ACC510 Task 2 – Semester 2 2018

ACC510 Task 2 – Semester 2 2018

Due Date: Midnight Monday of week 11 (24 September 2018)

Weighting: 30%

General information about the assignment

The assignment must be your own individual work; i.e. it is not a group assignment. If it is

believed that a student has copied material from another student or any other source without

appropriate referencing, the necessary action will be taken under the University’s Student

Academic Misconduct Policy: http://www.usc.edu.au/explore /policies-and-procedures/

student-academicmisconduct-academic-policy.

You have to submit the assignment only electronically via Safe Assignment on the course

Blackboard site. If you want to apply for an extension to your submission date, please email

Md Hafij Ullah ([email protected]) to explain the circumstances and attach any necessary

supporting documentation. Late penalties will be applied for assignments submitted after

midnight on the due date without an approved extension. More details on late penalties are

provided in the course outline.

Marks Distribution: Marks will be allocated to each component of the assignment as follows:

Parts Marks

1 Introduction 1

2 Property, plant and equipment 4

3 Intangible assets 5

4 Provisions, contingent liabilities (commitments) and contingent assets 5

5 Leases 5

6 Revenue 5

7 Conclusion 1

8 Quality of communication 2

9 References (In-text and list of references) 2

Total 30

Task requirements:

You have been randomly assigned an Australian publicly listed company (refer to the separate

excel spreadsheet provided to identify your company). Using the financial reports for your

company, you are required to prepare an essay that addresses the 7 requirements listed below.

1. Introduction (Company’s main operation/ what the assignment is about/ Topics covered)

2. (a) Select a non-current asset from the financial statements of your company. Provide

details of this item (including identify the valuation method used for this item).

(b) With reference to qualitative characteristics, provide an argument for using an

alternative valuation method for this non-current asset.

3. (a) Provide details of the intangible assets reported by your company.

(b) Evaluate how the company fulfilled its disclosure requirements in relation to

intangible assets.

4. (a) Provide details of the provisions and contingencies recorded or disclosed by your

company.

(b) With reference to one specific contingency recorded or disclosed by the company,

provide an argument for and against the inclusion of the contingency in the financial

report.

5. (a) Provide details of leased items that are recorded or disclosed by your company.

(b) Discuss the classification and presentation requirements relevant to leased items,

and in doing so provide an explanation for how the leased items of your company have

been presented on the financial statements.

6. (a) Provide details of the revenue disclosed in the annual report of the company.

(b) Justify the revenue recognition criteria for a specific (major) revenue of the

company.

7. Conclusion (final overview of the findings)

The set word count for your assignment is 1,500 words (±10% will be considered acceptable).

Direct quotes, where used appropriately, will not be considered to contribute to your word

count. In-text references and list of References will also not be considered to contribute to your

word count.