it is essential that presentation of assignments adheres to accepted standards 663393

Assignment 1



This assessment task consists of two (2) questions: a newsletter, and a question on financial statement presentation. A total of 50 marks are allocated to the questions below, which will then be converted to a mark out of 15%.


This assessment task is designed to assess your understanding of topics 1 and 2 of the subject.

Marking criteria

A detailed marking rubric has been provided in the ‘Requirements’ section below for each question.


Physical presentation of assignments

It is essential that presentation of assignments adheres to accepted standards in relation to neatness and layout, as you are practising to present material in a work situation. Correct formatting and referencing procedures of material should be strictly adhered to for essays. You should submit a proper reference list (using APA referencing style)for all essay type assignments. A reference list contains only those works cited or quoted from in your essay. A bibliography is acceptable for practical type assignments.

For practical questions:

  • all journal entries must include narrations unless otherwise specified;
  • any ledger accounts should preferably be shown in ‘T’ account format and dates and descriptions be included;
  • journal entries and ledger accounts must reflect the strict order of sequence of events;
  • financial statements (including extracts) should include proper headings and accord with presentation standards.

Penalties will be incurred if material is not correctly referenced and if presentation is not of an acceptable standard.

Please also note the following:

  • Journal entries, ledger accounts, worksheets and financial statements should always balance. If you have to submit a piece of work that does not balance because you cannot detect your error please include some comment about the source of your problem so the marker can provide appropriate feedback.
  • Include workings where appropriate. Partial marks can be allocated for workings where the final answer is incorrect.

Please also refer to the detailed guidelines provided in the ‘Requirements’ section for the newsletter question.


All workings, when appropriate, must be shown to substantiate your answers.

Question 1 [35 marks]

The regulatory environment for financial reporting

You are a member of a large accounting firm which is responsible for preparing financial reports, including statements and notes to the accounts; and for advising staff in client firms who are responsible for preparing financial reports. The firm only deals with large Australian companies listed on the Australian Stock Exchange. One of your key tasks is to monitor the changes and developments in the financial reporting environmentand summarise them in a regularly published newsletter.


Prepare a
newsletterthat identifies and summarises developments and changes in the financial reporting environmentfor the period24
July 2014 22 August 2014, inclusive.

Detailed guidelines for completing this question:

1. Monitoring of changes and developments

This will involve regular monitoring of a number of sources over the required period. The sources should be varied in range, as you will need to identify and consider developments/changes relating to:

  • Technical issues such as issue of new accounting standards, exposure drafts or other pronouncements or interpretations.
  • Regulation and monitoring of financial reporting.
  • Political influences or other potential developments (such as identification of any reporting failures) that could impact or may be of interest to staff (such as Enron or Parmalat failure). ‘Political’ does not only mean action from politicians – it would also include lobbying/actions by other groups to promote their own interests – for example there may be articles about companies, or particular interest groups such as Group of 100, saying that if certain accounting standards are introduced this will disadvantage or have a negative impact.

You will need to consider both local (Australian) and international sources and developments. A section on ‘international’ items/developments must be included in the newsletter. This should not be restricted to the IASB.

2. Potential sources

Given the scope of the potential influences on financial reporting you will need to monitor a range of sources. Below is a list of sources that may be of interest, note that this list is not exhaustive, students should search for sources outside of these. Students should not rely on any one type of source, but a range of sources from each category, i.e. do not just look at websites, also check journals, newspapers etc. Examples of possible information sources include:

(i) Websites such as those of:

  • Australian Accounting Standards Board
  • Financial Reporting Council
  • Australian Securities and Investment Commission
  • Australian Securities Exchange
  • International Federation of Accountants
  • Institute of Chartered Accountants in Australia
  • CPA Australia
  • International Accounting Standards Board
  • Financial Accounting Standards Board
  • Websites of large accounting firms.

(ii) Professional publications:

  • In the Black (CPA)
  • Charter (ICAA)

(iii) Newspapers/journals

3. Contents

The restriction of a
2 page newslettermeans thatyouneed to use your own judgement as to whether to include information about specific changes and developments and how much information to include.It is not intended that you provide complete details of changes/developments (although you may consider in particular cases that more detail is needed). The purpose of the newsletter is to alert staff to changes and developments that may impact on their work and provide enough information about these changes/developments to satisfy the following:

  • For staff (the intended audience) to understand the nature of the development/change and its potential impact (so staff can decide whether they need to investigate further given the nature of their own work),
  • Provide sufficient information for staff to be able to obtain further information on the development/change if they wish to,
  • The newsletter should where possible be inyour own wordswith sources adequately referenced using the appropriate referencing system.

Some examples ofsignificant items to be considered include:

  • Revised or reissued accounting standards or interpretation (both national and international),
  • ASIC reviews on financial reporting,
  • New ASX disclosures for listed companies.

Given the target audience, it would be assumed that they have a working knowledge of common terms and abbreviations (such as AASB, FASB) so abbreviations may be used.Don’t be afraid to be creative. The effectiveness of a newsletter is impacted by how interesting the readers find it.

