Recent Question/Assignment

ACCT7020 INTERMEDIATE FINANCIAL
REPORTING RESEARCH PROJECT 2020, S2
PERCENTAGE WEIGHTING: 35%
OBJECTIVE
GENERAL REQUIREMENTS FOR THE RESEARCH PROJECT
1. Wordlimit
Maximum of 15 pages not including the cover sheet andbibliography

TASKS
Structure of the report
The report in the team component should be structured as follows (use these numbered points as your headings):
1. Summary ofcompany
2. Comparison and analysis of accountingpolices
2.1 Accounting policies of property, plant andequipment
2.2 Accounting policies ofintangibles
2.3 Accounting policies of impairment and CGUs
2.4 Accounting policies of provision, contingent assets and contingentliabilities
3. Disclosure oflease
Detailed instructions
1. Summary of company details
Construct a table to provide the following information for your allocated two companies:
• Companyname
• Annual reportused
• ASX ranking (by market capitalisation) and date of ranking (the ranking can change daily as the stock pricefluctuates)
• Industry
• Location of business headquarters and which countries/states does the company operatein?
• Mainoperations
• Size of company (marketcapitalisation)
• Number ofemployees
After preparing the tables to show the similarity and differences, in your own words, briefly describe your two companies. In order to provide more relevant information, you are encouraged to do further research about the competitive environment in which each company is involved.
2. Comparison and analysis of accountingpolices
In this section, the different accounting policies chosen by the two allocated companies are reported and analysed. The accounting policies cover the following items:
1) AASB 116 Property, Plant and Equipment;
2) AASB 138 Intangible Assets;
3) AASB 136 Impairment of Assets and CGUs; and
4)AASB 117 Provision, Contingent Assets and Contingent Liabilities.
Please read these accounting standards taking particular note of the required disclosures.
You should do the following for each of your companies for each of the above accounting standards:
a) Summarise disclosures requirements in each accounting standard in your own words. Read through the paragraphs for disclosures carefully first before summarising it. Don’t copy and paste theparagraphs.
b) Compare the required disclosures in the standard and the disclosed information in the annual reports. Match the disclosures from the annual reports with the disclosure requirement. Use a table to clearly show the wording from the annual report and the relevant part of thestandard.
c) Describe any inconsistencies between the disclosures in the annual reports and what is specified in the standard (Hint: you can search the annual report for key words such as plant, AASB 116etc.]
d) Compare of the disclosures between the two allocated companies using the identified disclosures in part b). Describe the similarities and differences in how the accounting policies are applied and explain the causes that could possibly lead to the differences andsimilarities.
[Hint: the basic requirements for the assessment is summarising the disclosure requirements from the standards and describing how each company applied the standard. A higher grade is rewarded for detailed investigation of the disclosure section in the accounting standards and how well you communicate this in your own words for similarities and differences.]
2.1 Accounting policies of property, plant andequipment
Read the disclosure section carefully in AASB 116 and report what your allocated companies disclosed about their property, plant and equipment. Consider the measurement bases applied, depreciation methods used, estimation of useful life or depreciate rate, the movement of carrying amounts of PPE, cost model or revaluation model, and treatments of revaluation, etc. Please note, the disclosure of impairment and CGU should be reported in section 2.3.
2.2 Accounting policies ofintangibles
Read the disclosure section carefully in AASB 138 and report what your allocated companies disclosed about their different classes of intangible assets. Consider the accounting treatment for each class of intangible assets, the estimation of amortisation of intangible assets, the movements of carrying amounts of intangible assets, the different models applied for measurement, and accounting treatment for research and development, etc.
2.3 Accounting policies of impairment andCGUs
Read the disclosure section carefully in AASB 136 and report what your allocated companies disclosed about impairments and CGUs. Consider the recognition of impairment losses, reversal of impairment losses, effects on profit & loss and other comprehensive income (OCI), existence of CGUs, reasons to use CGUs, determinants of recoverable amounts (RAs), and existence of goodwill and related impairment, etc.
2.4 Accounting policies of provision, contingent assets and contingentliabilities
Read the disclosure section carefully in AASB 137 and report what your allocated companies disclosed about their provisions and contingent assets and liabilities. Consider the justification for provisions, identification of the uncertainty in provisions, the movements of carrying amounts of provisions, nature of contingent liabilities and contingent assets, and treatments for un-disclosedcontingencies.
3. Disclosure ofleases
This component of the assessment task requires you to research the old leases Standard AASB 117 and compare it to the new Standard AASB 16. AASB 117 can be downloaded from website as follows: https://www.aasb.gov.au/admin/file/content105/c9/AASB117_08-15.pdf
3.1 Standardapplied
Have your allocated companies adopted the new AASB 16 or are they still using the old AASB 117? If they have used AASB 117 for the 2019 reports, when are they expecting to adopt AASB 16? If they haven’t adopted AASB 16 yet, what is their strategy for adopting AASB 16?
3.2 AASB 16 and AASB117
Explain the differences in accounting treatments between AASB 16 and AASB 117.
3.3 “Right-of-use”method

