Financial Accounting

1. In preparing the assignment, please “select one company listed on the ASX that revalued the non-current assets in its 2016 or 2017 annual report". Please do not select companies that only apply cost to measure their assets.

AASB 116 Property, Plant and Equipment (PPE) require each class of PPE to be measured at either cost or revaluation model (fair value). You are required to write a report, containing two parts:

Part 1: Please use around 200 words to summarize the following academic paper:

Yoo, C-Y., Choi, TH., and J. Pae. 2018. Demand for fair value accounting: The case of the asset revaluation boom in Korea during the global financial crisis. Journal of Business, Finance and Accounting 45: 92-114.

Part 2: Select one company listed on the ASX that revalued the non-current assets in its 2016 or 2017 annual report. Use around 700 words to:

1) discuss why this company elected to revalue its non-current assets; and

2) summaries all possible factors that companies would consider when deciding whether to revalue their non-current assets.

Please support your discussion by citing specific references such as newspaper articles, staff papers from AASB, articles from practitioner journals and scholarly journals.

Submission Details

• Use a font size of 12 point and a margin of 2.5 cm on the left and right hand side of the page. Staple the assignment in the top left hand corner.

• Students are to take the MAXIMUM WORD LIMITS that are detailed for each task as a guide only. The word limit excludes calculations, appendices, tables and charts. PLEASE SHOW THE WORD COUNT in your assignment.

• Ensure that all sources of information are acknowledged in your bibliography.

• Use the APA/Harvard styles (author-date system) for citations.