Recent Question/Assignment

ASSESSMENT TASK 2: DESCRIPTION
The essay topic should be such that it requires students to undertake research into the topic, enables students to analyse and assess the researched material and then uses the data to provide a well written response to the topic. The topic will be made available to students in week 1. A new essay topic is to be used for each offering of the subject. The essay should be a maximum of 1,500 words excluding any appendices. The topic MUST ensure that students’ comprehension and application of concepts studied are applied to a set of financial statements approved by the lecturer. Students can access information on group work at http://libguides.jcu.edu.au/content.php?pid=544237&sid=4477749
ASSESSMENT TASK 2: CRITERIA SHEET
Students are to be placed into groups of two. Each group of two students is to produce a single essay for submission for which they will receive a single mark (no peer assessment involved). In this regard see the rubric in Section 6 for the marking criteria which should be completed for each assignment. Also provided in Section 6 is documentation (format for meetings’ minutest) that students must use as evidence of their regular meetings and progress for the assignment. If this material is not provided, a zero will be attributed for this element on the rubric. The meeting minutes must be submitted to the lecturer weekly in hard copy. No late submissions of the weekly documentation will be accepted.
Essay Topic SP23 Brisbane 2014
Many of the largest international firms including Microsoft, Google, Coca Cola and Apple identify substantial intangible assets which may be quite different from the more traditional ‘bricks and mortar’ type organisations including BHP. Technological developments have resulted in intangible assets become an important part for many businesses of all sizes. An important accounting question for any business is whether they are able to recognise intangible assets in terms of AASB 138 and the basis of their measurement after initial recognition.
You are required to electronically access the Annual Financial Report (AFR) of TWO ASX listed companies, one reporting substantial intangibles capitalised (e.g. most radio, television, electronic development and gambling companies) and the other reflecting small proportions of total assets as intangible assets (e.g. retail, mining and construction)a
.
Using the AFRs you have acquired, identify and compare the recognition of and subsequent measurement of ‘Intangibles’ in terms of the ‘AASB Framework for the preparation and presentation of Financial Statements’ and ‘AASB138 Intangible Assets’. (Hint most of this analysis and commentary will stem from the notes – including the note on Intangible assets and the note on Accounting Policies).
You are also required to calculate ratios, to be reported in tabular format, which reflect the ‘before and after position’ of the two firms for two comparative consecutive years (figures that will be available in the annual reports), to reflect the effect of the removal of intangible assets from the financial statements. (Note: the workings should be provided in an appendix.)
In undertaking the above analysis, you must assume that all intangible assets would have been expensed over time and thus account for such. As this could not be attributed to a single financial period through the Income Statement, you can reflect this in your analysis through a reduction in retained earnings, other reserves and finally as a reduction in Equity. The ratios you use should reflect the impact that this de-recognition of ‘Intangibles’ would have on the ratios as viewed by a financier (e.g. bank), not an equity investor. These ratios could include, but are not limited to return on assets, return on equity, debt to equity ratio and debt to total assets ratio.
Based on the comparative ratio analysis undertaken and assuming management has discretionary power over the treatment of intangible assets (capitalise or expense) under the accounting standards, which method do you expect management to choose when recording intangibles? You need to justify your response from the point of view of management and provide appropriate evidence from academic and professional journals.
It is critical that you supply your lecturer with electronic copies of the two companies’ Annual Reports that you analyse. If you do not supply these at the time of submission of the essay, then you will be deemed to have not completed this piece of assessment.
It will be important that you plan your essay very carefully so that you make good use of appendices (which do not count in the word limit). Good referencing is also important which is not included in the word limit.
Note:
a
How to find the financial statements of ASX listed firms?
• Go to ASX home page: http://www.asx.com.au/, 2
• Go to the ‘Price and research’ tab the click the ‘company information’ button.
• Under the ‘Company information lookup’ click ‘Detailed search’.
• Then in the last row of ‘GICS Industry Group’, select the industry you are looking for (e.g. media, retailing).
• Then under the list of company information, select a listed firm.
• Go to ‘announcements’ and select ‘Annual Report to Shareholders’ to download the latest report. If it is not in the front page of list, click ‘search for past company announcements’ and go to the page of announcement. Using the ASX Code of the firm search announcements released during 2014 and select the latest ‘Annual Report to Shareholders’. Check the financial year of two reports to ensure comparability.
Section 6. Assessment Criteria Sheet
CO5123 Group Essay Rubric: grading criteria (30% of assessment)
Levels of achievement
Criteria Exemplary 75-100% Satisfactory 50-74% Unsatisfactory 0-49% Mark
Purpose and scope
SLO 2 & 5
CLO S1
Weight: 20%
The purpose and scope of the essay is made very clear, and addresses the topic in a focused and logical concise manner. Clear conclusions that flow logically from body of essay.
The purpose and scope of the essay is clear, and addresses the topic somewhat.
Conclusions are sound but could flow better from the body of essay.
The essay does not clearly address the purpose and scope of the topic. Conclusions absent or unclear with no real linkage to body of the essay.
Discussion and critical analysis
SLO 1, 2, 3 & 5
CLO S1
Weight: 50%
Discussion is highly focused and oriented to the topic. You analyse the topic in a concise manner drawing on highly relevant research.
Your argument is assisted by critical analysis which you develop logically and with conviction.
Discussion is well oriented to the topic. You draw on relevant research, but there are few omissions that make some of your arguments and discussion difficult to support. There is evidence of critical analysis but this is not always apparently derived from your referenced research.
Discussion is poorly orientated to the topic. There is limited evidence of relevant research underpinning it, and limited critical analysis. Overall it leaves the reader wondering how it might support any conclusions.
Vocabulary and technical writing skills
SLO 3
CLO S4b
Weight: 10%
Highly appropriate, well chosen, precise and varied vocabulary. Appropriate word choice and discipline-specific terminology. No spelling errors, correct punctuation, grammatically correct, with complete sentences. Generally appropriate vocabulary; not overly repetitive. Mostly uses appropriate word choice and discipline-specific terminology. Occasional lapses in spelling, punctuation, grammar, but not sufficient to seriously distract the reader.
Limited or inappropriate or repetitive vocabulary. Misses discipline-specific terminology. Regular spelling errors and incorrect punctuation, and/or grammar of sufficiently poor standard as to interfere with understanding.
Referencing
SLO3
CLO S4b
Weight: 10%
Evidence of sound and appropriate amount of research. Sources acknowledged correctly with full reference details using APA style both in text and reference list. Some evidence of adequate referencing of research, but in places limited or not relevant for this topic. Limited sources used and acknowledged with some errors in using the APA style both in text and reference list. Limited or no research. Sources not acknowledged in text or in a reference list. Using APA style incorrectly.
Group work
Weighting 10%
Comprehensive group work documentation reflecting planning and reporting back on progress.
Some evidence of group work and its documentation. Some planning and report back is present.
Little indication of group work with minimal documentation and little, if any, indication of planning and report back.
Report mark /100

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