Assessment 3 Information
Subject Code: ACC303
Subject Name: Company Accounting
Assessment Title: Individual Assignment
Assessment Type: Part A: In-class presentation
Part B: Written memo
Word Count: 1,000 Words (+/-10%)
Weighting: 20 %
Total Marks: 20
Submission: In-class presentation during Week 10 workshop
Written memo to submit in Turnitin (word document only)
Due Date: In-class presentation in Week 10
Written memo due on Monday @ 15:55 (AEST) of Week 11
Your Task
Write a Memorandum to the board of directors
Present your summary to the board of directors (4 to 5 minutes)
Assessment Description
You will select a set of Financial Report of an ASX Listed Company (https://www.listcorp.com/asx) and obtain approval from your lecturer for the consolidated company you have selected.
Please note that no two individuals may work on the same consolidated company, so if another individual has already registered their interest in a consolidated company, you will be advised to select a different consolidated company.
Read the Annual Report including the financial statements of the consolidated company and write a Memorandum to the Board of Directors clearly explaining some of the technical aspects of consolidation.
Make sure you draw on the company’s specific details to explain the intricacies of consolidation to the Board and as much as possible avoid answering in general terms.
Please make sure that your assignment is in a MEMO Format – A Report format will not be marked.
The assignment must have at least 5 references.
Some of the aspects that you need to cover in your assignment are (but not restricted to):
1. Why did the parent entity have to prepare consolidated financial statements when the subsidiary company is a separate legal entity in its own right?
2. Does the published set of group financial statements reveal the company’s policy on corporate governance, Audit committees, Sustainability, Solvency? Does it reveal these issues and if so where and why?
3. Has there been any goodwill on the acquisition? Or any gain on bargain purchase?
Where would you find it in the financial statements and what does it mean? Any impairment?
4. Any other relevant matter that you may wish the Board of Directors to make note of in respect of some transaction or event, the balance of account or disclosure that will assist them in understanding the financial statements of the group.
5. What is the consolidated company’s functional currency? What about its presentation currency? What is the rationale of choosing a presentation currency?
Assessment Instructions
Submission
The assignment will need to be submitted electronically (in word document) through the student portal – use the link under “Assessments”.
Referencing
Any sources that you use need to be acknowledged in order to avoid plagiarism. Information on referencing can be found in the Guidelines for Referencing and Presentation at the Kaplan website using the following address: (https://elearning.kbs.edu.au/mod/page/view.php?id=128881)
In-Text Referencing and the Reference List
Sources of information must be cited both in the body of the text (in-text referencing) and the end of the assignment (reference list). Failure to do so will result in penalties. Remember that when referencing an Annual Report, it is a corporate document that does not have a particular author but it will still require referencing any time you use information from it. Any other documents or books or other references you use will also require referencing.
Penalties Regarding Referencing
• No in-text referencing – deduct 2 marks
• Some in-text referencing only – deduct 1 mark
• No reference list – deduct 2
• Incomplete reference list – deduct 1 mark
Policy on Late Submissions
Penalties will be imposed on late assignment submissions in accordance with following:
• Number of days late Penalty 1* - 9 days 5% per day for each calendar day late deducted from the total marks available.
• 10 - 14 days 50% deducted from the total marks available.
• After 14 days Assignments that are submitted more than 14 calendar days after the due date will not be accepted and the students will receive a mark of zero for their assignment.
• Note Notwithstanding the above penalty rules, assignments will also be given a mark of zero if they are submitted after assignments have been returned to students.
• *Assignments submitted at any stage within the first 24 hours after the deadline will be considered one day late and therefore subject to the associated penalty.
Important Study Information
Academic Integrity Policy
KBS values academic integrity. All students must understand the meaning and consequences of cheating, plagiarism and other academic offences under the Academic Integrity and Conduct Policy.
What is academic integrity and misconduct?
What are the penalties for academic misconduct?
What are the late penalties?
How can I appeal my grade?
Click here for answers to these questions:
http://www.kbs.edu.au/current-students/student-policies/.
Word Limits for Written Assessments
Submissions that exceed the word limit by more than 10% will cease to be marked from the point at which that limit is exceeded.
Study Assistance
Students may seek study assistance from their local Academic Learning Advisor or refer to the resources on the MyKBS Academic Success Centre page. Click here for this information.
Assessment Marking Guide
HD The memo clearly identifies and addresses all the technical issues raised & provides clear, correct & decisive answers displaying an outstanding understanding of each of the technical issues.
The memo is easy for the board (non-accountants) to understand.
Where applicable and appropriate reference has been correctly made to the AASBs, and other legislation.
Distinction The memo clearly identifies and addresses most of the technical issues raised by the client and provides clear, correct and decisive advice displaying a good understanding of most of the technical issues.
The memo is easy for the board (non-accountants) to understand.
Where applicable and appropriate reference has been correctly made to the AASBs, and other legislation.
Credit The memo clearly identifies & addresses some of the technical issues raised by the client and provides reasonably clear, correct and decisive advice displaying a reasonably good understanding of some of the technical issues.
The memo is relatively easy for the board (non-accountants) to understand.
Reference has been made (with gaps) to some of the AASBs, and other legislation where applicable.
Pass The memo identifies and addresses some of the technical issues raised by the client and provides fairly clear, but not always correct and/or decisive advice. The letter displays a reasonable understanding of some of the technical issues raised.
The memo is relatively easy for the board (non-accountants) to understand.
Reference has been made (with gaps) to some of the AASBs, and other legislation where applicable.
Fail The memo does not identify or address the technical issues raised by the client. The letter displays a lack of understanding of some or most of the technical issues raised.
The memo is difficult for the board (non-accountants) to understand.
The memo does not give correct, clear and/or decisive advice on most of the issues raised and makes little or no reference to the AASBs, and other legislation where applicable.
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