Recent Question/Assignment

ASSESSMENT BRIEF
Subject Code and Title ACCT6003 Financial Accounting Process
Assessment Major Assignment – Part A
Trimester 1 2018
Individual/Group Individual
Length 600 words
Learning Outcomes 1. Explain the regulatory framework that governs financial reporting in Australia with emphasis on the Conceptual Framework for financial reporting
3. Apply accounting principles and standards when accounting for non-current assets, revenue and liabilities and recognise the judgements required in a range of diverse business contexts
5. Differentiate between shares and debentures and apply appropriate accounting procedures
Submission Sunday 18th March of Week 4 by, 11:55pm AEST/AEDT
Weighting Part A: 5% (Full assignment: 30%)
Total Marks 100 marks
Context:
This assignment forms Part A of the major assignment. In Module 1, students are provided with a business case in which an entrepreneur from China, Xiaojing Wu, migrated to Australia and set up a small business. Xiaojing started her business as a partnership but subsequently decided to dissolve the partnership and formed a proprietary company.
After one year, Xiaojing plans to turn the proprietary company into a public company. She has heard that there are financial reporting requirements that a public company is required to comply with. She wants to discuss with the company’s accountant on accounting regulation and reporting requirements relevant to companies.
ACCT6003 FAP_Assessment Brief_Part A Page 1 of 5
Instructions
Assume you are the accountant of Xiaojing’s company. You understand Conceptual Framework comprises of Statement of Accounting Concepts 1 (SAC 1) and the Framework for the Preparation and Presentation of Financial Statements (The Framework).
1) Download SAC 1 from the website below: www.aasb.gov.au/admin/file/content102/c3/SAC1_8-90_2001V.pdf In your own words, explain the following to Xiaojing:
a) the concept of reporting entities
b) general purpose financial reports (GPFRs)
c) three main factors to be considered in deciding if a reporting entity exists You are expected to refer to relevant paragraphs in SAC 1 in your answer. Work limit for Part 1: 200 words
2) Download the Framework for the Preparation and Presentation of Financial Statements from the website below: http://www.aasb.gov.au/admin/file/content105/c9/Framework_0704_COMPjun14_07-14.pdf
In your own words, explain the following to Xiaojing:
a) Two fundamental characteristics of useful financial information
b) Four enhancing characteristics of useful financial information
c) One example for each of the fundamental and enhancing characteristics
You are expected to refer to relevant paragraphs in The Framework in your answer. Work limit for Part 1: 400 words
ACCT6003 FAP_Assessment Brief_Part A Page 2 of 5
Learning Rubrics (100 marks)
Assessment Attributes Fail (Unacceptable) Pass (Functional) Credit (Proficient) Distinction (Advanced) High Distinction (Exceptional)
Explanation of reporting entities, GPFRs, three factors deciding a reporting entity’s existence as set out in SAC1
20% Limited understanding of reporting entities, GPFRs, three factors deciding a reporting entity’s existence as set out in
SAC 1
Satisfactory understanding of reporting entities, GPFRs, three factors deciding a reporting entity’s existence as set out in
SAC 1
Good understanding of reporting entities, GPFRs, three factors deciding a reporting entity’s existence as set out in
SAC 1 Outstanding understanding of reporting entities, GPFRs, three factors deciding a reporting entity’s existence as set out in
SAC 1 Advanced understanding of reporting entities, GPFRs, three factors deciding a reporting entity’s existence as set out in SAC 1
Explanation of two fundamental
characteristics of financial information as set out in the
Framework
30% Limited understanding of two fundamental characteristics of financial information as set out in the Framework
Providing no example or example for only one
characteristic
Satisfactory understanding and explanation of two
fundamental
characteristics of financial information as set out in the Framework
Providing an example for each characteristic and limited explanation of example with no or little reference to characteristic Good understanding and explanation of two fundamental
characteristics of financial information as
set out in the Framework
Providing an example for each characteristic and explanation of example with some reference to characteristic Outstanding understanding and explanation of two
fundamental
characteristics of financial information as set out in the Framework
Providing an example for each characteristic and good explanation of example with sufficient reference to characteristic Advanced understanding and explanation of two
fundamental
characteristics of financial information as
set out in the Framework
Providing an example for each characteristic and detailed explanation of example with full reference to characteristic
Explanation of four enhancing characteristics of financial information Limited understanding and explanation of four enhancing characteristics of Satisfactory understanding and explanation of four enhancing characteristics Good understanding and explanation of four enhancing characteristics of financial information Outstanding understanding and explanation of four enhancing characteristics Advanced understanding and explanation of four enhancing of two fundamental
as set out in the
Framework
30% financial information as
set out in the Framework
Providing no example or example for only one
characteristic
of financial information as set out in the
Framework
Providing an example for each characteristic and limited explanation of example with no or little reference to characteristic as set out in the
Framework
Providing an example for each characteristic and explanation of example with some reference to characteristic of financial information as set out in the
Framework
Providing an example for each characteristic and good explanation of example with sufficient reference to characteristic characteristics of financial information as
set out in the Framework
Providing an example for each characteristic and detailed explanation of example with full reference to
characteristic
Use of academic and
discipline conventions and
sources of evidence
10% Poorly written with
errors in spelling and grammar
Inconsistent use of relevant research sources to support and develop
ideas
Mistakes in using the APA style
Correct essay format (i.e. introduction, body, conclusion) with accurate spelling, grammar, sentence and paragraph
construction
Consistent use of research sources to support and develop ideas but these are not
always explicit or well
developed
Few mistake in using the
APA style
Well written and adherence to essay
format where applicable
Consistent use of relevant research sources to support and develop
ideas
No mistake in using the
APA style
Well written and adherence to essay
format where applicable
Consistent and expert use of high quality, creditable and relevant research sources to support and develop appropriate arguments and statements
Evidence of reading
beyond required reading
No mistake in using the
APA style
Expertly written and adherence to essay
format where applicable
Consistent and expert use of high quality, creditable and relevant research sources to support and develop appropriate arguments and statements
Evidence of extensive reading beyond required reading
No mistake in using the
APA style
Effective
communication
10% Difficult to understand for audience
No logical or clear structure, or flow of ideas
Arguments lacks
supporting evidence
No effort is made to keep audience engaged Audience cannot follow the line of reasoning Information, arguments and evidence are presented in a way that is not always clear and logical.
Attempts are made to keep audience engaged
but not always successful.
Line of reasoning is often difficult to follow Information, arguments and evidence are well presented
Mostly clear flow of ideas
and arguments
The audience is mostly
engaged
Line of reasoning is easy to follow
Information, arguments and evidence are very well presented
Presentation is logical, clear and well-supported by evidence
The audience is fully engaged.
Arguments and evidence
are expertly presented
Presentation is logical, persuasive and well
supported by evidence
Clear flow of ideas and
arguments
Engage and sustain the audience’s interest in the content