Annual Financial Report

Annual Report Assignment Instruction Booklet

FINANCIAL ACCOUNTING 2

1

CONTENTS

Nature of Assignment .............................................................................................................................. 2

Learning objectives for this assessment task ......................................................................................... 2

Specific Directions and Requirements .................................................................................................... 2

Statement on Use of Draft Feedback ...................................................................................................... 5

Academic Integrity Issues in relation to this assignment ........................................................................ 6

Single report or group ............................................................................................................................. 8

Criteria for assessment ........................................................................................................................... 9

Submission of assignment .................................................................................................................... 11

Extensions for assignments .................................................................................................................. 11

Option to sumbit draft statement of profit or loss and other comprehensive income ........................... 12

Checklist for draft option ...................................................................................................................... 14

Checklist for assignment ...................................................................................................................... 14

Feedback form ...................................................................................................................................... 15

2

Annual Report Assignment

Nature of Assignment

You will be provided with a case study, comprising a trial balance and additional information, in relation

to a fictitious company. This case study can be accessed from the course learnonline site. Using this

information as a basis, you are required to prepare an annual report suitable for publication a particular

year ending 30 June. This must include the following:

 title page and contents page

 statement of profit or loss and other comprehensive income

 statement of financial position

 statement of changes in equity

 notes to the financial statements

 directors declaration

 annual directors report

 annual auditors report

 reference list

 appendix.

These must meet the minimum requirements of those Australian accounting standards/

pronouncements and corporations law as detailed in this booklet.

In addition you must include a Statement on Use of Draft Feedback and an appendix. Further details about these are included later in this document.

Learning objectives for this assessment task

The aim of this assignment is to develop the following the qualities of a University of South Australia

graduate.

Graduate quality In relation to this assignment

Operates with and upon a body of knowledge

The body of knowledge addressed by this course is described in the course aims and objectives. The assignment requires you to identify and apply current accounting and reporting requirements.

Is an effective problem solver, capable of applying logical, critical, and creative thinking to a range of problems

The assignment requires you to synthesise relevant information in preparing the annual report.

Preparation of lifelong learning toward personal development and professional practice

Emphasis in this course is on preparation for professional practice. In particular, this assignment requires you to identify and apply current accounting and reporting requirements and hence develops the ability to source such requirements which is required for practice.

Can work both autonomously and collaboratively

You have the opportunity to work on the assignment in a group.

Communicates effectively You are required to present an annual report suitable for publication that demonstrates written literacy appropriate to the profession of accountancy.

Specific Directions and Requirements

In relation to the financial statements and notes:

You are required only to consider those accounting standards that you have studied in the first 5 topics

(up to and including Liabilities) of this course. You should NOT consider standards that are considered

in later topics.

3

You should also ensure that only the information required is included - students who record information

in the notes or statements that is not required by the accounting standards in Topics 1 to 5 will be

penalised.

AASB 101 is a key standard you will need to consider and it is recommended that you review the

requirements of this standard carefully in preparing this assignment. AASB 101 does not prescribe an

exact format for the presentation of financial statements. In some cases, AASB 101 and other standards

require information to be disclosed either in (on the front of) the statement or in the notes.

For the purposes of this assignment students are required to prepare the 3 statements in accordance

with the following instructions:

 in relation to the statement of financial position only those items required to be in (on the front) of

the statement (refer AASB 101, para 54) are to be included in the statement of financial position.

Additional disclosures for this statement must be included in the notes. This includes disclosures

where the standard/s allows the choice to disclose either in the statement of financial position or

in the notes. The one exception is that in (on the front of) the statement of financial position students

must separately disclose retained earnings from ‘other reserves’.

 in relation to the statement of profit or loss and other comprehensive income only those items

required to be in (on the front of) the statement (refer AASB 101, paras 81A to 82 and para 85) are

to be included in the statement. Additional disclosures for this statement must be included in the

notes. This includes disclosures where the standard/s allows the choice to disclose either in the

statement or in the notes. For example, for this assignment the analysis of expenses must be

disclosed in the notes (not on the front of the statement). Please note: In this case study there are

no items of other comprehensive income. In (on the front of) this statement you will need to include

a line item for items of other comprehensive income however this will have a zero balance (please

refer to the answer to topic review questions of topic 2 for an example).

 in relation to the statement of changes in equity, only those items required to be in (on the front) of

the statement (refer AASB 101, para 106) are to be included in (on the front) of the statement.