What not to consider?

Students need to take care that the developments and the changes considered and included in the newsletter are relevant to the objective, in particular the issues/developments that directly relate to the preparation of financial reports for large companies listed on the Australian Stock Exchange. The newsletter SHOULD NOT consider areas only INDIRECTLY related to the preparation of financial reports such as (and this is not an exhaustive list):

  • Fraud,
  • Auditing,
  • Taxation,
  • Other disclosures by listed companies such as:
    • Industry disclosures required by peak organisations,
    • Voluntary disclosures in the area of corporate social responsibility,
    • Voluntary Environmental disclosures.

4. Format

The newsletter should be in the following format:

  • The top of the newsletter must include the title (you need to decide on what to call your newsletter) and details of the period the newsletter is considering.
  • The newsletter should not read as one continuous ‘essay’. It must include headings and sub headings that assist in identifying the nature of changes/developments and help to guide the reader, and also enable the reader to distinguish between items of interest and the relative importance of changes.
  • You must refer the reader to specific sources so that they are able to obtain more detailed information of the development/change.
  • The newsletter must be printed in minimum font size of11 points(You may wish to use larger fonts etc for headings etc). You may wish to set your newsletter out using columnsbutthis is optional. Apart from minimum font size, there are no specific requirements in relation to line spacing, margins etc. However, you should note that simply reducing line spacings, margins to ‘fit more in’ may impact on the presentation and effectiveness of the newsletter.
  • There isnospecific ‘word limit’. The newsletter must beno longer than 2 pages. In cases where the newsletter exceeds the 2 page limit, only the first 2 pages will be marked.

notattach actual articles/printouts of web sources etc to your assessment. You are only required to include details of these in the bibliography.

5. Bibliography and referencing

This assessment must include a bibliography rather than a reference list (this should not be part ofyour newsletter and tobe given on a separate page).A bibliography includes all materials used in the preparation of your assignment, not just those referenced within the paper.The reason a bibliography is required (rather than a reference list) is that this will provide an insight into the range and regularity of your monitoring activities (not just those specifically referenced within your ‘paper’) which is part of the criteria for assessment.It is expected that the bibliography will be quite long.The bibliography needs to include specifics of what you have actually accessed and read that is related to the area not just a general link to a website or newspaper etc. Therefore if you use a source such as the AASB website, please reference every article that you read separately. Assessments without a bibliography will not be accepted or marked.

When citing electronic sources please include the date accessed. If you are unsure how to cite electronic sources check the referencing guides that are available from the library or online at the student services site.APA referencing style should be used forall citing format.

Please be reminded that plagiarism is regarded as a serious issue within the University system with severe consequences for students who have been found to have deliberately plagiarised, the minimum penalty being zero for the assignment. All students should ensure that they are familiar with the plagiarism policy and referencing requirements before commencing assessment.


Thepurpose of this assignment is to help you further develop some of the skills and knowledge required and valued by the accountancy profession. The task that you will be required to undertake is similar to the tasks required of a professional accountant working within the financial reporting field. Accounting professionals need to ensure they are aware of current developments and that their knowledge is ‘up to date’. They need to be able to identify changes that have occurred that may impact on their work and to know where they can obtain information about these changes. In this assignment you are asked to provide a summary of recent developments relating to financial reporting.

Assuch this assignment aims to:

  • Developthe student’s ability to identify and source changes to financial reporting requirements so as to update professional knowledge required for practice;
  • Acquirean awareness of current developments and changes (both locally and internationally) that may impact on current and future financial reporting rules and regulations;
  • Developthe student’s ability to provide written material appropriate to the accountancy profession;
  • Helpstudents appreciate the limitations of the currency of knowledge in a technical financial reporting area;
  • Allowstudents to understand the relationships between technical issues and community attitude to financial reporting.

Assessment criteria

The newsletter will be assessed in relation to the criteria specified in the following marking guide.

