ACCT20071 – Foundations in Accounting

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PRACTICAL AND WRITTEN ASSIGNMENT: 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 and application of accounting standards in real life annual reports of the companies.
Note: Complete in a group of up to FOUR students. The assessment requirements are same for the group or individual submissions.
Please read carefully: Assignment Question
Write a research report answering the questions below, based on annual reports of TWO Companies in 2000 to 2500 words. You need to do some extended personal research and self-directed learning in order to complete this assignment.
1. The conceptual framework defines a number of requirements relating to general purpose financial reporting by reporting entities within Australia. Why or why not would you argue that the selected companies are reporting entities? (Hint: consider application of AASB 1053, SAC 1, and The Corporations Act). (approx. words 500)
2. Identify various categories of assets (current or non-current; including intangibles), their reported values and respective impairments ‘in the Statement of Financial Position’. Compare and comment on the methods used for valuation, depreciation of property, plant and equipment (PPE) and intangible assets. (Hint: consider application of AASB116, 138 and 136). (approx. words 500)
3. Australia has adopted IFRSs. Evaluate Australia’s decision to adopt IFRSs by providing some arguments for and against this decision (for this question, you must use at least 3 peer-reviewed research papers as literature review). (approx. words 1000)
Use the latest available annual reports of these 2 Australian companies below
1. Westpac Banking Corporation
2. BP Australia Ltd
Hints for Assignment 1:
1. For downloading the annual reports of listed companies (listed above), visit the websites and download their latest annual report. (the annual reports will be found under a section entitled ‘Investors’, ‘Investors and Media’, ‘Shareholders’, or similar)
2. You must submit the link to all relevant annual reports and also reference the page number in the written assignment. Follow the APA style guidelines for referencing and include page

Page 2
numbers for all relevant reports. You can use the snapshots and may like to append the tables at the end (not counted in the word list).
3. Look for information such as the companies used the same or different methods of valuation of assets and depreciation? Look for the relevant information in ‘notes to financial statements’ section of the annual report. Read important concepts from the book and refer to requirements of AASB 101, 116, 138, 136 discussed in chapters 1, 2, 4 and 5 the book. For question no. 3, you may like to illustrate some individual standards as an example to support your arguments.
4. Provide appropriate evidence/references and refer to rubrics for marking criteria
Submission instructions:
1. The cover page is a separate document for both the assignments. You Must NOT submit assignment and cover page as single word file.
2. Submit your file in word format. Do not use pdf format to submit your document.
3. Every student in the group needs to submit the COVER PAGE. But student submitting on behalf of the group shall submit TWO files; 1. The actual assignment and 2. The cover page.
4. Name your cover page such as Studentname_coverpageonly.docs e.g. for Cui Fan Cui_fan_coverpageonly.docx
The penalty for late submissions: Late submissions are penalized at 5% per day. Further

Instructions: Please read carefully
Normal rules of copying/plagiarism will apply – that is, the individual assignments must not contain other students’ contributions
or work, not even former group members’ work. You are required to submit an electronic copy of this assignment. Assignments
will be marked online and feedback will be provided through Moodle site.
Plan and delegation of the work: As a group assignment, please plan and delegate the work in the beginning. You must discuss how you plan to approach and complete your assignment, milestones, timeframes for achieving the milestones etc. Do not postpone the work until the last week. Please bring any disputes to the attention of course coordinator ASAP. You must keep copies/proofs of your work to resolve any future conflicts.
All the very best to you for timely completion of assignment item.

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