ACCT20071 Foundations in Accounting

ASSIGNMENT 1- Term 1, 2016

DUE DATES
ASSIGNMENT 1: Friday of week 5, 5 PM AEST (20 Marks)
ASSIGNMENT 2: Friday of week 8, 5 PM AEST (20 Marks)
Total 40 marks (40% of total Assessment in the course)

How to Submit: Cover page is a separate document for both the assignments. You Must NOT
submit assignment and cover page as one word file.
Submit your file in word format. Do not use pdf format to submit your document.
Every student in the group is to submit the COVER PAGE. But student submitting on behalf of
group shall submit TWO files; 1. The actual assignment and 2. The cover page.
Assignment 1: PRACTICAL AND WRITTEN ASSIGNMENT (Up to a group of FOUR
students)
Important: The assignment is based on the application of materials covered in topics 1 to 4 of the
unit. This assignment requires students to demonstrate an understanding of the conceptual
framework of accounting. You are required to explain some theoretical concepts.
ASSIGNMENT QUESTION: Please read carefully
Write a research report answering the questions below, based on annual reports of TWO
Companies in 2000 to 2500 words. The assessment requirements are same for group or
individual submissions). You need to do some extended personal research and self-directed
learning in order to complete this assignment.
1. Review the corporate governance disclosures of the selected companies (listed below) and
determine whether the company complies with the Eight Essential Principles of
Corporate Governance identified by the ASX. If the company discloses non-compliance,
evaluate the reasons provided for non-compliance.
2. Identify various categories of assets and their reported values (current or non-current
including intangibles). Compare and comment upon the methods used for valuation of
PPE (as per AASB116) and depreciating property, plant and equipment (PPE).
3. Australia has decided to adopt IFRSs. Identify which accounting standards (AASB,
IASB, GAAPs or any other standards) the sample companies have used to report their
financial accounting information. Evaluate Australias decision to adopt IFRSs by
providing some arguments for and against this decision. You are required to use at least
3 peer-reviewed research papers as literature review.

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Use the latest available annual reports of these 2 Australian companies below
Company

Sector/ Industry Group

COCA-COLA AMATIL LIMITED

Food, Beverage & Tobacco

NATIONAL AUSTRALIA BANK

Banks

Hints for Assignment 1:

1. For downloading the annual reports of listed companies (listed above), visit the
websites and download their latest annual report. (the annual reports will be found
under a section entitled Investors, Investors and Media, Shareholders, or similar)
2. You must submit the link to all relevant annual reports and also reference the page
number in the written assignment. Follow the APA style guidelines for referencing
and include page numbers for all relevant reports. You can use the snapshots and may
like to append the tables at the end (not counted in the word list).
3. Look for information such as: the companies used the same or different methods of
valuation of assets and depreciation? Read through directors and auditors report.
Look for the relevant information in notes to financial statements section of the
annual report. Read important concepts from the book and refer to requirements of
AASB 101, 116 discussed in chapters 1, 2, 4 and 5 the book. For question no. 2, you
may like to illustrate some individual standards used as an example to support your
arguments.
4. Provide appropriate evidences/references and refer to rubrics for marking criteria
Penalty for late submissions: Late submissions are penalised at 5% per day.
_____________________________________
Further Instructions: Please read carefully
Normal rules of copying/plagiarism will apply that is, the individual assignments must not contain
other students contributions or work, not even former group members work.
You are required to submit an electronic copy of this assignment. Assignments will be marked online
and feedback will be provided through Moodle site.

Plan and delegation of the work: As a group assignment, please plan and delegate the work in
the beginning. Your must discuss how you plan to approach and complete your assignment,
milestones, time frames for achieving the milestones etc. Do not postpone the work until the last
week. Please bring any disputes to the attention of course coordinator ASAP. You must keep
copies/proofs of your work to resolve any future conflicts.
All the very best to you for timely completion of assignment item.

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