Additional disclosures for this statement must be included in the notes. This includes disclosures

where the standard/s allows the choice to disclose either in the statement or in the notes.

 A cash flow statement is NOT required.

In relation to each note:

 Where the accounting standards indicate that a disclosure is required but all of the information

required to be disclosed is not available from the case study information, students need to either

‘make up’ the information, or indicate the specific information that needs to be included if the

information were available.

 Students are required to identify which standard/s has been followed against the specific note, and

record both the standard and relevant paragraph against each note to justify the inclusion of the

information (see example following).

Note x: Analysis of expenses AASB 101 para 99 (Then include actual note…)

All notes (i.e. each and every note) must have a standard and paragraph number recorded

against them to justify their inclusion. The standard and paragraph number must justify the

inclusion of the note (i.e. justify why the specific disclosure made).

Marks will be deducted for failing to adhere to these assignment instructions. For example,

4

 Students who do not justify their notes with appropriate standard and paragraph references at all

will lose 15 marks from the marks allocated for the notes.

 You do not need to further justify/explain why the note has been included. Just include the

appropriate standard and paragraph reference.

 Incorrect identification of the paragraph justifying the note (for example, identifying the paragraph

that describes the underlying accounting treatment rather than the requirement for the note

disclosure) will be penalised.

 Including notes that are not required (for example, notes that provide no additional information than

that already provided in – on the front of - the statements) will be penalised.

For the statement of financial position and statement of profit or loss and other comprehensive

income

Comparative information must be disclosed in respect of the previous period for all amounts reported

in the financial report in accordance with AASB 101. However this information is not provided in the

question hence a comparative column only is required in only the statement of profit or loss and other

comprehensive income and statement of financial position. No numbers are required to be included in

these columns. In this assignment, no comparative columns are required in the statement of changes

in equity or in the notes.

Appendix

In addition, an appendix is required, containing the calculations used for the items appearing in (on the

front of) each financial statement. This appendix will not be marked (so do not include parts of your

actual assignment such as notes, or references, in this appendix) but is required to assist markers to

determine how the totals on the statements have been derived.

In relation to Directors declaration, Annual directors’ report and Annual auditor’s report

You should refer to Chapter 14 of the text for the minimum requirements for the director’s report,

declaration and the auditor’s report. In assessing this assignment markers will use the minimum

requirements for these reports, as identified in the text in sections 14.2.2 to 14.2.4, to determine if the

minimum requirements have been met.

Further advice

 You are required to only consider the specific accounting standards that you have studied in topics

1 to 5 of this course. Please also make sure you use the correct version of the standards. You

should NOT consider standards that are studied in later topics or not covered in topics 1 to 5 of this

course. A key objective of this assignment is to assess your ability to apply the requirements of

particular accounting standards. You need to ensure that only the information required by the

standards in Topics 1 to 5 of this course is included - students who record information in the notes

or statements that is not required by these accounting standards will be penalised. All notes must

have a standard and paragraph number recorded against them to justify their inclusion.

 In in preparing this assignment you may need to distinguish between revenue and other income.

To do this you should refer to paragraphs 74-77 of the Framework. At the time you are completing

this assignment we will not have considered accounting standards that specifically relate to revenue

recognition. Remember for this assignment you should only apply the standards we have studied

in topics 1 to 5 of this course (i.e. up to and including the Liabilities topic).

 Where the relevant information that would be required to be disclosed is not specifically provided

in this assignment, it is expected that students will use their initiative and imagination to ensure that

5

the minimum requirements for preparing annual financial reports are met. For example, the

director’s report requires information about the company’s activities and director’s names. To

provide this information, you will need to ‘make up’ these details.

 For some sections (such as the auditor’s report) you may find it useful to look at examples provided

in the annual reports of specific companies or model financial reports. This is acceptable, however,

remember that you must adequately acknowledge the source (with Harvard in-text references and

quotation marks if required) where your reports etc are based or adapted from such sources. Also,

remember if referring to actual or model reports to assist in preparing this assignment such reports

will cover a much wider range of accounting standards than those required to be applied for this

assignment. Also take care that these consider the version of the standard/s that we are

considering.

 Students are NOT required to prepare a cash flow statement, nor do you need to consider any

Australian Securities Exchange (ASX) requirements.

