Recent Question/Assignment

The following matters should be given particular attention:
1. Writing assignments must not exceed the word counts indicated. Double space your pages, use a 12-pt Times New Roman font, use 2 cm margins on all four sides of your page.
2. Your essay must include an abstract/synopsis, introduction, essay body that clearly addresses the problem areas, a conclusion and a properly referenced bibliography. (refer to the research essay marking rubric for further guidance)
3. Evidence of extensive research beyond the prescribed text is required. Ensure these are referenced appropriately in your bibliography. Refer to the statement regarding plagiarism.
4. NO extensions will be granted unless supported by appropriate documentation prior to the due date.
5. This assignment must be handed in for successful completion of the course and will count 25 marks towards the final mark.
6. The word count for the research essay is 2000 words. Please refer to the Research Essay Marking Rubric for the specific allocation of word count for each specific section of your research essay (refer point 2 above).
7. Points (fractional marks) have also been allocated to each specific section of your research essay.
8. The research essay is to be conducted in groups of two. Students do not have the option to extend or reduce the size of the group. If the class has an odd number of students then one student must undertake the assignment on their own.
9. Groups must select a company from the Australian Securities Exchange (ASX) website and download the 2014 annual report. Groups are not allowed to do the same company and should discuss their selection with their tutor prior to commencing their research essay. No banks allowed.

In recent years there has been a general trend for accounting standard setters to issue accounting standards that measure assets and liabilities at ‘fair value’. Nevertheless, other valuation approaches (for example, historical cost, net realisable value and present value) are required for particular classes of assets and liabilities (as stipulated by particular accounting standards), with the result that we have a ‘mixed approach’ to measuring financial performance and financial position.
(Adapted from Deegan 2009, Financial Accounting Theory, p204)

1. Describe what you understand by the above statement and explain briefly the alternative measurement approaches.
2. Discuss and describe two AASB accounting standards that utilise different measurement approaches.
3. Select a company from the Australian Securities Exchange website and download the most recent annual report. With regard to your chosen standards, and in the context of your company annual report, comment on the effect of the adoption of alternative measurement approaches has had on the financial statements.

The following matters should be given particular attention:
1. Week 5 – Tutor to advise students just before the test that the research essay is available and over the coming week they should think about forming groups of 2.
2. Week 6 – EMPHASISE TO STUDENTS TO BEGIN THE WORK EARLY. All students to form groups of two and advise tutor. A discussion of the ASX sectors to take place. Students should discuss the selection of a sector and company that interests them. Tutor to record the groups. No groups are to have the same company or the same two AASB standards. Banks are not allowed as they have particular problems. Over the week groups should select a company.
3. Week 7 – Groups are to advise the tutor of the company selected. Tutor to record the company selected by each group ensuring no group has the same company.
4. Week 8 – Tutor should stress the importance to groups of beginning the work early and following the marking rubric.
5. Tutor to discuss problems arising and the differences between sectors and companies.

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