ACC00145 2017 s3 Report
Due date: 5pm, Thursday 25 January 2018
Weighting: 30 marks
Objective: This task requires you to prepare a report to evaluate information provided in the annual report of a chosen company listed on the Australian Stock Exchange (ASX). Your comments or evaluation of the annual report should comply with the requirements of relevant Australian accounting standards (AASBs). The report should address the points outlined below:
1) Intangible Assets: You should refer to the requirements of AASB 138 Intangible Assets and AASB 136 Impairment of Assets as the guidelines of your report.
• List the composition of intangible assets in the chosen company. (2 mark)
• Comment on the recognition of intangible asset used by the chosen company. (2 mark)
• Evaluate the measurement, amortisation or impairment of intangible assets in the chosen company. (4 marks)
• Discuss whether the chosen company provides sufficient information to investors. (1 mark)
2) Comprehensive Income: You should refer to the requirements of AASB 101 Presentation of Financial Statements as the guidelines for your report.
• Identify comprehensive income and its components in the chosen company. (2 mark)
• You should discuss what income and expenses are required to be presented in the body of financial statement separately according to AASB 101. (2 mark)
• You should comment on any items that are recorded against equity rather than being recorded as part of profit and loss. (2 marks)
• Discuss whether the company provides sufficient information for investors to evaluate business’s performance. (2 marks)
3) Business Combinations: You should refer to AASB 3 Business Combinations and AASB 138 Intangible Assets for your report.
• According to your knowledge, determine the method used for business combinations in the chosen company. (2 mark)
• Comment on the recognition principle and the measurement principle applied in the business combinations. (2 marks)
• Discuss the recognition and measurement of goodwill (or bargain purchase) in the chosen company. (2 marks)
• Comment on whether sufficient information is available in the annual report to investors. (2 mark)
4) 5 marks will be awarded for; report presentation, effective communication and referencing of the AASBs along with referencing your annual report.
The report should include an executive summary, a body of contents covering the points listed above, and a reference list. The word limit of this report is 1500 words (excluding executive summary, references and appendix). The references should be done using Harvard Style or ARA Style. The reference list should provide all materials supporting the report. Sections extracted from the annual report or AASB to support your report should be included in the Appendix. Remember to attach a link/copy of the financial report/statement with your assignment. Also, provide specific page numbers of the annual report and paragraph numbers of AASBs as in-text reference in your assignment. If you choose to ignore this instruction, you will lose marks.
Each student should choose a company that is listed on the Australian Stock Exchange (ASX) and find an annual report for the 2016/2017 financial year. Remember to use a complete annual report, not a concise financial report or a half-year financial report.
To ensure your choice of a company does not duplicate one already chosen by another student, they will be allocated on a first come, first served basis. You may reserve a company by adding a post on ‘Discussion Board’ under ‘Reserve a company here’. Write the name of the chosen company in the description line of your post. If you add the company name in the message and NOT in the description line, then the reservation is void because it will not be readily visible to others.
Unless otherwise indicated, all assignments are to be submitted online via the link for Turnitin assignment submission provided on the Blackboard site. You must use the electronic Assignment Cover Sheet provided, fill in details and then make this sheet the first page of your assignment. Do not send it as a separate document. The file name should include (in order) your surname, your student number and the name of the company you chose for your assignment. For example: ‘Parker1235456xyz'. Your assignments must be submitted as Word documents. If you wish to submit in any other file format please discuss this with your lecturer before the assignment submission date.