 You should review the Frequently Asked Questions (FAQ’s) in relation to this assignment

available from the learnonline resources for this course. THIS IS VERY IMPORTANT IF YOU

WISH TO AVOID COMMON MISTAKES.

Case Study for assignment

The case study for this assignment will be made available from the learnonline site for this course.

Statement on Use of Draft Feedback

In addition you must include a brief statement (100 word limit) in your own words on how you have

used the feedback provided in relation to the draft submissions. You need to do this even if you did

not submit a draft statement. This statement on use of draft feedback must be in the allocated section

of the Annual Report Assignment cover sheet. (You can find this cover sheet on the learnonline site

for this course).

If you are completing this assignment in a group then there will be only 1 statement. You will need to

do this as a group and include on the cover sheet for this assignment (i.e. each group member is not

required to prepare an individual statement).

WHY do you need to include this?

An important learning outcome for accounting graduates is self-management. This includes the ability

to reflect on feedback provided, and identify actions that may be required in response to feedback to

promote self-improvement.

Whether or not you submitted a draft, all students in this course are provided with feedback on those

drafts submitted. The aim of this feedback is for students to improve their final assignment.

Therefore, it is important to consider this feedback (even if it simply confirms that what you are doing

is correct).

WHAT do you need to do?

In the allocated section in the assignment cover sheet you need to:

1. Identify (with relevant sub-heading number from draft feedback document if

appropriate/available) and outline one specific piece of feedback provided in relation to the

draft, and

2. Then briefly explain how you used this feedback to improve your final assignment.

(Note: you cannot consider the feedback on dates/periods used in the example below. You must

consider a different issue/information).

6

Are marks awarded?

No. However if this section is not adequately completed you will receive a 5% penalty (i.e. a 5 mark

deduction).

How will this be assessed?

The following criteria will be used:

 Has the statement been included in the cover sheet? If no, penalty of 5 marks. (Note: If

included elsewhere in assignment but not in coversheet penalty of 5 marks will apply).

 Does the statement adequately identify the specific piece of feedback (i.e. include sub-

heading number if appropriate/available) and state/outline feedback that was considered? If

not, penalty of 2 marks and as specific feedback considered not adequately identified, then

likely to also not receive further 2 marks (next).

 Does the statement explain how the specific feedback was used/considered when completing

the final assignment? If no, penalty of 2 marks.

For example, let’s assume that the draft feedback at 2 (b) stated:

2(b) You will need a company name in the header (title) of the statement as well as

indicating an appropriate date or period (remember from first year that this will differ between

statements).

An appropriate example of a Statement on Use of Draft Feedback would be:

The feedback suggested checking that the statements had the correct date/period for the

statements (2(b)). In my final assignment, I checked the dates for the statements and

realised that I had indicated a period instead of ‘as at’ for the statement of financial position.

So I changed this for my final assignment.

(Of course, a student could check this specific feedback information/advice and this could simply

confirm that the dates/periods included were already correct. This is also acceptable to state. Using

feedback correctly does not mean that you need to find something to ‘correct’ or ‘change’. It can

confirm what you have done is correct).

How will this help me?

First, if you do this you will not receive a penalty! However this is not how this will help you the most.

The final assignment of students who ignore the feedback provided in relation to the drafts, are often

poor as mistakes have been made, that , if the information and advice provided had been followed

could have been avoided. So the way this helps you the most is by ensuring that you take into

account the feedback provided, and so get a better mark for your final assignment.

Academic Integrity Issues in relation to this assignment

This assignment is as much, if not more so, about presentation as it is about calculations. A key aspect

that is being assessed is your ability to prepare and format statements and notes from the accounting

standards. Therefore it is required that the statements and notes are prepared and formatted by you

(or your group). Some students may have access to software/computer programs or other templates

that prepare annual reports (or part of these). It is not acceptable to use any source as a ‘template’ to

format your statements or notes (whether this is from other students or from any source). In other

words, for the statements and notes you need to begin with a blank electronic document and

format and write these yourself!!

You should note that in previous study periods a number of students received ZERO for this

assignment as they had used other students work (from the same or previous study periods)

7

as the basis for their own assignment. If you use another students assignment (e.g. from this

or a previous study period) as a basis or ‘template’ for some/all and change for this case study

you will be referred to the Academic Integrity officer and should expect to receive ZERO as a

minimum penalty.