IFR Research Project
Team Component Outstanding Above satisfactory Satisfactory Unsatisfactory
1.
Summary of company 10 - 9 Pts
Provides accurate and complete information in a table, similarities and differences of both companies are summarised well in own words Evidence of wider research. Main competitors are given. 8 –7 Pts
Provides accurate information with some elaboration on details such as what the main business is, e.g. not just retail or manufacturing but details on what they sell or manufacture, where they operate etc. A good summary with a clear table. Little or no mention of competitors. 6 – 5 Pts
Provides incomplete information. Information is partly accurate but the similarity and differences are not summarised, or not summarised well in your own words. No competitor information. 4 - 0 Pts
No or incomplete table of information. No or inadequate summary or evidence of copy and paste. No competitor information.
10
2.1
AASB 116 Property, Plant and Equipment 10 - 9 Pts
a) A good summary of the disclosure requirements in your ownwords.
b) Identified disclosure notes and matched them correctly with the standard.
c) Inconsistencies identified and adequately described.
d) Similarities and differences are identified andexplained. 8 –7 Pts
a) A summary of the disclosure requirements in your ownwords.
b) Mostly identified disclosure notes and matched them correctly with the standard. Some incorrect ormissing.
c) Most inconsistencies identified and adequately described.
d) Most similarities and differences are identified and explained. Some not identified orexplained 6 – 5 Pts
a) Partly summarised the disclosure requirements. Evidence of cut and paste or not well summarised disclosurenotes.
b) Partly identified disclosure notes and matched them correctly with the standard. Many incorrect ormissing.
c) Partly identified and described inconsistencies. Many not identified ordescribed.
d) Some similarities and differences are identified and explained. Many not identified orexplained. 4 - 0 Pts
a) Inadequate summary of the disclosure requirement. Evidence of cut andpaste.
b) Did not identified disclosure notes and match them correctly with thestandard.
c) Did not identify inconsistencies or adequately describedthem.
d) Similarities and differences are not identified andexplained.
10
2.2
AASB 138
Intangible Assets 10 - 9 Pts
a) A good summary of the disclosure requirements in your ownwords.
b) Identified disclosure notes and matched them correctly with the standard.
c) Inconsistencies identified and adequately described.
d) Similarities and differences are identified andexplained. 8 –7 Pts
a) A summary of the disclosure requirements in your ownwords.
b) Mostly identified disclosure notes and matched them correctly with the standard. Some incorrect ormissing.
c) Most inconsistencies identified and adequately described.
d) Most similarities and differences are identified and explained. Some not identified orexplained 6 – 5 Pts
a) Partly summarised the disclosure requirements. Evidence of cut and paste or not well summarised disclosurenotes.
b) Partly identified disclosure notes and matched them correctly with the standard. Many incorrect ormissing.
c) Partly identified and described inconsistencies. Many not identified ordescribed.
d) Some similarities and differences are identified and explained. Manynot
identified or explained. 4 - 0 Pts
a) Inadequate summary of the disclosure requirement. Evidence of cut andpaste.
b) Did not identified disclosure notes and match them correctly with thestandard.
c) Did not identify inconsistencies or adequately describedthem.
d) Similarities and differences are not identified andexplained.
10

