3. With reference to one specific contingency recorded or disclosed by the company, provide an argument for and against the inclusion of the contingency in the financial report.
4. Provide details of leased items that are recorded or disclosed by your company.
5. Discuss the classification and presentation requirements relevant to leased items, and in doing so provide an explanation for how the leased items of your company have been presented on the financial statements.
6. Identify and explain a hypothetical situation where one of the leased items may need to be reclassified.
7. Select a non-current asset from the financial statements of your company. Provide details of this item (including identify the valuation method used for this item).
8. With reference to qualitative characteristics, provide an argument for using an alternative valuation method for this non-current asset.
The set wordcount for your assignment is 1,500 words (±10% will be considered acceptable). Direct quotes, where used appropriately, will not be considered to contribute to your wordcount. In-text references and List of References will also not be considered to contribute to your wordcount.
Assignments must be submitted via Safe Assignment on the course Blackboard site on or before the due date. If you wish to apply for an extension to your submission date, please email Kirsty Meredith (firstname.lastname@example.org) to explain your circumstances and attach supporting documentation.
The assignment must be your own individual work. It is not a group assignment. If it is believed academic misconduct has occurred with respect to your assignment (e.g. sharing with or copying work of another student or other source without appropriate referencing), the necessary action will be taken under the University’s Student Academic Integrity Governing Policy
(https://www.usc.edu.au/explore/policies-and-procedures/student-conduct-governing-policy). Your assignment must include in-text references and a List of References. If you have any doubts about appropriate referencing, please contact your local campus lecturer/tutor and/or student services.
How will I be marked?
This task represents 30% of your final grade for the course. You will be marked in accordance with the criteria shown below. Late penalties will be applied to submissions received late (as described in the course outline).