BUACC5932 Corporate Accounting Group Assignment This assignment is part of the continuous assessment and feedback. It is a group assignment with a maximum of three students. Please note again that as...

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BUACC5932 Corporate Accounting
Group Assignment
This assignment is part of the continuous assessment and feedback. It is a group assignment with a maximum of three students. Please note again that as this is a group assignment and all students in the group are expected to work together and to contribute equitably. 30 % marks have been allocated to the group based case study report prepared on the basis of analysis of the annual report of the company allocated to the group and each student in a particular group will score same mark.
Due date of submission of assignment
Due date of submission of group assignment for all students is Friday week 9.
Late assignments
Extensions for assignments need to be made through Federation University’s special consideration procedures. Assignments submitted after the due date without special consideration granted, will be automatically penalised at a rate of 10% per day late. Assignments will not be accepted if more than five days late, unless prior approval has been given.
Objectives
The educational objective of this task is to develop student capabilities to read, interpret and analyse financial statements; to apply international accounting standards; to prepare a report on corporate financial performance; and to make judgments on applying appropriate accounting standards to different business situations. Your report should demonstrate ability to access online corporate information and analysis of accounting information. This assignment will involve the use of corporate annual reports, analysis of the relevant information provided within the reports, compare and contrast the information with the requirement of relevant accounting standards and finally reporting your observations and conclusion.
Tasks involved
1. Choose the latest annual report for any one of the following companies
Your group shall be allocated latest annual report of one of the following companies listed on the Australian Stock Exchange. Your group is required to answer following assignment questions for the company selected in a report format and also compare the findings of your company ( wherever necessary) with another competing company from the same industry selected by your assignment group ( Preferably from ASX 200 companies available at http:
www.asx200list.com/ )
1. APA Group Stapled (Utilities)
2. Amcor Limited (Materials)
3. Blackmores Limited (Consumer Staples)
4. Cochlear Limited (Healthcare)
5. Crown Resorts Limited (Consumer Discretionary)
6. CSL Limited (Healthcare)
7. Fortescue Metals Group LTD (Materials)
8. Harvey Norman Holdings Limited (Consumer Discretionary)
· All annual reports are available on the website of these companies.
· Choosing a company other than those mentioned above is not permitted.
· All accounting standards are available on online database or these standards can also be accessed on AASB web site (www.aasb.gov.au).
2. Draft a report incorporating the following points in relation to your selected company (not exceeding 3,500 words).
Company- Introduction, Business & operating activities, Finances and Financial performance
· Describe the core business of the company. Provide full details of its different activities and or business segments.
· Discuss the industry that the chosen company operates in. For example, is it a growing or declining industry; which are the main competitors of the company and what are they doing, etc. Ensure you discuss the implications of these factors.
· How the company is funded vis-à-vis internal or external sources? Critically analyse the financial structure of the company?
· Describe key elements of Financial Performance reported by the company in the annual report.
· Has this company reported any event that occu
ed after the reporting date? Describe the event.
· Were there any changes in accounting policies disclosed in the annual report? If yes, describe those changes.
Assets – PPE and Intangibles
· What is the ca
ying amount of each class of Property, Plant, and Equipment, at reporting date, of your company?
· Describe the accounting policies relating to Property, Plant, and Equipment adopted by your company.
· Identify the intangible assets reported by the company. Discuss their composition and relevance to the company’s business.
· Describe the accounting policies relating to Intangible Assets adopted by your company.
· Are any items of Property, Plant, and Equipment, and/or Intangible Assets of your company impaired? If so, identify which assets are impaired, and the amount of accumulated impairment losses.
Research component     (suggested 1,500 words of total limit of 3,500 words)
· If your selected company publishes any corporate social responsibility report or sustainability report, then discuss some of their key initiatives regarding their social responsibility and sustainability
· Conduct search for any media stories, blogs or other commentary about your selected company’s initiatives. For example, do they place profit before people? Do they have any credible projects? Use your analytical skills to critically analyse these issues in relations to initiatives of selected company
· Why do you think corporate social responsibility and sustainability have become so important in the modern corporate world? Use any sources (books, journal articles, Parliament debates, Royal Commissions, media, blogs, etc.) and critically argue the case.
· How has Covid19 impacted operations of chosen company, its revenue and staffing. This information may not be available in annual report, but online search will show if there was drop in sales, if there was job losses and so on.

Note: It is important to refer to relevant accounting standards in your report to score high marks in this group assignment.
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Answered Same DaySep 25, 2021BUACC5932

Solution

Angel K answered on Sep 27 2021
53 Votes
APA GROUP
BASED ON ANNUAL REPORTS OF 2019
1. What is the ca
ying amount of each class of Property, Plant, and Equipment, at reporting date, of your company?
A ca
ying value of an asset or a company is an accounting measure in which the value is based on the figures that are disclosed the company’s balance sheet. For assets that have a physical existence, the ca
ying value is calculated as net of cost of the asset and its accumulated depreciation. In case of an intangible asset that doesn’t have a physical existence the value is calculated as net of original cost and its amortization expenses. The depreciation cost of an asset depends upon the rates that are adopted by the company in the preparation of its balance sheet.
In the Audited financials of APA Group for the year ended 31st June 2019 (which was available as the latest audited financial) the ca
ying value of plant, property and equipment is as follow:
    Particulars
    Amount ($)
    Freehold land and building
    267218
    Leasehold improvements
    10787
    Plant and Equipment
    11733465
    Work in progress
    711676
    ROU Land and Building
    57981
    ROU Plant and equipment
    10773
    Total property owned
    12791900
    Accumulated Depreciation
    (2969945)
    Net Plant, Property and Equipment
    9821955

As per the annual reports the value of assets that was held for sale is excluded from the total value of property, plant and equipment’s.
2. Describe the accounting policies relating to Property, Plant, and Equipment adopted by your company?
The accounting policies that are to be followed by the entities in disclosure of items in the balance sheet are prescribed by Australian Accounting Standard Board (AASB). As per the requirement the accounting standard used by APA Group for recording its plant, property and equipment is AASB 16. The objective of the standard is to prescribe the accounting treatments of plant, property and equipment in a financial statement so that the users of the financial statements could easily interpret and understand the information about the entities investment in Plant Property and Equipment and changes in it. The company also follows AASB 5 that specifies the accounting...
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