If you (or your group) need help with this assignment then you should seek assistance from your

course coordinator directly or via the course discussion page. It is not appropriate to seek assistance

from other students in relation to specific queries about this assignment.

For the director’s declaration, auditor’s statement and some parts of the director’s report you may

adapt or copy from sources. However, where this is done you must include appropriate Harvard in-

text referencing (including quotations marks). Whilst we appreciate that in ‘real’ annual reports such

referencing is not required, as this is an assessment item at university you are required to apply the

Harvard referencing system. Also, take care as you need to remember that the older financial reports

for companies may be based on the previous accounting standards.

Plagiarism and referencing

Plagiarism is regarded as a serious issue within the university system with severe consequences for

students who have been found to have plagiarised, often the minimum penalty being zero for the

assignment. You should be aware that in previous offerings of this course a number of students were

referred to the Academic Integrity Officer. All students should ensure that they are familiar with the

plagiarism policy and referencing requirements before commencing the assignment in this course.

Remember

 If information contained in the assignment is not your own words or ideas you must acknowledge

the source within the text of the paper as well as in the reference list.

 If you use another person’s words (i.e. you quote) you must indicate that this is a direct quote

(usually by quotation marks) and reference the source (including the page number) within the

text of the paper. Including the source in the reference list is not sufficient. Changing, deleting,

adding only a few words, or rearranging the sentence/paragraph does not negate that fact that you

are quoting.

 If paraphrasing, you still need to include an in-text reference (which includes the page number).

And take care that the paraphrasing is not ‘too close’ to the original; i.e. that it is in fact a quote.

 The fact that the source of the material is from an Internet site, and/or the specific author cannot

be identified does not negate the need to acknowledge the source of the ideas or words, or to

reference correctly.

If you need help with referencing, please refer to the following resources available from the Learning &

Teaching Unit website at: http://www.unisa.edu.au/ltu/students/study/referencing/default.asp

You should be aware that academic misconduct includes the following:

9.2.2 (c) submitting another student's work in whole or in part, unless this is specifically allowed in the course outline; 9.2.1 (d) including material in individual work that has involved significant assistance from another person, unless this is specifically allowed in the course outline

9.2.1 (e) providing assistance to a student in the presentation of individual work, unless this is specifically allowed in the course outline

Whilst I understand that pressures from fellow students are sometimes difficult to resist and it is

acceptable (and indeed generous) to assist other students by discussing general issues relating to

assignments, it is not acceptable to provide access to, or copies of, your own assignment (or part of

8

your assignment) to other students. Nor is it acceptable to use another students work as the basis for

submission of your own (or part of) assignment, whether quoting, paraphrasing or simply using their

ideas.

Further if you are repeating this course, and previously prepared the assignment in a group, you

cannot use any part of the previous assignment as this would include the work of other students. As

noted above, under university policy it is academic misconduct to submit an assignment that includes

the work of other students.

While the nature of this assignment is more professional in nature and one in which fewer references

would be needed, the report is assessable and hence still needs to meet academic requirements. As

such acknowledgement of sources (via in-text referencing and quotation marks where appropriate) and

a reference list is required. The Harvard (author date) referencing system is to be used in this

assignment.

For the director’s declaration, auditor’s report and some parts of the director’s report you may adapt or

copy from sources. However, where this is done you must include appropriate Harvard in-text

referencing (including quotations marks). Whilst we appreciate that in ‘real’ annual reports such

referencing is not required, as this is an assessment item at university you are required to apply the

Harvard referencing system. Also, take care as you need to remember that the older financial reports

for companies may be based on the previous accounting standards.

Note that it is intended that assignments in this course will be checked, using text comparison software,

for instances of plagiarism or collusion.

Single report or group

It is intended that students working in groups of 2 or 3 undertake this assessment task, however it is

acceptable for students to work alone. It should be noted that reports produced by a group (rather

than an individual) on average significantly out-perform reports produced by individuals, and

as such, group work is highly recommended. It should be appreciated that the nature of this

assignments means that you cannot simply ‘split’ the work amongst group members and prepare parts

independently as the statements, notes and reports are all interrelated. The marking arrangements will

not differentiate between assignments submitted in groups and those presented individually; each

assignment is marked on its own merit/correctness/quality. Where students work in groups it is required

that students will contribute approximately equally to the assessment task.

