Purpose Of The Assesment
Students are required to follow the instructions and announcements posted on Blackboard with regard to the details of the submission instructions and deadline. This individual assignment will assess students on the following Learning Objectives:
1. On understanding of the various theoretical models of accounting
2. On applying knowledge and understanding to specific financial reporting issues to AASB accounting standards
3. On discussing the theoretical constructs of contemporary financial accounting
4. On evaluating and explaining the need for the development of a conceptual framework for accounting and discussthe influence ofsuch a framework on accounting practice.
5. On Understanding of the Australian accounting regulatory framework and the conceptual framework
6. On understanding of how to account for assets, non-current assets and liabilities
7. Be able to calculate and journalise transactions for revaluations and impairments of non-current assets
8. Account for leases for both lessees and lessors
Once you have downloaded the latest annual report for the company allocated to you, you are required to do the following tasks:
Apply relevant knowledge that you learned from this course, examine the annual report of your subject company and other relevant information that you have obtained via your research, discuss the following:
1. Discuss the factors to be considered in determining whether an entity is a reporting entity, using your subject company as an example.
2. Define, describe and critically discuss the objectives of general-purpose financial reporting (GPFR).
3. Identify if your subject company’s report is a GPFR and if the objectives of GPFR are achieved by your company.
4. In addition to the financial statements, what else is included in the annual report? Briefly summarise three of them and indicate their page in the annual report.
5. Examine the list of assets in the balance sheet and the related notes. How are these assets valued?
6. Are there any forms of incentive contracts in place for executives (see the company’s web page)?
7. Identify two different groups of users of financial statements of your subject company.
• What decisions do they make based on corporate financial statements?
• What specific components of the company’s financial statements would they be most interested in?
Assignment Content:
A. Discuss the factors to be considered in determining whether an entity is a reporting entity, using your subject company as an example.
B. Define, describe and critically discuss the objectives of general-purpose financial reporting (GPFR).
C. Identify if your subject company’s report is a GPFR and if the objectives of GPFR are achieved by your company.
D. In addition to the financial statements, what else is included in the annual report? Briefly summarise three of them and indicate their page in the annual report.
E. Examine the list of assets in the balance sheet and the related notes. How are the assets valued?
F. Are there any forms of incentive contracts in place for executives (see the company’s web page)?
G. Identify two different groups of users of financial statements of your subject company.
• What decisions do they make based on corporate financial statements?
• What specific components of the company’s financial statements would they be most interested in?
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