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ACC201 Financial Accounting

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ACC201 Financial Accounting

ACC201 Financial Accounting  

Assignment title

ACC201 Research Assignment

Prescribed word limit

Part 1: 600words + Part 2: 1400 words = 2000 words

 

(10% variation is acceptable)

Referencing style

Harvard Referencing System Style Guide

Assignment weight

25% (The assessment will be marked out of 100 marks)

Assignment due date

Part 1: Week 4, Monday 16 April at 8 am (30 Marks)

 

Part 2: Week 9, Monday 21 May at 8 am (70 marks)

Submission mode

PIA assignment cover page must be attached and signed

 

before its submitted by due day through MyPIA.

 

PART 1

 

In Part 2 of this assignment you need to choose an ASX listed company for financial analysis. To make the right choice you need to have a clear understanding of

 

       Relevant information

 

       Fair presentation

 

       Accounting estimates

 

The following research topics are independent and not related to each other.

Research Topic 1: Relevant information for an investment company (Hint: Chapter 1)

 

A year ago you bought shares in an investment company. The investment company, in turn buys, holds and sells shares of business enterprises. You want to use the financial statements of the investment company to assess its performance over the past year. 

Required: 

a.       What financial information about the investment company’s holdings would be most relevant to you?

 

b.      The investment company earns profits from appreciation of its investment securities and from dividends received. How would the concepts of recognition in the conceptual framework apply here? 

Research Topic 2: Fair presentation (Hint: Chapter 16) 

The directors of an Australian company that is required to prepare financial reports under the Corporations Act conclude that applying the requirements of AASB 136/IAS 36 Impairment of Assets would not provide a fair presentation because the resulting $80 000 impairment loss is temporary. 

Required:

 

Advise the directors how this problem should be addressed in the financial statements in accordance with AASB 101/IAS 1.

The board of directors has resolved to change its accounting policy for capitalising gains or losses on its cash flow hedges recognised in other comprehensive income. Previously, such gains or losses were capitalised to hedged items but the directors now believe that taking such gains or losses to profit or loss is a more appropriate treatment. Due to a recent computer virus, all data from the non-current asset register, including specific depreciation details from prior periods, has been destroyed. 

Required: 

The board of directors has approached you for advice regarding the disclosures, if any, that are required for this change in accounting policy.

Marking Rubrics:

 

 

 

 

 

 

 

 

 

 

 

No.

 

Marking scheme

 

Marks

 

1

 

Research Topic 1

 

10

 

2

 

Research Topic 2

 

10

 

3

 

Research Topic 3

 

10

 

 

 

Total

 

30

 Note: 

       Please read the “Submission of Assessment Items” on page 14 in unit outline of ACC201.

 

       Please read the “Academic Misconduct and Plagiarism” on page 17 in unit outline of ACC201.



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