Students may wish to use the discussion page to ‘find’ a student/s to prepare the assignment with.

Please do not place your personal address (home or personal email) or phone numbers on this forum.

This assignment will require a significant amount of preparation and coordination of group

activities. It is recommended and expected that groups from the beginning of the study period organise

and schedule regular meetings or contact between members to monitor progress and ensure individual

group members are meeting group expectations. Where a group member/s either fails to attend

meetings or make contact as agreed to by the group or achieve suitable progress in tasks allocated,

then it may be appropriate to reconsider the group. Failure of students to keep regular contact with

group members and set and monitor appropriate group members activities will not be considered

adequate justification for an extension or for failure to contribute equally to the assignment.

Ordinarily, the same mark will be awarded to each member of the group; however differential marking

may be invoked at the discretion of the course coordinator given the expectation of equal contribution

9

to this assignment where students undertake this assignment in a group. Where an individual student

has not contributed significantly to the assignment (i.e. assessed by course coordinator at less than

40% for a group of 2 and 30% for a group of 3) that student will receive a mark of zero.

Some advice on working in a group/team

Many students will opt to complete this annual report assignment in a group (remember maximum is 3).

Whilst some students may already know potential group members, others may contact students via for

example the discussion page, who they have not worked with before.

Working on an assignment with ‘new’ students is a great opportunity- both to make new friends/contacts

and to achieve a ‘better’ assignment/learning outcome. However for a group to work well you do need

to take care in choosing group members; to make sure that the members ‘fit’ and work well together.

Just because someone wants to work with you does not necessarily mean that you will work well

together. You need to make sure that the expectations and work practices of group members are suited

and/or complement each other. To do this it may be useful to try to ‘get to know’ your potential group

members a little more before you commit to working in a group with them by asking a few questions. It

is better to sort out any issues before you start, rather than try to solve problems later.

Some questions to ask potential group members:

 Why do you want to do the assignment in a group?

 How are they finding the course so far? Are they up to date with the work in the course?

 What standard of work (grade) do they hope to achieve? How have they done in previous courses?

 What are they hoping to achieve from the group? Is it a better assignment or less work?

 What are their strengths and weaknesses?

 How do they work? Do they like to get things done early, or do they leave things until the last minute?

 What are their other commitments? How will this impact on their ability to undertake tasks on time or meet/contact other students?

 How do they expect the group to work? How often do they expect to meet /get together with group members and when and how? Does this fit with your expectations and schedule?

 Have they had any problems with group work in the past?

There are also many resources available also to assist with group/team work. One that may be useful

is the top 10 tips on creating a team at

http://learnhigher.ac.uk/resources/files/Group%20work/team.pdf

Criteria for assessment

The assignment will be assessed in relation to the following criteria. The relative weightings for each

criterion are indicated by the percentage.

Statement of profit or loss and other comprehensive income

Assessment will consider the adequacy of the prepared financial statement, including:

 Preparation in accordance with instructions

 Correct application of all “relevant” accounting standards

 Correctness of calculations/amounts

 Inclusion of all required information

 Exclusion of non-required information

10%

10

Statement of financial position

Assessment will consider the adequacy of the prepared financial statement, including:

 Preparation in accordance with instructions

 Correct application of all “relevant” accounting standards

 Correctness of calculations/amounts

 Inclusion of all required information

 Exclusion of non-required information

10%

Statement of Changes in Equity

Assessment will consider the adequacy of the prepared financial statement, including:

 Preparation in accordance with instructions

 Correct application of all ‘relevant’ accounting standards

 Correctness of calculations/amounts

 Inclusion of all required information

 Exclusion of non-required information

10%

Notes to accounts

This considers the adequacy and effectiveness of the notes provided and includes

consideration of

 Correctness and Completeness of disclosures

 Correct application of all ‘relevant’ accounting standards

 Appropriate identification and referencing of standards applied (eg. Standard and paragraph number)

 Only required disclosures being made

 Appropriate inclusion of notes where judgment required to be exercised

 Ability to ‘make up’ information if not provided, or indicate information that needs to be included where this information is not available

 Logical sequence and links to statements to assist users

40%

Other required reports

Assessment will consider appropriate completion of additional reports as required

(Directors declaration, Annual directors report, Annual auditors report)

 Completeness of these in terms of minimum requirements

 Correctness and adequacy of disclosures

 Ability to ‘make up’ information if not provided, or indicate information that needs to be included where this information is not available

 Format that facilitates usefulness for purpose

20%

Presentation

Assessment will include consideration of title page, referencing and reference list, contents,

appropriate layout as defined in the relevant standards, explanations, linkages, appropriate

grammar, spelling, clarify of expression and layout that facilitates understanding, ease of

reading, structure to assist reader. Student’s use of imagination and creativity in preparing

aspects of reports requiring this.

