18 Jun HOW DO I NAME THE WORD FILE I HAVE TO LODGE?
ACC5215 Corporate Accounting Semester 2, 2016 Assignment Due Date: Monday, 26 September 2016 Value: 15 % Important Information The course specification requires that your submission is your own work. You are strongly urged to complete this assignment yourself to receive clear feedback about your level of understanding of the course material. You will find information regarding plagiarism and academic misconduct, such as collusion and cheating in the course specification and on the USQ website. The course specification also contains information about: • Assignment late policy • Assignment extension policy Please ensure that any ideas or data that you provide in your answer, other than your own original thoughts are properly referenced using the Harvard referencing style. A link to the university’s Harvard referencing style page is provided here. http://www.usq.edu.au/library/referencing/harvard-agps-referencing-guide You might also find the following book useful: Summers, J. & Smith, B. (2010), Communication Skills Handbook, John Wiley & Sons, Third Edition, Milton Queensland. Please refer to the following information in relation to assignment lodgement. Assignment Preparation and Submission Please read the following points carefully. • This assignment must be lodged using USQ’s Moodle for Assignment submission link on StudyDesk. • You are required to lodge one (1) Microsoft Word file (limit 2MB), using the correct file naming protocol (see next page). • Your submission must have a header on every page, which includes your name and student number. • The assessment is due on Monday, 26 September 2016 at 11.55pm (USQ time). Submissions will open on Monday, 12 September 2016. • Please include a reference page in your assignment How do I name the Word file I have to lodge? When naming the Word file to be submitted as your assignment, the file name should use the following naming convention: first name, last name, last 4 digits of student number and course code (e.g. RedLee1234acc5215.docx). Remember to press the “SUBMIT” button to complete the submission process Do I need to include the electronic version of the USQ cover sheet? You do not need to include a USQ coversheet in your assignment. Do I have to send in a hard copy? No hard copy is required. The submission system is easy to use and reliable. You can rely on the system to submit your assignment online. Technical problems with online submission If you need help with your online submission, please email the Course leader kylie.beavis@usq.edu.au and if necessary, a system expert may contact you to provide assistance. If you leave it until after 4pm on the due date, you might have to bear any undesirable consequences (late penalties will not be applied in genuine cases of technical problems but failure to read instructions will be no excuse). In the rare circumstance that the server is down (e.g. due to a storm), email the assessment file. Keep your submission details You need to keep your submission details like date and time of your submission as well as a back-up copy of your assignment file. Extensions No extensions will be granted after the due date and time for the assignment has passed. All requests for extension must be addressed to the Course leader kylie.beavis@usq.edu.au at least one day before the due date with supporting documentation (e.g. doctor’s certificate). Extensions will only be granted in extenuating circumstances. Crashing of computers, too busy with other assignments, heavy workload, and such reasons are not considered extenuating circumstances. Requests for extensions due to work commitments will generally NOT be granted. You must organise your study time around these other commitments. Marking Guide Marks will be awarded based on the following guidelines. High quality answers should address the requirements of the questions asked comprehensively with good grammar, spelling and punctuation. For case study questions, relevant theories should be explained and applied, citing the contents of the case studies as much as possible. Please use the assigned word limit to gauge the level of work expected in each section. Assignment results The assignment marking rubric (below) is used with a short comment. Student: Minimum mark per grade Total HD A B C F Mark Question 1 (12 marks) 12 1. Board composition (0.5*9 =4.5) 4.50 3.80 3.20 2.70 2.25 2.00 4.5 2. Number of subsidiaries and associates (Au &F) 2.00 1.70 1.50 130 1.00 0.90 2.0 3. Borrowing costs and interest rate 1.50 1.27 1.12 0.90 0.75 0.70 1.0 4. Audit report 1.50 1.27 1.12 0.90 0.75 0.70 1.5 5. Number of employees 0.50 0.42 0.37 0.30 0.25 0.23 0.5 6. Method of reporting comprehensive income 0.50 0.42 0.37 0.30 0.25 0.23 0.25 7. Directors’ Declaration and your opinion 1.50 1.27 1.12 0.90 0.75 0.70 1.5 Question 2 (13 marks) 13 1A 1. Discuss the consultant advice 2.00 1.70 1.50 130 1.00 0.90 2.0 1A 2. Three disadvantages 1.00 0.85 0.70 0.65 0.50 0.40 1.0 1B 1. Explanation of the differences 5.00 4.25 3.75 3.00 2.50 2.25 5.0 1B 2. Examine the method of two companies 3.00 0.85 0.70 0.65 0.50 0.40 1.75 1B 3. Justify your answer 2.00 1.70 1.50 130 1.00 0.90 2.0 Question 3 (5 marks) 5 1. Prime users consider -the consolidated statements 2.00 1.70 1.50 130 1.00 0.90 2.0 2. The NCI’s classification 1.00 0.85 0.70 0.65 0.50 0.40 1.0 3. Reasons for the standard setters’ choice 2.00 1.70 1.50 130 1.00 0.90 2.0 Total marks/30 30 Percentage [total marks /2 = /15%] Comments: Question 1: Report (12 marks) Select one Australian listed company from the list below and using their Annual Report, identify the following information. 