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ACCM4200_T2_2021_Assessment_3_Information Page 1 Kaplan Business School Assessment Outline Assessment 3 Information Subject Code: ACCM4200 Subject Name: Advance Financial Accounting Assessment Title: Assessment 3 Assessment Type: Individual Assignment and Video presentation Word Count: 1,500 Words (+/-10%) Weighting: 30 % Total Marks: 30 Submission: Via Turnitin-written report; Via Moodle-video presentation Due Date: Monday of Week 13 at 7:55 pm (AEST) Your Task • You are required to prepare a business letter to answer all of the following questions. • You are also required to prepare a short video presentation (5 to 8 mins) summarising the key issues you have addressed in your letter. Assessment Description Assume that you are a team of graduate accountants working for Hitech Group Ltd, an independent consulting & accounting firm Situated at 111 George Avenue, Melbourne, VIC 3000. The Manager of your firm, Ms. Araneda Jackson has asked you to draft a letter in response to an email received from Mr. Jason Alba, the General Manager of Qantas Airway Ltd, raising accounting issues – see the copy of the email on the next page. The maximum length for the body of the letter is 1,500 words. You should address all the technical issues/discussion in the letter, followed by a Reference List. • Part A: Technical component 20% - This mark covers the technical content of your advice and the explanation on each of the issues, the calculations, and the sources used. • Part B: Communication Skills – Letter Writing 5% - This mark covers the generic skills of Letter writing; layout, clear meaning, structure and organisation, appropriate tone and grammar, spelling, and punctuation, etc., throughout the whole assignment. • Part C: Communication Skills – Video Presentation 5% - You have to prepare a 4 to 6 minute video presentation that will keep the viewer engaged; the presentation should be well-rehearsed and supplementary material, such as slides and visual aids be of a professional standard. Page 2 Kaplan Business School Assessment Outline Re: Accounting Issues: Year Ending 30 June 2021 From: Jason Alba (
[email protected]) Sent: 20 March 2021 To: Araneda Jackson (
[email protected]) Dear Araneda, Thank you for your phone call this morning; as agreed, I am emailing you regarding our briefly discussed accounting issues. By the way, to assist the Management team in our decision-making process, could you please make sure you reference any relevant sources relating to your advice, for example, AASBs, Corporations Act, and relevant websites? QANTAS is currently in negotiations with a couple of lenders to borrow a substantial amount of money to fulfil the cash flow requirements for the next few years. The banks have expressed concerns about the total valuation of our total assets. They are concerned about the debt to asset ratio and need to see a few more assets before they approve the loan. Therefore, we were thinking of capitalising on the QANTAS name and recognise some brand/goodwill value in our books. After all, we are the flying kangaroo – the pride and shine of Australia. There is no doubt that QANTAS is one of the most famous names in Australia (almost a household name), and we want to make the most of that. Could we value the brand ourselves and recognise that amount as an asset? Would there be any tax consequences? We could get an external valuation as well to keep everyone happy. At the most recent executive meeting, there was a lot of confusion about impairment (to be honest, I don’t even know what it is and others at the meeting were also confused). We recruited a new chief accountant, Catherine Rose, during the year, and she suggested that it is mandatory to conduct impairment testing for some assets. She said she’d get to us with a summary of what is required, but can you please shed some light on this? None of the executive team knows what it is; therefore, a brief would be excellent! Please provide a simple explanation. We did a quick search, and the discussion was too technical for us. At the same meeting, we also discussed the latest leases standard that came into effect in April 2021. We would like to understand better the “right to control the use of an asset” requirement. Could you please summarise how to decide whether we control the asset or not? As you know, most of the aeroplanes we use are currently under lease, and we are the only one who uses these aeroplanes. But we also know that if we fail to make any repayments, then the lessor has the right to cease these assets. Does this mean we don’t have the right over these assets? Some clarity here would be great! Please respond by letter (not email) as I would like to present your views to our board. I look forward to hearing from you shortly. Regards Jason Jason Alba General Manager, Qantas Airways Ltd Level 1, 222 King Street, Sydney NSW 2000 Page 3 Kaplan Business