(Note: failure to adequately reference as distinct from errors in referencing is plagiarism

and will be referred to the Academic Integrity Officer).

10%

Remember that a penalty of up to 5 marks will be applied if no Statement on Use of Draft

Feedback is included (or is not adequate) in your coversheet..

11

Submission of assignment

All assignments must be submitted electronically via Gradebook on the learnonline site (refer to

https://lo.unisa.edu.au/mod/book/view.php?id=1843 for information regarding how to upload your

assignment).

Please note:

 All assignments must use the FA2 Assignment cover sheet (available from the course learnonline

site). This needs to be the first page of your assignment.

 This assignment must be in the form of either a PDF or Word document.

 You cannot submit Excel files. If you use Excel to prepare your assignment you will need to cut

and paste and either convert to, or include in, a Word document or a PDF document.

 The electronic submission for this assignment must be in the form of either a PDF or Word

document and must be in a readable format so that it can be processed via Turnitin. Until a

readable document is submitted late penalties will be applied. This means that you cannot ‘scan’

any significant parts or all of this assignment or insert statements, notes or reports as pictures or

the like (if necessary, you can insert graphics, for example on the title page, as pictures and can

scan the appendix only).

 Only one copy of the assignment is to be submitted if the assignment is undertaken in a

group. Please ensure that the names of all group members are included on the cover

sheet.

The nature of this assignment makes it very difficult (and inefficient) to mark online, and so we print

your assignment and mark this and return the printed copy to students. All marked assignments will

be returned approximately three weeks from the date of submission. Where students have completed

this in groups the assignment will be returned to one student (as indicated on coversheet). It is

expected that students in groups will continue to collaborate to share feedback received on the group

assignment.

Feedback on this assignment will be provided on the Feedback form, a copy of which is included at

the back of this booklet (Please do not attach this feedback form to your assignment file).

Extensions for assignments

Extensions to assignment due dates will only be approved in exceptional cases and for reasons that

could not have been foreseen at the commencement of the study period. All applications for

extensions must be submitted via Gradebook on the Learnonline Website (refer to

https://lo.unisa.edu.au/mod/book/view.php?id=1843&chapterid=18210 for information regarding how

to apply for an extension for your assignment). Any available evidence supporting the application

must be provided. In addition , if the extension is requested within one week of the due date a copy of

the work completed to date also needs to be provided (this is to establish that failure to complete this

assignment by the due date was caused by unforeseen circumstances beyond the students control

and not due to time management issues).

Heavy workloads or other study commitments are not normally considered grounds for extensions as

you are expected to plan your study period with due dates in mind.

All students (including those with a disability or access plan) should note the following:

 Requests for an extension of time for submission of an assignment must be made before the due

date of the assignment.

12

 Extensions will only be granted in exceptional and unforeseen circumstances supported by

documentary evidence. Students requesting extensions within one week of the due date will

be required to provide drafts of work-to-date in support of their application.

 Requests for an extension of more than 7 days will generally not be accepted.

Note: in accordance with the Division of Business guidelines assignments submitted late

without permission from the course coordinator/s will attract a penalty of 10% of the total

possible marks for the assignment per day for each late day, or part of each late day, after the

due date.

Assignments submitted more than 7 calendar days after the due date will not be accepted or

marked. Please note: NO assignment (even if an extension of up to 7 days has been granted)

will be accepted or marked if received more than 7 calendar days after the original due date.

Conditions

The assignment is not redeemable and there is no provision for resubmission.

OPTION TO SUBMIT DRAFT OF STATEMENT OF PROFIT OR LOSS

AND OTHER COMPREHENSIVE INCOME

In this study period students have the option of submitting a draft of the statement of profit or

loss and other comprehensive income only and receiving bonus marks. If you wish to take up

this option you will need to submit a draft via Gradebook only (following the instructions and

using the template on the learnonline site) by due date and time (Note: This will be advised on

the learnonline site and please note that this is Adelaide time).

