Assignment Objective: Students are required to follow the instructions by your lecturer to confirm any relevant information. You also need to follow any relevant announcement on Blackboard that confirm the date and time. The individual assignment will assess students on the following:
A) On understanding of the various theoretical models of accounting.
B) On applying knowledge and understanding to specific financial reporting issues to AASB accounting standards.
C) On discussing the theoretical constructs of contemporary financial accounting.
D) On evaluating and explaining the need for the development of a conceptual framework for accounting, and discuss the influence of such a framework on accounting practice.
E) On Understanding of the Australian accounting regulatory framework and the conceptual framework.
F) On understanding of how to account for assets, non-current assets and liabilities.
G) Be able to calculate for revaluations and impairments of non-current assets, and then journalize, and
H) Account for leases for both lessees and lessors.
Assignments' Instructions and Requirements:
In the excel file "Find Your Company" you will find the listed company you have been allocated for this course. Complete this assignment for the company you have been allocated. Please be careful to use the listed company you have been allocated. Your assignment will not be marked if you use a different company to the one you have been allocated; and you will be asked to resubmit your assignment using the right company. Go to the website of your company in the list of companies in the file "Find Your Company". Then go to the Investor Relations section of the website. This section may be called, "Investors", "Shareholder Information" or similar name.
In this section, go to your firm's annual reports and save to your computer your firm's latest annual report.
For example, these may be dated 30 June 2017 or 31 March 2018. Do not use your firm's interim financial statements or their concise financial statements. You are needed to do the following tasks:
Please read the relevant footnotes of your firm's financial statements carefully and include information from these footnotes in your answer.
Within your firm's latest annual report,
Required:
Part 1: From the annual report of your allocated company and in addition, to providing examples identify and describe the accounting concepts used.
Part 2: With reference to the conceptual framework, and the debate over measurement in accounting. Using your allocated company discuss the issue of measurement and provide examples.
Part 3: As fundament qualitative characteristics state your understanding of relevance and representational faithfulness in relation to the useful information of the financialstatements and if one are more important than the other, in accounting for assets and liabilities. Provide examples from your allocated company.
Assignment Structure should be as the following:
- Introduction:
- Descriptions of Accounting Concepts:
- Conceptual framework and the Issue of Measurement:
- Fundamental Qualitative Characteristics - Understanding of Relevance and Representational Faithfulness:
- Conclusion:
- References:
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Attachment:- Advanced Financial Accounting.rar