School Assessment Outline Assessment Instructions • The assignment (both the word document and the video file) will need to be submitted electronically through the student portal – use the link under “Assessments”. Referencing • Any sources that you use need to be acknowledged in order to avoid plagiarism. Information on referencing can be found in the Guidelines for Referencing and Presentation at the Kaplan website using the following address: (https://elearning.kbs.edu.au/mod/page/view.php?id=128881). In‐Text Referencing and the Reference List • Sources of information must be cited both in the body of the text (in‐text referencing) and the end of the assignment (reference list). Failure to do so will result in penalties. Remember that when referencing an Annual Report, it is a corporate document that does not have a particular author but it will still require referencing any time you use information from it. Any other documents or books or other references you use will also require referencing. Please note • Any work which has been copied or shared between students will result in a Fail grade for all students concerned. Therefore, please make sure that the answer to this assignment is your work and not copied or bought from any source. In completing this assignment make sure you follow the guidelines for assignments especially those relating to the presentation of written work, late assignment policy and academic integrity. Page 4 Kaplan Business School Assessment Outline Important Study Information Academic Integrity Policy KBS values academic integrity. All students must understand the meaning and consequences of cheating, plagiarism and other academic offences under the Academic Integrity and Conduct Policy. What is academic integrity and misconduct? What are the penalties for academic misconduct? What are the late penalties? How can I appeal my grade? Click here for answers to these questions: http://www.kbs.edu.au/current-students/student-policies/. Word Limits for Written Assessments Submissions that exceed the word limit by more than 10% will cease to be marked from the point at which that limit is exceeded. Study Assistance Students may seek study assistance from their local Academic Learning Advisor or refer to the resources on the MyKBS Academic Success Centre page. Click here for this information. http://www.kbs.edu.au/current-students/student-policies/ https://elearning.kbs.edu.au/course/view.php?id=1481 Page 5 Kaplan Business School Assessment Outline Assessment Marking Guide Assessment Part A - Assignment Rubrics: 20% Technical Content Components High Distinction 85 – 100% Distinction 75 - 84% Credit 65 – 74% Pass 50 – 64% Fails 0 – 49% Mark Awarded Letter Letter clearly identifies and addresses all the technical issues raised by the client, and provides clear, correct and decisive advice Letter clearly identifies and addresses most of the technical issues raised by the client and provides clear, correct and decisive advice Letter clearly identifies and addresses some of the technical issues raised by the client and provides reasonably clear, Letter identifies and addresses some of the technical issues raised by the client and provides fairly clear, but not always Letter does not identify or address the technical issues raised by the client It displays a lack of understanding of Segment - Technical content displaying an displaying a good correct and decisive correct and/or some or most of the outstanding understanding of most advice displaying a decisive advice. It technical issues understanding of each of the technical issues reasonably good displays a reasonable raised making it of the technical issues raised so that it is easy understanding of understanding of difficult for the client raised, so that it is for the client (non- some of the technical some of the technical to understand. easy for the client accountants) to issues raised, so that issues raised It does not give (non-accountants) to understand. it is relatively easy for Reference has been correct clear and/or understand Reference has been the client to made (with gaps) to decisive advice on Reference has been correctly made to the understand. some of the AASBs, most of the issues correctly made to the AASBs, GAAPs and Reference has been GAAPs and other raised and makes AASBs, GAAPs and other legislation where made (with gaps) to legislation where little or no reference other legislation where applicable and some of the AASBs, applicable and/or to the AASBs, applicable and appropriate. GAAPs and other appropriate GAAPs and other appropriate. legislation where legislation where applicable applicable Total Technical Component /20 Page 6 Kaplan Business School Assessment Outline Assessment 2 Part B - Assignment Rubrics: 5% Communication Skills – Letter Writing Skills Components High Distinction 85 – 100% (Marks 4.5 to 5.0) Distinction 75 - 84% (Marks 4.0 to 4.4) Credit 65 – 74% (Marks 3.1 to 4.0)