Assignment
ACC202 Corporate Accounting
Assessment details
Weight 30%
Due date 11.00 pm Friday 6 May
This is an individual assessment task
You are required to complete a research-based assignment
Instructions
Select a company that meets the following criteria:
• The company must be a constituent of the S&P/ASX 300 index (www.asx300list.com);
• The company must publish audited annual financial reports in English, fully complying with IFRS or AASB standards and
• The company must have a 30 June year end.
Write an essay of 1,500 words and cover the following:
1. The role of professional judgment in accounting and three implications on the users of accounting information if the professional judgment has not been made in the most reasonable/appropriate manner.
2. Provide a detailed explanation of the impairment write-down(s) made by your company in the year ended 30 June 2018. Your explanation should include a discussion
a. of the asset/s that were impaired.
b. the type of estimations required to write the impairment.
c. the amount of the impairment write-down and
d. relevant disclosures in the 30 June 2018 financial report in relation to impairment testing
3. Based on your findings in part 2, critically discuss whether the professional judgments applied in the impairment write-down of the assets have been reasonable/appropriate.
Recommend actions (if any) for improvement in the application of professional judgments.
4. Based on your findings in part 3, critically analyse to what extent the professional judgments applied on impairment write-downs satisfy the fundamental characteristics of useful financial information and the objective of financial reporting.
Page | 1 out of 3
How to present your assignment
Length: 1,500 words
Structure: use essay structure (i.e. introduction + main body + conclusion + Bibliography) Formatting: standard 12 point font, 1.5 line spacing, and side margin 2.5 wide.
Referencing: all sources (i.e., the work and ideas of others) cited and referenced using APA referencing system. You need to provide both in-text referencing and the Bibliography.
SUBMISSION INSTRUCTIONS
This assignment must be submitted via Turnitin in Moodle. Hard copies will not be accepted or marked
You may make TWO submissions via Turnitin to check your work for plagiarism and make
adjustments accordingly up until the due date. Submissions are open from 11 pm Friday 29 April to
11.00 pm Friday 6 May
To avoid plagiarism you must:
• keep similarity rate less than 10%
• Make enough in-text referencing
• Paraphrase original ideas
• Provide a bibliography
Late submission
10% penalty will apply for every 24 hours delay in submission
Support
Academic support: https://moodle.gatewaycollege.edu.au/course/view.php?id=15
Academic Misconduct policy: 4ed4c59bffb3328f26ecf3f10dfcb988.pdf (gatewaycollege.edu.au)
Page | 2 out of 3
Not attempted Fail Pass Credit Distinction High Distinction
The role of professional judgment in accounting and three implications on the users of accounting information if the professional judgment has not been made in the most reasonable/appropriate manner.
5 marks Not attempted or entirely or significantly plagiarized from other sources. 0 marks Writing is unclear.
Leaves out several relevant aspects of the role of professional judgment and the implications.
2 marks Writing is not very clear. Describes the role of professional judgment and the implications although significantly more detail may be needed.
2.5 marks Writes clearly.
Correctly describes the role of professional judgment and the implication. Details are mostly correct, although more detail may be needed.
3.5 marks Writes clearly.
Correctly describes the of role of professional judgment and the implications with adequate detail.
4 marks Writes clearly.
Correctly describes the of professional judgment and the implications with plentiful detail.
5 marks
Explanation of impairment writedown made by your choice of
company
5 marks Not attempted or entirely or significantly plagiarized from other sources.
0 marks Writing is unclear.
Explanation incomplete or faulty in one or more aspects.
2 marks Writing is not very clear. Explanation including assets written down, amount, types of estimation and analysis of disclosures but with omissions and/or incorrect explanation.
2.5 marks Writes clearly.
Mostly complete explanation including assets written down, amount, reason and analysis of disclosures.
3.5 marks Writes clearly.
Explanation including assets written down, amount, types of estimation and analysis of disclosures with minor omissions.
4 marks Writes clearly.
Complete explanation including assets written down, amount, types of estimation
and analysis of disclosures
5 marks
Critical discussion on whether the professional judgments applied in the impairment write-down of the assets are reasonable/appropriate. Recommend actions (if any) for improvement in the application of professional judgments. 8 marks Not attempted or entirely or significantly plagiarized from other sources.
0 marks Chosen company is not suitable/Does not include
relevant details, uses faulty analysis. Recommendations do not relate to impairment testing.
3 marks Includes the majority of relevant details, although some analysis may be faulty. Recommendations relating to only some areas of
impairment testing
4 marks Includes most relevant details. Analysis mostly accurate but more needed. Recommendations relating to most areas of impairment testing.
6 marks Includes nearly all relevant details. Analysis mostly accurate with adequate detail.
Recommendations refer to nearly all areas of impairment testing.
7 marks Includes relevant and possibly unusual details. Analysis accurate and insightful. Recommendations refer to all areas of the impairment testing with great details.
8 marks
Critical analysis as to what extent the professional judgments applied on impairment write -downs satisfy the fundamental characteristics of useful financial information and the objective of financial reporting.
7 marks Not attempted or entirely or significantly plagiarized from other sources.
0 marks Chosen company is not suitable/Did not relate possible disclosures to any aspect of fundamental characteristics of useful financial information and the objective of financial reporting.
2 marks Relate only some possible disclosures to some aspects of fundamental characteristics of useful financial information and the objective of financial reporting.
3.5 marks Relate most of the possible disclosures to most of the aspects fundamental characteristics of useful financial information and the
objective of financial reporting.
5 marks Refer to nearly all possible disclosures to nearly all aspects of fundamental characteristics of useful financial information and the objective of financial reporting.
6 marks Refer to all possible disclosures to almost all aspects of the fundamental characteristics of useful financial information and the objective of financial reporting. Critical investigation as to what extent the professional judgements based on impairment write -downs satisfy the fundamental features of meaningful financial information and the aim of financial reporting.
7 markings Not attempted or fully or significantly plagiarized from other sources.
0 marks Chosen firm is not suitable/Did not tie possible disclosures to any aspect of essential features of valuable financial information and the aim of financial reporting.
2 markings Relate just some possible disclosures to some aspects of essential qualities of usable financial information and the aim of financial reporting.
3.5 markings Relate most of the available disclosures to most of the main fundamental qualities of meaningful financial information and the
aim of financial reporting.
5 markings Refer to almost all conceivable disclosures to nearly all aspects of essential characteristics of valuable financial information and the aim of financial reporting.
6 markings Refer to all feasible disclosures to practically all aspects of the essential qualities of meaningful financial information and the aim of financial reporting.
7 marks
Document formatting and structure
Written expression and referencing
5 marks Not attempted or entirely or significantly plagiarized from other sources. 0 marks Fails to follow assignment requirement.
Too short or too long/Strongly affect reader due to formatting errors and confusing organisation. 2 marks Occasionally meets the assignment requirement. Distract reader due to formatting errors.
Organisation causes some confusion. 2.5 marks Occasionally meets the assignment requirement. Occasionally include formatting errors.
Organisation of sections and paragraphs generally clear.
3.5 marks Mostly meets the assignment requirement. Rarely include formatting errors. Clear organisation of sections and paragraphs.
4 marks Meets all the assignment requirements.
Use professional, correct formatting. Clear organisa
