Assessment 1
Assessment Type: Written Report - individual assessment
Purpose: This assessment is designed to reinforce the subject content and develop students' skills and application of knowledge of the subject content to business situations. This assessment relates to learning outcomes a, b and c.
Topic: This assignment covers the in-depth theoretical concepts with some practical accounting task application based on the topics from the subject.
Task Details: This assignment requires a consideration of accounting theory concepts with critical analysis with application to General Purpose Financial Reporting by Corporations. Students are required to prepare a comprehensive report directed to an Australian ASX Top 100 listed corporation detailing a critical analysis of the effectiveness of the corporation to meet the obligations of the conceptual framework of accounting. The summary report should include data extracted from the General Purpose Financial Report relevant to the material analysed.
Choose one company from top 100 asx listed australian companies and if possible select Rio TinTo material company.
Suggested approach
Introduction - based on your corporation
Broad comment regarding the GPFR
Analysis can include voluntary disclosures major focus is on actual accounts - select a number of accounts including inventory, ppe, depreciation, continguent liabilities, intangible assets, leasing etc
Perhaps 4-5 accounts
A good source for choosing these accounts is note 1, directors statements, audit reports, and the accounts more generally
Once selected these accounts a typical format might be:
AASB - extract based on your area of focus
Conceptual framework - extract based on areas of analysis eg objective, relevant, material, faithful representation (free from error, bias, complete,etc), comparison, consistency, verify, time, Extract from GPFR - actual account, note material etc
iii. Depreciation
Depreciation is provided on a straight-line basis on all items of property, plant and equipment
Assets under finance lease are depreciated over the term of the relevant lease or, where it is likely the Qantas Group will obtain ownership of the asset, the life of the asset.
The principal asset depreciation periods and estimated residual value percentages are: Years Residual Value (%) Buildings and leasehold improvements 10 - 40 01 Plant and equipment 3 - 20 0 Passenger aircraft and engines 2.5 - 20 0 - 10 Freighter aircraft and engines 2.5 - 20 0 - 20 Aircraft spare parts 15 - 20 0 - 20
Critical analysis and application - compare other gpfr, refer to other material eg company policy, media, future technology advances likely to impact, announcements etc
APPLY ANALYSIS BASED ON THE ABOVE
Use indexes wisely - you do not need to analyse the entire accounts as there is too much content
Conclusions/recommendations - could cover how does accounting need to change, suggestions for improvement, overcoming issues, ideas!!!
Presentation is important - make the report look good - lots of material from a variety of reference material assists - reference, reference, reference!