1. Board composition: (0.5*9 = 4.5 marks) 1) How many independent directors are there? 2) Is there a dual CEO and Chair? 3) What is the number of directors? 4) What is the number of board meetings? 5) Qualification of directors 6) Experience of directors 7) Are they on other boards and if so, what kind? 8) Gender of directors 9) Number of committees and characteristics of committees. 2. Number of (0.5*4 =2 marks) Australian subsidiaries Foreign subsidiaries Australian associates Foreign associates 3. Borrowing costs and estimated interest for company with your working (0.5*3 =1.5 marks) 4. Audit report opinion and time from signing of audit report and balance date (1.5 marks) 5. Number of employees (0.5 marks) 6. Method of reporting comprehensive income (0.5 marks) 7. Choose one issue in the Director’s Declaration and state whether you agree with their assessment of the company’s financial wellbeing. Give a reason for your answer from information in the report. (1.5 marks) 12 marks *Select 1 company from the list of 2 companies [URL for each annual report] Fairfax Media annual report 2015 http://www.fairfaxmedia.com.au/Investors/annual-reports Wesfarmers Limited annual report 2015 https://www.wesfarmers.com.au/docs/default-source/reports/2015-annualreport.pdf?sfvrsn=2 Question 2: Lease (13 marks) Part A: In 2015, Oliver Ltd, which runs a successful chain of coffee shops, was experiencing significant cash flow problems. Their accounting consultant advised that all the shop premises owned by the company be sold and either leased back or the businesses moved to alternative leased shops. She then advised that all lease agreements for the shops should be ‘operating’ rather than ‘finance’ leases. (3 marks) Required 1) Discuss why, at that time, the consultant gave that advice, preferring operating to finance leases. (limit 200 words) (2 marks) 2) Describe THREE disadvantages to the company of entering into finance lease agreements under the standards operating in 2015. (limit 100 words) (1 mark) PART B: In 2016, the standards changed to the new accounting Standard for Leases IFSR 16, which will come into operation in 2019. However, companies can begin using these standards now. Oliver Ltd are expanding and want to lease some new shops for 10 years. Their Accountant suggests they begin the new leases under the new Standards, so they do not have to change reporting methods part-way through the leases. (10 marks) Required 1) Explain the differences between the new accounting standard for leases, IFSR 16, and the current accounting standard from the point of view of lessees and lessor. What are the implications for the shareholders and banks and other users of the Annual Report of Oliver Ltd? (5 marks) 2) Examine the methods of reporting leases in the Annual Reports of the 2 companies listed under Question 1 above. Explain and compare the way that they are reporting on leases. Describe any changes the companies need to make to meet the new Standard. (3 marks) 3) Do you think this change in the Standards on Leases is an improvement? Justify your answer by referring to examples from the Annual Reports you have read. (2 marks) Please note, you are required to do research to answer this question. Check PDF documents uploaded on Module 5 of the Study Desk. Be sure to reference your sources of information correctly. 13 marks (limit 600 words) Question 3: Consolidations (5 marks) Simon is the accountant for Brookwater Ltd. This entity has an 80% holding in the entity Golf Ltd. A trainee working with Simon is concerned that the consolidated financial statements prepared under AASB 10 may be misleading and asks Simon why they are not allowed to prepare the consolidated financial statements showing the non-controlling interest in Brookwater Ltd in a category other than equity in the statement of financial performance, and for the statement of changes in equity to show the profit numbers relating to the parent shareholders only. Write an appropriate answer for Simon to give, covering the following issues: 1) How are prime users considered in the preparation of Consolidated Financial Statements? (limit 200 words); (2 marks) 2 The differences that would arise in the consolidated financial statements of Brookwater Ltd if the non- controlling interests were classified as debt rather than equity (Debt vs Equity) (limit 100 words) (1 mark) 3) The reasons the standard setters have chosen the equity classification in AASB 10. (limit 200 words) (2 marks) 5 marks
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