ACCT20071 – Foundations in Accounting
ASSIGNMENT 1- Term 1, 2019
PRACTICAL AND WRITTEN ASSIGNMENT: The assignment is based on the application of accounting standards (IFRS/AASB) in relation to the topics covered in the unit. This assignment requires students to demonstrate an understanding and application of accounting standards in real life annual reports of the companies.
Note: Complete in a group of up to FOUR students. The assessment requirements are same for the group or individual submissions.
Assignment Question: Write a research report answering the questions below.
Based on the literature review, identify the major issues with practical application of IFRS. Analyse the application of accounting standards/IFRS in reporting non-current assets (such as leased, owned, tangible, intangibles, etc.) and depreciation/amortisation/impairment for Woolworths group, and report the trends in their values for the years 2014-2018 (up to 2000 words including introduction, conclusion and references).
You need to conduct the extended personal research and self-directed learning in order to complete this assignment. Hint: Use information in the journal articles. Read relevant ‘notes to financial statements’ in the annual report, financial statement section. Ask yourself questions such as; what standards have we discussed in first four weeks which could relate to Non-current assets? What method of depreciation/impairment this company has used? Has any change of accounting policies in relation to these assets been reported? You can download the relevant annual reports from this link. https://www.woolworthsgroup.com.au/page/investors/our-performance/reports/Reports/Annual_Reports
1. Referencing and use of snapshots from annual report: You must submit the link to relevant annual report and also reference the page number in the written assignment. Follow the APA style guidelines for referencing. You can use up to 4 snapshots. Please note that the content within the snapshots will not be marked. We will mark snapshot only for ‘use of evidence’ purposes as per marking rubrics. Students need to consult their unit coordinators if they wish to use snapshots for other units. They might be end up facing academic misconduct or plagiarism charges for use of snapshots in other units. This supporting evidence shall not be considered towards word count for the specific requirements of this unit only.
2. Refer to rubrics for marking criteria. To avoid plagiarism issues, skip any definitions unless it is absolutely necessary to prove some point. All submissions with more than 15% similarity (excluding references) may be subject to investigation for plagiarism.
1. The cover page is a separate document for both the assignments. You Must NOT submit assignment and cover page as single combined word file. This leads to high similarity in Turnitin.
2. Submit your file in word format, not pdf format to submit your document.
3. Individual group members do NOT need to submit the cover page. Only the student submitting on behalf of the group will submit TWO files; 1. The actual assignment and 2. The cover page.
4. Name your cover page as FirstnameFamilyname¬_coverpage.docx. For John Simth, name coverpage as JohnSmith_coverpage.docx.
5. Students must strictly adhere to the prescribed word limit. We will mark only first 2000 words and first four snapshots.
The penalty for late submissions: Late submissions are penalized at 5% per day.
Further Instructions: Please read carefully
Normal rules of copying/plagiarism will apply – that is, the individual assignments must not contain other students’ contributions or work, not even former group members’ work. You are required to submit an electronic copy of this assignment. Assignments will be marked online and feedback will be provided through Moodle site.
Plan and delegation of the work: As a group assignment, please plan and delegate the work in the beginning. You must discuss how you plan to approach and complete your assignment, milestones, timeframes for achieving the milestones etc. Do not postpone the work until the last week. Please bring any disputes to my attention ASAP. You must keep copies/proofs/evidence of your individual contribution in group work to resolve any future conflicts.
All the very best to you for timely completion of assignment item.