2.3
AASB 136
Impairment of Assets and CGUs 10 - 9 Pts
a) A good summary of the disclosure requirements in your ownwords.
b) Identified disclosure notes and matched them correctly with the standard.
c) Inconsistencies identified and adequately described.
d) Similarities and differences are identified and explained. 8 –7 Pts
a) A summary of the disclosure requirements in your ownwords.
b) Mostly identified disclosure notes and matched them correctly with the standard. Some incorrect ormissing.
c) Most inconsistencies identified and adequately described.
d) Most similarities and differences are identified and explained. Some not identified orexplained 6 – 5 Pts
a) Partly summarised the disclosure requirements. Evidence of cut and paste or not well summarised disclosurenotes.
b) Partly identified disclosure notes and matched them correctly with the standard. Many incorrect ormissing.
c) Partly identified and described inconsistencies. Many not identified ordescribed.
d) Some similarities and differences are identified and explained. Manynot
identified or explained. 4 - 0 Pts
a) Inadequate summary of the disclosure requirement. Evidence of cut andpaste.
b) Did not identified disclosure notes and match them correctly with thestandard.
c) Did not identify inconsistencies or adequately describedthem.
d) Similarities and differences are not identified andexplained.
10
2.4
AASB117
Provision, Contingent Assets and Contingent Liabilities 10 - 9 Pts
a) A good summary of the disclosure requirements in your ownwords.
b) Identified disclosure notes and matched them correctly with the standard.
c) Inconsistencies identified and adequately described.
d) Similarities and differences are identified andexplained. 8 –7 Pts
a) A summary of the disclosure requirements in your ownwords.
b) Mostly identified disclosure notes and matched them correctly with the standard. Some incorrect ormissing.
c) Most inconsistencies identified and adequately described.
d) Most similarities and differences are identified and explained. Some not identified orexplained 6 – 5 Pts
a) Partly summarised the disclosure requirements. Evidence of cut and paste or not well summarised disclosurenotes.
b) Partly identified disclosure notes and matched them correctly with the standard. Many incorrect ormissing.
c) Partly identified and described inconsistencies. Many not identified ordescribed.
d) Some similarities and differencesare
identified and explained. Many not identified or explained. 4 - 0 Pts
a) Inadequate summary of the disclosure requirement. Evidence of cut andpaste.
b) Did not identified disclosure notes and match them correctly with thestandard.
c) Did not identify inconsistencies or adequately describedthem.
d) Similarities and differences are not identified andexplained.
10
3. Disclosure of leases 10 - 9 Pts
3.1 Identifies standardused
3.2 Explains adoptionstrategy
3.3 Explains different accounting treatment.
3.4 Explains ‘right-of-use’method
Satisfies all requirements in section 3. The analysis and justification is appropriate and supported by evidence of research and investigations. 8 –7 Pts
3.1 Identifies standardused
3.2 Explains adoptionstrategy
3.3 Explains different accounting treatment.
3.4 Explains ‘right-of-use’method
Satisfies all requirements in section 3. The analysis and justification is mostly appropriate and supported by some evidence of research andinvestigations. 6 – 5 Pts
3.1 Identifies standardused
3.2 Explains adoptionstrategy
3.3 Explains different accounting treatment.
3.4 Explains ‘right-of-use’method
Satisfies all requirements in section 3. The analysis and justification is appropriate but lack of evidence for support. 12 -0 Pts
3.1 Identifies standardused
3.2 Explains adoptionstrategy
3.3 Explains different accounting treatment.
3.4 Explains ‘right-of-use’ method The requirements in section 3 are not fully satisfied. Evidence of copy andpaste.
The analysis and justification is neither appropriate nor reasonable.
10

Appendix Planning and time management 10 - 9 Pts
The plan is well structured and shows strong evidence of communication and activities done by individuals and the team. Strong evidence to show good time management, discussions or
communications by all team members. 8 – 7 Pts
The plan is structured and shows evidence of communication and activities done by individuals and the team. Little or no evidence to show good time management, discussionsor
communications by all team members. 6 – 5 Pts
There is either a clear plan or evidence of communication. Or both but plan lacks structure and evidence of team work is not compelling. 4 - 0 Pts
There is neither a clear plan nor evidence of communication.
10
Overall presentation of information 15 - 13 Pts
Presentation and formatting at level above and beyond expectations.
Following all instructions. Concise.
Well structured (e.g. uses all correct headings) 12 - 10 Pts
Presentation and formatting at high level.
Following all instructions. Concise.
Well structured. 9 – 8Pts
Presentation and formatting mostly concise.
Sometimes providing superfluous information.
Mostly well structured. 7- 0 Pts
Poor presentation and formatting; Not providing sufficient information;
Providing superfluous information; Structure does not flow.
Evidence students did not check doc before submitting e.g. heading and page breaks in weird places
15
Language, grammar 15 - 13 Pts
Exceptional and elegant use of English. Clearly defined paragraphs.
Clear sequence.
No grammatical and language errors. Complete references using Harvard style. 12 - 10 Pts
Clearly defined paragraphs. Clear sequence.
No grammatical and language errors. Complete references. 9 – 8 Pts
Defined paragraphs. Sequence is mostly clear.
Some grammatical and language errors. Some references. 7 - 0 Pts
Paragraphs not defined; Little or no sequence in text; and/or
Many grammatical and language errors
Informal written style.
No references.
15
Total Points: 100

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