BAO2202
Financial Accounting Assignment semester 1 2016 (20%)
Due date: Friday 06 May 2016 before 5 PM.
Purpose of the assignment
The assignment provides you the opportunity to develop in-depth understanding of measurement and recognition issues related to financial accounting. As accountants, we are concerned about providing decision useful information to the users of financial statements for their decision making. In order to provide decision useful information to the users of financial statements, accountants often require applying guidance given in accounting standards by using their judgment.
Part I (Approximate word count: 1,200 words) (weight 6%)
According to the AASB framework, measurement is the process of determining the monetary amounts at which elements of the financial statements are to be recognised in financial statements. There are four measurement bases identified and discussed in the AASB framework including historical cost.
Required:
Discuss the limitations of “historical cost” in providing decision useful information by supporting your arguments with the help of research articles (Use at least three research articles from academic journals).
Structure of Assignment Part I
1. Abstract
2. Introduction
3. Part I
4. Conclusion
5. Bibliography, referencing and citations
Please note that word count does not include abstract, bibliography or references.
Part II (Approximate word count: 1,200 words) (weight 6%)
Required:
Discuss the concept of fair value (AASB 13) and evaluate how it has either increased or decreased decision useful information for the users of financial statements (Use at least three research articles from academic journals).
Structure of Assignment Part II
1. Abstract
2. Introduction
3. Part II
4. Conclusion
5. Bibliography, referencing and citations
Please note that word count does not include abstract, bibliography or references.
Part III (Approximate word count: 1,400 words) (weight 8%)
Required:
You are required to select one of the following areas:
• Leasing
• Liabilities including provisions and contingent liabilities (excluding lease liabilities) • Intangible assets
• Revenue
Discuss the measurement and recognition requirements of the relevant accounting standard.
Review the most recent financial statements of a listed Australian firm and provide discussions about the measurement and recognition disclosure provided by the firm in compliance with the relevant accounting standard (You are not required to provide financial figures).
Structure of Assignment Part III
1. Abstract
2. Introduction
3. Part III
4. Conclusion
5. Bibliography, referencing and citations
Please note that word count does not include abstract, bibliography or references.
Assignment parts Weight of each part
Part I 6%
Part II 6%
Part III 8%
Total weight of the assignment towards the final grade 20%
Australian Accounting Standards can be accessed using the following website
http://www.aasb.gov.au/Pronouncements/Current-standards.aspx
Marking: This assignment is worth 20% and will be scored out of 20 marks. The assignment is a TEAM assignment therefore all team members must collaborate with each other for the completion of the entire assignment and therefore scores will be applied to all members of a team without distinction.
You have to submit TWO copies of your assignment:
• Only single copy should be submitted to Turnitin via a link on VU Collaborate for each part of your assignment. The assignment should be submitted ONLY by one team member or team leader.
• The second (hard copy) of the report should be submitted to your lecturer / tutor / assignment box.
Penalty for late assignments: 2 marks per working day (weekday).
Teamwork:
• Assignment must be completed in a group of 3 to 4 members and group members must belong to the same tutorial group.
• It is YOUR responsibility to form teams, thus swapping contact details and arranging regular progress meetings is essential. Remember, once a team is formed, it is up to you and your fellow team members to maintain team discipline. No changes to group members are allowed during the last three weeks before the submission deadline. All group members are equally responsible for the submission of the assignment.
• Any person signing up in a group needs to obtain approval from other group members PRIOR to signing up. In case there are complaints that a student signed up without prior approval from other group members, he/she will be removed from the group immediately. All complaints need to be submitted via email (using VU student email)
• Groups must assign a leader and keep all records of meetings and tasks assigned to group members. Students must meet at least once every week. Meeting records must be attached at the end of your report. A suggested meeting log is attached.
• Where a group member is not cooperating or contributing to the group and the team has made all efforts to resolve the issue, the team must inform the tutor and unit coordinator/s immediately via email. Where a group does not report this matter immediately, it will not be entertained later on, especially before the due date of the assignment. The defaulting member will be given a warning and should the member continue to default, the group will continue without the defaulting member and the defaulting member will receive zero for the task.
