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ACC80019 Financial Accounting & Theory Semester 1, 2020 THIS ASSIGNMENT MUST BE UNDERTAKEN INDIVIDUALLY AND CARRIES 40% OF THE TOTAL MARKS IN THIS UNIT OF STUDY. The Assignment has two sections. Section A (90 marks) requires you write a research essay. Section B (10 marks) requires you submit a short piece titled “Reflecting and Improving”. Your final score out of 100 will be converted to a score out of 40. SECTION A (90 marks) Assume you are a summer vacation intern at the Melbourne office of an international accounting firm and have been assigned to produce a report for a partner of the firm. Specifically, the partner requires you download and read the 30th June 2017 and 2018 financial statements of AXSESSTODAY LIMITED, CROWN RESORTS LTD, and WISETECH GLOBAL LTD. The report must: i. explain: · the accounting policies adopted; · the disclosure of changes in accounting policies (if any); · the disclosure of changes in accounting estimates (if any); · how errors have been treated (if any); · how events after the reporting period have been treated (if any); · the role of materiality. ii. critically evaluate accounting quality by assessing accounting policies and estimates a. consider the various pressures, many of which are political in nature, that influence the accounting standard-setting environment b. consider the implications of entities making particular accounting disclosures, whether voluntarily or because of a requirement of an accounting standard or some other form of “regulation” c. understand the possible implications of an entity making particular accounting choices and disclosures iii. assess whether you find the provided information strengthens or weakens the usefulness of the financial statements. iv. In an appendix, show a comparison of accounting policies and estimates used by Crown Resorts Ltd and a rival company Tabcorp Holdings Ltd (for 2018 only). The report should include some background material about the three companies including any more recent information about the company, and as necessary refer to relevant sections of the Corporations Act 2001 Part 2M.3 FINANCIAL REPORTING and relevant accounting standards including paragraph numbers. Additional guidance The report will reflect your view based on research evidence, theory and original consideration. The report is expected to draw on: · The Corporations Act 2001 · Australian Accounting Standards · DatAnalysis. DatAnalysis is a comprehensive data set on all companies ever listed on the Australian Securities Exchange (ASX). Includes annual reports (including the financial statements), corporate history and listing details, cross directorships and committee composition, shareholders’ trading history, takeover details, industry comparisons, price history and graphs, financial data, key events corporate calendar and ASX announcements · Newspaper and other media reports · Scholarly articles from academic journals · Other relevant material The report should include an executive summary. The report should not exceed 2500 words (+/-10%) (excluding title page, table of contents, reference list and the executive summary, but including footnotes, endnotes and appendices). A reference list is a MUST. Please provide a word count on the title page. To avoid plagiarism, you are required to provide a reference whenever you include information from other sources in your work. Further details regarding plagiarism are available in Part C of the unit outline. Referencing convention required for this unit is the Swinburne Harvard System. Helpful information on referencing using the Swinburne Harvard System can be found at: http://www.swinburne.edu.au/lib/studyhelp/harvard_style.html Format to be used: Font size: 12 pt | Line spacing: 1.5 lines | Paragraph spacing: 6 pt | Alignment: Justified. Insert page numbers at the bottom of the page SECTION B (10 marks) Section B requires you to submit a short piece titled “Reflecting and Improving”. Copy the table and questions below into your file and provide your response. 1. Rate your skills using the following rating scale: 1 Extremely well 2 Well 3 Adequately 4 Poorly I planned out time to complete this assignment effectively? I used relevant resources to complete this assignment effectively? I used prewriting strategies, for example brainstorming, to complete this assignment effectively? 2. a. In completing my assignment, I am good at … (use no more than 20 words) b. In completing my assignment, I encountered these problems … (use no more than 20 words) c. Next time I will try to be better at … (use no more than 20 words) d. Suggest one change you could make to improve your performance (use no more than 20 words) Assignment submission Your assignment (Sections A and B) must be submitted as a single file via the Turnitin facility available on Canvas no later than 5.00pm on 24 April 2020. The rubric for marking this assignment is attached. Performance Levels/Criteria N (0-49%) P (50-59%) C (60-69%) D (70-79%) HD (80-100%) Section A Background information; aim & purpose of the business report. (10 marks) The background information failed/partially failed to clearly cover the aim and purpose embedding the following aspects: the focus of the topic the outline of what was to come The background information clearly covered the aim and purpose embedding the following aspects: the focus of the topic the outline of what was to come The background information has a good coverage with clearly articulated aim and purpose embedding the following aspects: the focus of the topic the outline of what was to come The background information has a very good coverage with clearly articulated aim and purpose embedding the following aspects: the focus of the topic the outline of what was to come The background information has an outstanding coverage with clearly articulated aim and purpose embedding the following aspects: the focus of the topic the outline of what was to come Accounting policies adopted - financial statements and AASB 101, AASB 108 and other accounting standards as relevant (10 marks) No or little illustration and discussion of literature relevant to the topic Literature were described and/or discussed at acceptable level Literature were described and discussed well interweaving the requirements of the accounting standards and the approach taken in the financial statements Literature were described and discussed very well interweaving the requirements of the accounting standards and the approach taken in the financial statements Literature were consistently and skillfully constructed and integrated with a high level of clarity and fluency. The requirements of the accounting standards and the approach taken in the financial statements were effectively interweaved Changes in accounting policies - financial statements and AASB 101, AASB 108 and other accounting standards as relevant (5 marks) No or little illustration and discussion of literature relevant to the topic Literature were described and/or discussed at acceptable level Literature were described and discussed well interweaving the requirements of the accounting standards and the approach taken in the financial statements Literature were described and discussed very well interweaving the requirements of the accounting standards and the approach taken in the financial statements Literature were consistently and skillfully constructed and integrated with a high level of clarity and fluency. The requirements of the accounting standards and the approach taken in the financial statements were effectively interweaved Changes in accounting estimates - financial statements and AASB 108 (5 marks) No or little illustration and discussion of literature relevant to the topic Literature were described and/or discussed at acceptable level Literature were described and discussed well interweaving the requirements of the accounting standards and the approach taken in the financial statements Literature were described and discussed very well interweaving the requirements of the accounting standards and the approach taken in the financial statements Literature were consistently and skillfully constructed and integrated with a high level of clarity and fluency. The requirements of the accounting standards and the approach taken in the financial statements were effectively interweaved Treatment of errors - financial statements and the Corporations Act Part 2M.3 and AASB 108 (5 marks) No or little illustration and discussion of literature relevant to the topic Literature were described and/or discussed at acceptable level Literature were described and discussed well interweaving the requirements of the accounting standards and the approach taken in the financial statements Literature were described and discussed very well interweaving the requirements of the accounting standards and the approach taken in the financial statements Literature were consistently and skillfully constructed and integrated with a high level of clarity and fluency. The requirements of the accounting standards and the approach taken in the financial statements were effectively interweaved Treatment of events after the reporting period - financial statements and AASB 101 and AASB 110 (5 marks) No or little illustration and discussion of literature relevant to the topic Literature were described and/or discussed at acceptable level Literature were described and discussed well interweaving the requirements of the accounting standards and the approach taken in the financial statements Literature were described and discussed very well interweaving the requirements of the accounting standards and the approach taken in the financial statements Literature were consistently and skillfully constructed and integrated with a high level of clarity and fluency. The requirements of the accounting standards and the approach taken in the financial statements were effectively interweaved The role of materiality - financial statements and AASB 101 and AASB 108 (5 marks) No or little illustration and discussion of literature relevant to the topic Literature were described and/or discussed at acceptable level Literature were described and discussed well interweaving the requirements of the accounting standards and the approach taken in the financial statements Literature were described and discussed very well interweaving the requirements of the accounting standards and the approach taken in the financial statements Literature were consistently and skillfully constructed and integrated with a high level of clarity and fluency. The requirements of the accounting standards and the approach taken in the financial statements were effectively interweaved Critically evaluate accounting quality by assessing accounting policies and estimates (10 marks) No or little evaluation of literature relevant to the topic Evaluation of literature at an acceptable level A good evaluation of literature, interweaving pressures and implications. Makes basic use of theories to support evaluation A very good evaluation of literature, interweaving pressures and implications. Makes good use of theories to support evaluation An excellent evaluation of literature, interweaving pressures and implications. Makes very good use of theories to support evaluation Usefulness of the information to users. Identifies whether the provided information strengthens or weakens usefulness (10 marks) No evaluation/lacks clear evaluation of usefulness, identification of whether the provided information effects usefulness. No evidence/lacks evidence of research or position on approaches Presents an acceptable evaluation of usefulness, identification of whether the provided information effects usefulness. Acceptable level of evidence of research re position on approaches Presents a good evaluation of usefulness, identification of whether the provided information effects usefulness. Good level of evidence of research re position on approaches. Makes basic connections in