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 unit learnonline site. Using this information as a basis, you are required to prepare an annual report suitable for publication for the year ending 30 June 2014. 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.
These must meet the minimum requirements of those Australian accounting standards/ pronouncements and corporations law as detailed in this booklet.
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 unit is described in the unit 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 unit 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 topics 1 to 5 of this unit. You should NOT consider standards that are considered in later topics.
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.
3
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 on the face 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 on the face of the statement (refer AASB 101, para 54) are to be included on the face of 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 on the face of the statement of financial position or in the notes. The one exception is that on the face 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 on the face of the statement (refer AASB 101, paras 81A to 82 and para 85) are to be included on the face 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 on the face of the statement or in the notes. For example, for this assignment the analysis of expenses must be disclosed in the notes (not on the face of the statement). Please note: In this case study there are no items of other comprehensive income. On the face 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 question 8 of topic 2 for an example).
• in relation to the statement of changes in equity, only those items required to be on the face of the statement (refer AASB 101, para 106) are to be included on the face 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 on the face of 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
Welcome to our trusted essay writing website with track record among students. We specialize in connecting students in need of high-quality essay assistance with skilled writers who can deliver just that. Explore the ratings of our essay writers and choose the one that best aligns with your requirements. When you rely on our online essay writing service, rest assured that you will receive a top-notch, plagiarism-free A-level paper. Our experienced professionals write each paper from scratch, carefully following your instructions. Request a paper from us and experience 100% originality.
Need Help Writing an Essay?
Tell us about your assignment and we will find the best writer for your essay.
Write My Essay For MeFrom stress to success – hire a pro essay writer!