Background

In the past I have found that many problems arise with this assignment (and others) due to students not

starting this assignment early enough. I realise one of the most difficult things to do is to ‘get started’.

This is an assignment that will take a significant amount of time and require coordination if undertaken

in a group. If students leave this assignment until the last minute/or few days they tend to rush and

panic and this leads to mistakes, failure to read the instructions, failing to review the assignment before

submitting and academic integrity issues.

The objective of this draft option is to provide some motivation for students to begin the assignment, to

‘sort’ out any group issues early and to provide some feedback (albeit on just one part of this report).

What do you need to do?

Please note: This is entirely optional. You are not required to submit this draft. However if you choose to take up this option you need to follow the instructions below.

 You need to submit a draft of your statement of profit or loss and other comprehensive

income only in relation to the case study for the current study period.

Requirements:

 This must be submitted via the link on the learnonline site. No printed copy is required- submit

online only.

 Each student (even if you are in a group and the draft statement has been prepared by the

group) needs to make an individual submission: i.e. only individual submissions are allowed.

13

 Your statement must be submitted on the template provided (so if you have prepared in excel

or similar you will need to copy into this word document to submit).

 This must be submitted by the due date and time for this draft option as advised on the

learnonline site. As this is optional NO extensions are allowed.

What will you get by submitting this?

 If you have submitted an adequate attempt at this statement then you will receive 5 bonus

marks for your assignment (i.e. your assignment will be marked and 5 marks added- up to a

maximum of 100 for the assignment in total).

 These submissions will not be marked for correctness. The course coordinator will review

these and will provide general feedback on any common errors to the all students in the

course (via the learnonline site). You will not receive individual feedback on your own

statement.

How can this help you?

Obviously there is the chance to be awarded a few more marks. However other possible benefits will

probably be more significant. For example:

 First, it will get you started and this is often difficult to do. This will allow you to better manage

your time, coordinate with group members and hopefully result in a better final assignment

(and mark).

 The feedback may alert you to any common errors that you have made and also to resources

that you may need to consider.

 If you have already formed a group to complete this assignment, this task may alert you to

any possible problems with group members. You may want to think about whether the other

group members were willing or able to contribute to this task; did their efforts here suggest

that they are going to be a ’free rider’; were they too busy with other commitments to do their

share; do they have different expectations about the standard of work required/desired. For

example, if your group members suggested that ‘you do it’ and they will simply check it, this

may suggest a possible problem! If you had any of these problems then you may wish to

reconsider your group membership or at the very least, communicate with your group

members and clarify expectations. [Of course, if you do decide to leave the group please

make sure that you inform the other students explicitly of your decision].

 If you have not formed a group this task may alert you to the benefits of completing this in a

group. You may have wished to discuss in detail with other students when you were preparing

this draft but didn’t have any group members to discuss with.

Conditions & other information

 An adequate attempt means a fully completed (but not necessarily correct) statement of profit

or loss and other comprehensive income based on the case study for this study period. This

must include numbers for any relevant items.

 Only the statement of profit or loss and other comprehensive income is to be

submitted. Even if you have completed other parts (such as other statements, reports or

notes) DO NOT INCLUDE these! Also DO NOT INCLUDE workings or calculations. If you do

your submission will not be reviewed and will not receive any marks.

 Only submissions using the template provided (and correctly completed) will be reviewed or

attract bonus marks.

 You should be able to ‘fit’ your statement on the first page of the template provided (so your

submission should only be one page). Do not panic if it doesn’t fit – I will accept submissions

of more than 1 page. However if you cannot fit on one page you may wish to think about

whether there are problems with how you have prepared this statement.

14

 This must be your own (or your groups) work. Note: All submissions are automatically put into

Turnitin and the same academic integrity principles and requirements apply to this as to any

other assignment submission.

 If you are in a group, you still need to submit this statement individually (i.e. each group

member needs to submit individually) and correctly complete the top of the template with your

own name. This does not mean that you need to prepare this statement individually if you are

in a group; if you do prepare this draft with group members then it would be expected that

each group member submits the same statement in their own individual submission. However

group members who have not contributed to this task cannot submit. Although the template

asks you to indicate if you are in a group and your group members, only students who submit

individually will receive the bonus marks. This requirement will hopefully avoid (or at least

reduce) group members who have not contributed to this task receiving these bonus marks.