Element Criteria Exceeds expectation (HD/D) Meets expectation (CR/PS) Fails to meet expectation (FL)
Technical content Local reporting news [15%] [11 15%]
Correctly identify and report most of the news relating to changes in local financial reporting environment.
[7 10%]
Correctly identify and report some of the news relating to changes in local financial reporting environment.
[0 6%]
Identify some of the news relating to changes in local financial reporting environment, some news were incorrectly reported.
International reporting news [15%] [11 15%]
Correctly identify and report most of the news relating to changes in international financial reporting environment.
[7 10%]
Correctly identify and report some of the news relating to changes in international financial reporting environment.
[0 6%]
Identify some of the news relating to changes in international financial reporting environment, some news items were incorrectly reported.
Effectiveness Detail of discussion [15%] [11 15%]
provides appropriate level of detail for all news;
provides effective summaries and directions to staff to access further information where appropriate for all news;
discriminates between significant and minor news.
[7 10%]
provides appropriate level of detail for most of the news;
provides effective summaries and directions to staff to access further information where appropriate for most of the news;
sufficiently discriminates between significant and minor news.
[0 6%]
level of detail provided for most of the news is inappropriate;
summaries provided are not effective for most news and directions to staff to access further information are not provided;
does not discriminates between significant and minor news.
Creativity [15%] [11 15%]
titles/headings provided attract attention;
design of newsletter is exemplary.
[7 10%]
titles/headings provided sometimes attract attention;
design of newsletter is original.
[0 6%]
titles/headings provided do not attract attention;
design of newsletter is sub standard.
Presentation Grammar and spelling [10%] [8 10%]
writing is flawless in terms of spelling and grammar.
[5 7%]
While there may be minor errors, the writing follows normal conventions of spelling and grammar throughout and has been carefully proofread.
[0 4%]
Writing contains frequent spelling and grammar errors which interfere with comprehension.
Language used and clarity [10%] [8 10%]
cohesive discussion and message conveyed is clear all the time;
appropriate use of language consistently throughout.
[5 7%]
cohesive discussion and message conveyed is clear most of the time;
appropriate use of language most of the time.
[0 4%]
ideas presented are scattered and message conveyed is unclear;
inappropriate use of language most of the time.
Referencing system [10%] [8 10%]
presented a bibliography in accordance with APA referencing system without flaw.
[5 7%]
presented a bibliography in accordance with APA referencing system but contain some errors.
[0 4%]
no bibliography presented ormajority ofthe bibliography presented is not in accordance with APA referencing system.
Evidence of readings Width of coverage[10%] [8 10%]
Impressive/very good range of coverage.
[5 7%]
Adequate range of coverage.
[0 4%]
Inadequate range of coverage.


Question 1 Newsletter
Assessment will consider the adequacy of the range of changes/developments included such as:
·Adequate identification and descriptions of key changes/ developments in period;
·Adequate inclusion of international section/developments; and
·Correctness of outlines of changes/developments.
Effectiveness for purpose
This considers the effectiveness of the newsletter for the purposes set out in the question and involves consideration of issues such as:
·Appropriate level of detail given intended purpose and audience;
·Facilitates identification of relevant items by intended audience (e.g. attracts attention by titles/headings etc);
·Provides effective summaries, and directions to staff to access further information where appropriate;
·Attempts to maintain interest, including creativity and originality; and
·Discriminates between significant and minor changes and facilitates identification and classification of these by the intended audience.
Assessment will include consideration of presentation, explanations, linkages and flow, appropriate grammar, spelling, clarify of expression and layout that facilitates understanding, ease of reading, structure to assist reader, use of headings, correct referencing via appropriate citations in the body of the assignment and correct bibliography. This will also consider the appropriate use of language given the intended audience.
·Adequacy of range of sources (such as professional bodies, international and government organisations, press) given purposes of assignment;
·Evidence of adequate frequency of monitoring over period of assignment.
Total /35

Question 2 [15 marks]

Financial statement presentation

Bogong Ltd, has prepared the following statement of financial position as at 30 June 2014:

Bogong Ltd
Statement of financial position as at 30 June 2014
Current assets
Cash 24
Receivables and inventory 140
Raw materials 20
Deferred tax assets 34
Other 390
Non current assets
Shares in listed companies (at cost) 57
Plant and equipment (net) 397
Land and buildings (at fair value) 560
Intangibles (net) 145
Research and development expenditure 84
Total assets 1 851
Current liabilities
Accounts payable and provisions 155
Allowance for doubtful debts 2
Borrowings 86
Non current liabilities
Debentures 400
Unsecured notes 100
Provisions 54
Accumulated losses 100
Total liabilities 897
Net assets 954
Shareholders’ equity
Ordinary and preference share capital 700
Reserves 254
Total shareholders’ equity 954


List and explain what corrections must be made to the above statement of financial position, or additional note disclosures prepared, to ensure that it complies with the requirements of AASB 101.(Note: you are not required to explain the disclosure requirements contained in accounting standards other than AASB 101 (such as AASB 112 Income Taxes or AASB 116 Property, Plant & Equipment)).

(Source: Adapted fromDagwell, R., Wines, G., Lambert, C. (2012). Corporate Accounting in Australia. (1stedition) Sydney: Pearson Australia.

Marking Guide Question 2 Max. marks awarded
List and explain corrections to be made / notes to be added 12
References 3
Total 15

Assessment criteria

The assessment rubric for this question is provided below. The detailed allocation of marks has been provided above for your information.

Criteria Exceeds expectation (HD/D) Meets expectation (CR/PS) Fails to meet expectation (FL)
Question 2:
Financial statement presentation
determine corrections and notes to be prepared without flaw/with minor flaws;
explanations shown are exemplary and clear;
references to AASB 101 are provided.
determine corrections and notes to be prepared accurately with some errors;
explanations shown are adequate;
references to AASB 101 are provided.
fails to accurately determine most of the corrections and notes to be prepared;
explanations shown are inadequate;
references to AASB 101 are not provided.