Referencing and style
• Assignment must be typed using Word document and double-spaced with a normal margin (i.e. 3cm)
• The required referencing style is Harvard (Please visit VU library for examples of Harvard Referencing Style at http://guides.library.vu.edu.au/Harvard). Essays not using the required referencing style or not showing in-text and end of text references will be returned unmarked
Turnitin Report
• Group leader must submit assignment through Turnitin and attach Turnitin submission report with your assignment. Your assignment will not be marked without a Turnitin submission report.
• Submission of this assignment by due date (as advised by the local lecturer) is compulsory for successful completion of the subject. The identical electronic copy must be submitted through VU Collaborate Turnitin by the due date. The printed copy along with a Turnitin Similarity Report (less than 30% similarity required) can be submitted to your lecturer at the conclusion of the lecture you normally attend.
• The printed copy must be the identical version of the electronic copy submitted through Turnitin at VU Collaborate. Inconsistent version of the printed copy and the electronic copy will result in a Fail grade (Note: If you cannot submit your assignment through Turnitin due to a technical problem then email your assignment before the due date to your lecturer immediately. You cannot withdraw an assignment from Turnitin after the due date).
• Late submission without extension approval from the Unit Coordinators and local lecturers will be penalised 2 (out of 20) marks per day. Do not submit any assessable task by slipping it under the door of your lecturer’s or tutor’s office.
• No Extension will be granted unless supported by appropriate documentation prior to the due date. An application for an extension must be in writing and must use the appropriate form
• Students are responsible to protect their work and save data by making necessary backup. Loss of data due to a computer or storage devices problems will not be considered a valid reason for an extension.
Student No(s):
Name(s):
Assessment Criteria for each part of your assignment
Assessment Structure (marks) Excellent Very Good Good Average Marginal Poor Very Poor
1 Abstract (10)
2 Introduction (10)
3 Part (50)
4 Conclusion (10)
5 Bibliography, referencing and citations (10)
6 English expression, coherence, grammar and spelling (10)
Assessment criteria to be applied on Assessments
Excellent:
Work fulfilling the above criteria to an outstanding degree, in particular demonstrating excellence in sustained argument, critical thought and synthesis of material from diverse sources.
Very Good:
Work demonstrating extensive knowledge and understanding of major content areas and issues; the ability to appropriately synthesise material from a range of sources; a well-developed capacity for critical analysis of key issues and concepts; the ability to present a defensible perspective on issues; evidence of wide reading in relevant areas of the discipline.
Good:
Above average work demonstrating good knowledge and understanding of major content areas and issues; demonstration of some capacity for critical analysis; the ability to present a perspective on issues; evidence of reading in relevant areas of the discipline.
Average:
Work of ‘average’ standard which demonstrates an average comprehension both of basic concepts and some issues, based on class work and some further reading in the area; some ability to compare key concepts and theoretical perspectives; average presentation, particularly in regard to structure, expression and referencing.
Marginal:
Work which shows a basic understanding of key elements of the subject matter at a descriptive level, based mainly on attendance at lectures; satisfactory presentation with some deficiencies in structure, expression and referencing.
Poor:
Work which shows little evidence of knowledge or understanding of the subject matter and is unsatisfactorily presented, particularly in regard to structure, expression and referencing.
Very poor: Work which shows no evidence of knowledge or understanding of the subject matter.
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GROUP DOCUMENTED MINUTES
__________________________________________________________________________________
Date of Meeting:______________________________
Time Meeting began:__________________________
Time Meeting ended:__________________________
Location of meeting: online / VU campus other:_____________________________________
Attendees:___________________________________________________________________ Apologies from any absent members:______________________________________________
Agenda of Meeting:
Minutes of Meeting:
Agreed Actions:
Time Date and location of next meeting:________________________________________________
Signatures of all attendance: