BAO 5535- ISSUES IN CONTEMPORARY ACCOUNTING
Topic: Corporate governance and business ethics: The case of Crown Resorts Ltd.
Marks allocated (30%):
“Three members of Crown Resorts’ board, including former AFL boss Andrew Demetriou, are under pressure to resign after a public inquiry made scathing findings about their reliability and suggested the company could not reform itself while they remained directors. Former Supreme Court judge Patricia Bergin handed down a landmark report into the casino company that put Crown’s flagship Barangaroo project in Sydney at risk by finding the company was not suitable to hold a NSW casino licence.”
(Source: Dankart, S and Hatch, P XXXXXXXXXXThree Directors under pressure to resign. The Age, Wednesday Feb 10, p.4.)
Download the annual reports for Crown Resorts Ltd. For the last 3 years (2018, 2019 and 2020) to assist in answering the following questions.
Question 1 (5 marks): Describe the main regulatory requirements that apply to Crown Resorts Ltd as: (a) an Australian Listed company (b) as an entity holding a casino licence.
Question 2 (5 marks): From the annual reports identify the 5 largest shareholders and their percentage (%) of issued capital across the last 3 years. What do your findings indicate?
Question 3 (5 marks): Provide a discussion of the size, profitability and dividends paid by Crown Resorts Ltd over the last three (3) years.
Question 4 (15 marks): Draw up a table and record any corporate governance statements from the annual reports. How do these statements compare with the findings of the Bergin report? Explain.
Question 5 (15 marks): Provide an overview of one of the theories (eg. Stakeholder theory, legitimacy theory, institutional theory or other relevant theory) in relation to any business ethics issues that have been identified by the Bergin report.
Students need to read widely to gain a thorough understanding of this case study and to adequately answer the set questions. Avoid copying directly from resources as that will result in low grades being awarded.
REPORT: Inquiry under section 143 of the Casino Control Act 1992 (NSW), 1 February 2021(Bergin Report).
i) This is a group assignment to be submitted electronically by groups of three (3) students. It is YOUR responsibility to form groups, via self-allocation to a group on VU Collaborate. Remember, once a group is formed, it is up to you and your group members to maintain group discipline. All group members are equally responsible for the submission of the assignment. Assignments undertaken by an individual without prior permission will not be accepted for marking.
ii) Groups must assign a leader and keep all records of meetings and tasks assigned to group members. Students must meet physically or electronically at least three times before submitting the assignment. Meeting records must be attached at the end of your assignment. A suggested meeting log is attached.
iii) Submission of this assignment by the due date is compulsory for the successful completion of the subject. Late submission without the extension approval from your unit coordinator will be penalised at 2 marks (out of 20) per calendar day.
iv) The assignment must be submitted to Turnitin via a link on VU Collaborate. Only a single copy should be submitted by one team member or team leader.
v) The Turnitin/Dropbox Similarity Report should be no more than 30%.
vi) Each member of the team must complete, scan and submit the Assignment Cover Sheet along with the assignment.
vii) Completed extension application form must be submitted to your unit coordinator at least three days in advance of the due date.
viii) Students are responsible to protect their work and save data by making necessary backup. Loss of data due to a computer or storage devices problems will not be considered a legitimate reason for an extension.
ix) Students should keep a copy of their assignment until their result for the unit is finalised.
Referencing and style
a) The presentation should be clear, concise and accompanied by expository text accessible to the reader
b) The presentation of the entire assignment should be written in English of an appropriate academic register and a format and standard of presentation acceptable to business study
c) Assignment should be double spaced with left and right margins of 2.5 cm and top and bottom margins of 2.5cm. It must be typed in Microsoft Word using Times New Roman, 12 font size.
d) The assignment is required to use a Harvard referencing style (see VU library for Referencing Style guides https://www.vu.edu.au/library/access-borrowing/search-browse-resources/library-guides)
e) Assignment without proper referencing (in text and end of text) will be subject to substantial deduction of marks. This may result in the assignment being marked zero.
f) Where a group member is not cooperating or contributing to the group and the group has made all efforts to resolve the issue, the group must inform the lecturer and the unit coordinator immediately via email. Where a group does not report this matter immediately, it will not be entertained later on, especially before the due date of the assignment. The defaulting member will be given a warning and should the member continue to default, the group will continue without the defaulting member and the defaulting member will receive zero for the task.
3.1 Academic Honesty and Preventing Plagiarism Policy
Plagiarism is defined as ‘The practice that involves use of another person’s intellectual output and presenting it (without appropriate acknowledgement) as one’s own’.
Examples of plagiarism:
· Word-for-word copying of sentences/paragraphs in an assignment without acknowledgement or with insufficient or improper acknowledgement;
· Downloading essays or assignments from the web and presenting these for assessment;
· Presenting another student’s work or research data as the student’s work;
· Copying out parts of any text without acknowledging the source(s). This may be written text, structures within texts, diagrams, formulae, sound files, still photographs, audiovisual material (sound and image files), graphics/animations/multimedia objects, other computer-based material, mathematical proofs, art objects, products and others. This can be done as verbatim copying or paraphrasing.
· The use of someone else’s concepts, experimental results, experimental conclusions or conclusions drawn from analysing evidence or arguments without acknowledging the originator of the idea(s) or conclusion(s).
3.2 Students are responsible for:
· Understanding and respecting the University’s policies and procedures regarding plagiarism, collusion, and other forms of academic misconduct, and as such should only submit work for correction or academic credit that is their own or that properly acknowledges the ideas, interpretations, words or creative works of others;
· Avoiding the lending or making accessible original work to others;
· Being clear about the appropriate referencing rules that apply to their field of study;
· Refusing to be a party to another student’s efforts to undermine the academic integrity of the University.
· Seeking assistance with their learning and assessment tasks if they are unsure of appropriate forms of acknowledgement.
BAO 5535 Issues in Contemporary Accounting
Assignment Marking Sheet
Able to describe the regulatory framework for a company in a specific industry sector.
Demonstrate an understanding of power and control over company activities.
Demonstrate financial and analytical skills in assessing the performance of a company.
Critically evaluating what companies report compared with their management.
Demonstrates an understanding of a theory that applies to and whether it supports available evidence.
English expression, spelling, structure, coherence, grammar, punctuation, headings, sub-headings and overall presentation.