Due date wednesday of week 5, 11 AM (DECEMBER 16)
PRACTICAL AND WRITTEN ASSIGNMENT
Important: The assignment is based on the application of materials covered in topics 1 to 4 of the unit. This assignment requires students to demonstrate an understanding of the conceptual framework of accounting. You are required to explain some theoretical concepts.
ASSIGNMENT QUESTION: Please read carefully
Write a report answering the questions below, based on annual reports of AGL Energy Limited(800-1000 words). You need to do some extended personal research and self-directed learning in order to complete this assignment.
1 .Conceptual framework defines a number of qualitative characteristics of financial information with regard to general purpose financial reporting by reporting entities within Australia.Why or why not would you believe that the AGL energy ltd companies reporting of financial statements information address those qualitative characteristics? (Do NOT give answers in Yes/no only. Explain various points that inform you that these companies financial information given in the financial statement meet those characteristics).
2 .Identify and explain measurement and recognition criteria of various elements of financial statements of sample companies (e.g., assets, liabilities, revenues, expenses, equity). Compare and comment upon the methods of valuing and allocating cost of non-current assets over the useful life (say, Equipment or intangible assets) (refer to AASB 116 and AASB138). Do you believe that the selected companies included any liability in the footnotes of statement of financial position? If so, why? Explain the case clearly by referring to relevant rules/criteria mentioned in the framework.
3. Identify and explain in details different sources of financial accounting regulations in Australia. Also identify relevant accounting standards (AASB, IASB, GAAPs or any other standards) the sample companies have used to report their financial accounting information. Do you believe that harmonisation of accounting standards is necessary in the world? If so, why? What benefits do you expect that sample companies will enjoy if global harmonisation of accounting standards are achieved? Do you believe that IASB's efforts to harmonise accounting standards would experience some challenges in future?
Hints for Assignment 1:
1.For downloading the annual reports of listed companies, visit the websites and download their annual report. (the annual reports will be found under a section entitled 'Investors', 'Investors and Media', 'Shareholders', or similar)
http://www.asx.com.au/asx/research/listedCompanies.do
2.You must submit the link to all relevant annual reports and also reference the page number in the written assignment. Follow the Harvard style guidelines for referencing and include page numbers for all relevant reports. You can also provide the snapshots ...
3.Look for information such as:the companies used the same or different methods of valuation of assets and depreciation? Read through directors and auditor's report. Read important concepts from the book and refer to requirements of AASB 101, 116 discussed in chapters 1, 2, 4 and 5 the book.
4.Provide appropriate evidences/references and refer to rubrics for marking criteria.
5.Providing quality and appropriate answers and answering to the point are key to get higher score. It is therefore highly recommended that you read the questions carefully and write the answer according to questions rather than attempting to make your answer unnecessarily big and irrelevant.
6.Relevant references to academic journals or other sources of information will validate and magnify when developing your argument in answering any questions. So use of academic references and other references are highly appreciable.
Use the latest available annual reports of this company
1. AGL ENERGY LIMITED