Even if you are in a group if only you have prepared this draft then you can still get these

bonus marks (whereas your other group members will not). If a number of group members

have prepared this statement together (and therefore each submit the same statement) do

not be concerned about the Turnitin report. These will of course ‘match’ almost completely but

as you have indicated your group members I will be able to analyse these and work out that

the match is due to you being in the same group.

Checklist for draft option For this draft ensure that you have followed the instructions including:

 Have you only included the statement of profit or loss and other comprehensive income (No

other statements, notes, workings or calculations have been included);

 You have submitted online using the specific template for this draft;

 You have submitted individually (and have included your own name at the top of the

template). Remember to receive bonus marks you must submit individually under your own

name (not as a group or under a group member’s name).

Checklist for assignment

Before submitting this assignment it might be useful to check the following:

 Have you followed the instructions in this booklet and included only the required (minimum)

information in (on the front of) the statements? (e.g. the analysis of expenses must be in the

notes, not in the statement)

 Have you read the FAQ’s for this assignment?

 Have you read the feedback provided in relation to the draft option?

 Have you considered all of the standards required (see FAQ’s), not just AASB 101?

 Do you have a standard and paragraph reference for each note?

 If you have used (or copied from) sources (for example in auditor’s report or summary of

accounting policies note) do you have in text references and also quotation marks if words

copied, in addition to your reference list?

 Have you used the coversheet provided and included a Statement on Use of Draft Feedback on

this coversheet? You need to do this even if you did not submit a draft statement.

 You have followed the submission instructions as outlined previously.

15

PLEASE DO NOT ATTACH TO YOUR ASSIGNMENT FILE

FEEDBACK FORM

Financial Accounting 2 Annual Report Assignment

Name………………………………………Username:…………………………

Name……………………………………….Username…………………………

Name……………………………………… Username…………………………

Graduate Qualities developed by this activity

 operate effectively with and upon a body of knowledge

 are effective problem solvers, capable of applying logical, critical, and creative thinking to a range of problems

 are prepared for lifelong learning and professional practice

 can work both autonomously and collaboratively

 communicate effectively

Summary comment

Final mark

/100

Marker’s initial

16

U= unsatisfactory S = satisfactory VG= very good U S VG Out

of

Statement of profit or loss and other comprehensive income

The adequacy of the prepared financial statement, including:

 Preparation in accordance with instructions

 Application of all “relevant” accounting standards

 Correctness of calculations/amounts

 Inclusion of all required information

 Exclusion of non-required information

              

/10

Statement of Financial Position

The adequacy of the prepared financial statement, including:

 Preparation in accordance with instructions

 Application of all “relevant” accounting standards

 Correctness of calculations/amounts

 Inclusion of all required information

 Exclusion of non-required information

              

/10

Statement of changes in equity

The adequacy of the prepared financial statement, including:

 Preparation in accordance with instructions

 Application of all “relevant” accounting standards

 Correctness of calculations/amounts

 Inclusion of all required information

 Exclusion of non-required information

              

/10

Notes to accounts

The adequacy and effectiveness of the notes provided and includes consideration of

 Correctness and Completeness of disclosures

 Application of all “relevant” accounting standards

 Only required disclosures being made

 Appropriate inclusion of notes where judgment required to be exercised

 Appropriate identification & referencing of standards (paras) applied

 Ability to “make up” info if not provided, or indicate information that needs to be included where this information is not available

 Logical sequence and links to statements to assist users

              

  

  

/40

Other required reports

(Directors declaration, Annual directors report, Annual auditors report)

 Completeness of these in terms of minimum requirements

 Correctness and adequacy of disclosures

 Ability to “make up” info if not provided, or indicate information that needs to be included where this information is not available

 Format that facilitates usefulness for purpose

           

/20

Presentation

 Presentability- contents page, links, structure

 Appropriate layout as defined in the relevant standards

 Spelling, Grammar and Expression

 Referencing

 Creativity

              

/10

Penalty if Statement on Use of Draft Feedback not included or inadequate ( -/5)

TOTAL OUT OF 100

__MACOSX/annualreportfinancialaccounting/._FA2 Annual Report Assignment Instruction Booklet - Copy.pdf