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ACC203 Assessment 3 Information 2T2018

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ACC203 Assessment 3 Information 2T2018

 

Assessment Information

 

Subject Code:                       ACC203

Subject Name:                      Financial Accounting 2 Assessment

Title:                                        Individual Assignment

(Technical 10%) and (Communication skills10%)

Weight                                   20%

Due date                                Monday of Week 9 by 15:55 AEST

 

Assessment Description

Learning Outcome 4: Develop information gathering and communication strategies to enable the provision of professional advice to a client.

Objective: The objective of this assignment is to learn to effectively research a technical aspect of accounting and communicate professional advice to a client, via a business letter.

Background to the case study:

Assume that you are a graduate accountant working for McKenzie and Associates a public accounting firm situated at 668 George Street, Melbourne, VIC 3000. The manager of your firm, Ms Maria McKenzie has asked you to draft a letter in response to an email received from a client – Mr Con Pewter, the Managing Director of Pewter Ltd, raising a key accounting issue regarding his company see the copy of the email on the next page.

The maximum length of the letter is 1.5 pages. You should address all the technical issues/discussion after the letter on separate pages.

Part A: Technical component 10% - This mark covers the technical content of youadvice and the explanation on each of the issues, the calculations and the sources used.

    Part B: Communication Skills – Letter Writing 10% - This mark covers the generic skills of business letter writing; layout, clear meaning, structure and organisation, appropriate tone and grammar, spelling and punctuation etc.

The assignment is designed to test the following skills:

  • Your knowledge and your ability to research the issues and then apply the information appropriately using judgement to correctly identify the relevant standards and legislation that relate to the issues raised by the client.
  • Your written communication skills – business letter writing.

Please note: Any work which has been copied or shared between students will result in a Fail grade for both students concerned. Therefore, please make sure that the answer to this individual assignment is your work and not copied or bought from any source. In completing this assignment make sure you follow the guidelines for assignments especially those relating to the presentation of written work, late assignment policy and academic integrity.

Please check the marking rubric for each part to ensure that you have followed all the guidelines for presenting your work.

Re: Accounting Issues: Year Ending 30 June 2018 From: Con Pewter (conpewter@pewterlimited.com.au) Sent: 5 July 2018

To: Maria McKenzie (maria.mckenzie@mckenzieandassociates.com.au) Dear MariA

Thank you for your phone call this morning, as agreed I am emailing you regarding the accounting issues we briefly discussed. By the way to assist the accounting team in our decision-making process could you please make sure you reference any relevant sources relating to your advice, for example, AASBs, Corporations Act, and relevant

websites.

Here is the background to our problem - as you know, Pewter Ltd is a leading company in the sale of frozen and canned fish produce. These products are sold under two brand names. Fish caught in southern Australian waters are sold under the brand ‘Artic Fresh’, which is the brand the company developed when it commenced operations and which is still used today. Fish caught in the northern oceans are sold under the brand name ‘Tropical Taste’, the brand developed by Fishy Tales Ltd. Pewter Ltd acquired all the assets and liabilities of Fishy Tales Ltd a number of years ago when it took over that company’s operations.

 

Pewter Ltd has always marketed itself as operating in an environmentally responsible manner, and is an advocate of sustainable fishing. The public regards it as a dolphin- friendly company as a result of its previous campaigns to ensure dolphins are not affected by tuna fishing.

The marketing manager of Pewter Ltd has noted the efforts of the ship, the Steve Irwin, to disrupt and hopefully stop the efforts of Japanese whalers in the southern oceans and the publicity that this has received. He has recommended to the board of directors that Pewter Ltd strengthen its environmentally responsible image by guaranteeing to repair any damage caused to the Steve Irwin as a result of attempts to disrupt the Japanese whalers.

He believes that this action will increase Pewter Ltd’s environmental reputation, adding to the company’s goodwill. He has told the board that such a guarantee will have no effect on Pewter Ltd’s reported profitability. He has explained that, if any damage to the Steve Irwin occurs, Pewter Ltd can capitalise the resulting repair costs to the carrying amounts of its brands, as such costs will have been incurred basically for marketing purposes. Accordingly, as the company’s net asset position will increase, and there will be no effect on the statement of profit or loss and other comprehensive income, this will be a win-win situation for everyone.

The chairman of the board knows that the marketing manager is very effective at selling ideas but knows very little about accounting. The chairman has, therefore, asked me to provide him with a summary advising the board on how the proposal should be accounted for under the Financial Reporting Standards and how such a proposal would affect Pewter Ltd’s financial statements.

Please respond by letter (not email) as I would like to present this to the Board. I look

forward to hearing from you shortly.

Regards

Con Pewter

Managing Director, Pewter Ltd Level 6,

510 King William Street,

Adelaide SA 5000



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