Annual Report Assignment Instruction Booklet
FINANCIAL ACCOUNTING 2
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CONTENTS
Nature of Assignment………………………………………………………………………………………………………………2
Specific Directions and Requirements ……………………………………………………………………………………….2
Statement on Use of Draft Feedback…………………………………………………………………………………………5
Academic Integrity Issues in relation to this assignment ………………………………………………………………7
Single report or in team of 2 or 3 students………………………………………………………………………………….8
Criteria for assessment ………………………………………………………………………………………………………….10
Submission of assignment ……………………………………………………………………………………………………..12
Extensions for assignments ……………………………………………………………………………………………………12
Checklist for draft option ………………………………………………………………………………………………………..15
Checklist for assignment………………………………………………………………………………………………………..15
Feedback form ……………………………………………………………………………………………………………………..16
Appendix: Minimum requirements for ‘Other’ Reports………………………………………………………………..18
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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 course learnonline site. Using this
information as a basis, you are required to prepare an annual report suitable for publication a particular
year ending 30 June. This must include the following:
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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.
In addition you must include a Statement on Use of Draft Feedback. Further details about this is
included later in this document.
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 |
| upon a body of | The body of knowledge addressed by this course is described in the course 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 course 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 are required to work autonomously as this is an individual assignment. |
| Communicates effectively | You are required to present an annual report suitable for publication that demonstrates written literacy appropriate to the profession of accountancy. |
Operates with and knowledge
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 the first 5 topics
(up to and including Provisions and Contingent Liabilities) of this course. You should NOT consider
standards that are considered in later topics.
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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 covered in these topics will
be penalised.
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 in (on the front 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 presented in (on
the front) of the statement (refer AASB 101, para 54) are to be included in 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 in the statement of financial
position or in the notes. The one exception is that in (on the front 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 presented in (on the front of) the statement (refer AASB 101, paras 81A to 82 and
para 85) are to be included in 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 in the statement or in the notes. For example, for this assignment the analysis of expenses
must be disclosed in the notes (not on the front of the statement). Please note: In this case study
there are no items of other comprehensive income. In (on the front 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 questions of topic 3 for an example).
in relation to the statement of changes in equity, only those items required to be included in (on
the front) of the statement (refer AASB 101, para 106) are to be included in (on the front) 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 in 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
(Then include actual note…)
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All notes (i.e. each and every note) must have a standard and paragraph number
recorded against them to justify their inclusion. The standard and paragraph number
must justify the inclusion of the note (i.e. justify why the specific disclosure made).
Marks will be deducted for failing to adhere to these assignment instructions. For example,
| | Students who do not justify their notes with appropriate standard and paragraph references at all will lose 15 marks from the marks allocated for the notes. |
| | Incorrect identification of the paragraph justifying the note (for example, identifying the paragraph that describes the underlying accounting treatment rather than the requirement for the note |
disclosure) will be penalised.
| | Including notes that are not required (for example, notes that provide no additional information than that already provided in – on the front of – the statements) will be penalised. |
For the statement of financial position and statement of profit or loss and other comprehensive
income
Comparative information must be disclosed in respect of the previous period for all amounts reported
in the financial report in accordance with AASB 101. However this information is not provided in the
question hence a comparative column only is required in only the statement of profit or loss and other
comprehensive income and statement of financial position. No numbers are required to be included in
these columns. In this assignment, no comparative columns are required in the statement of changes
in equity or in the notes.
In relation to Directors declaration, Annual directors’ report and Annual auditor’s report
You should refer to the Appendix in this document for the minimum requirements for the director’s
report, declaration and the auditor’s report required for the purposes of this assignment. In assessing
this assignment markers will use the details in the Appendix to determine if the minimum requirements
have been met.
Further advice
You are required to only consider the specific accounting standards that you have studied in the
first 5 topics (up to and including Provisions and Contingent Liabilities) of this course. Please also
make sure you use the correct version of the standards. You should NOT consider standards that
are studied in later topics or not covered in the first topics (up to and including Provisions and
Contingent Liabilities) of this course. A key objective of this assignment is to assess your ability to
apply the requirements of particular accounting standards. You need to ensure that only the
information required by the standards in the first topics (up to and including Provisions and
Contingent Liabilities) of this course is included – students who record information in the notes or
statements that is not required by these accounting standards will be penalised. All notes must
have a standard and paragraph number recorded against them to justify their inclusion.
In in preparing this assignment you may need to distinguish between revenue and other income.
To do this you should refer to paragraphs 74-77 of the Framework for the Preparation and
Presentation of Financial Statements. At the time you are completing this assignment we will not
have considered accounting standards that specifically relate to revenue recognition. Remember
for this assignment you should only apply the standards we have studied in the first topics (up to
and including Provisions and Contingent Liabilities) of this course.
Where the relevant information that would be required to be disclosed is not specifically provided
in this assignment, it is expected that students will use their initiative and imagination to ensure that
the minimum requirements for preparing annual financial reports are met. For example, the
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director’s report requires information about the company’s activities and director’s names. To
provide this information, you will need to ‘make up’ these details.
For some sections (such as the auditor’s report) you may find it useful to look at examples provided
in the annual reports of specific companies or model financial reports. This is acceptable, however,
remember that you must adequately acknowledge the source (with Harvard in-text references and
quotation marks if required) where your reports etc are based or adapted from such sources. Also,
remember if referring to actual or model reports to assist in preparing this assignment such reports
will cover a much wider range of accounting standards than those required to be applied for this
assignment. Also take care that these consider the version of the standard/s that we are
considering.
| | Students are NOT required to prepare a cash flow statement, nor do you need to consider any Australian Securities Exchange (ASX) requirements. You should review the Frequently Asked Questions (FAQ’s) in relation to this assignment |
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available from the learnonline resources for this course. THIS IS VERY IMPORTANT IF YOU
WISH TO AVOID COMMON MISTAKES.
Need Help
If you need help please seek this early and from appropriate sources, in particular the course
coordinator. Asking your friends, ‘seniors’, other students or third parties (including on-line sources
such as study/homework help sites) for assistance with this assignment is not appropriate. You may
seek assistance from the Discussion Forums, course email, your tutor and the course coordinator.
Case Study for assignment
The case study for this assignment will be made available from the learnonline site for this course.
STATEMENT ON USE OF DRAFT FEEDBACK
In addition you must include a brief statement (100 word limit) in your own words on how you have
used the feedback provided in relation to the draft submissions. This statement must be in the
allocated section of the Annual Report Assignment cover sheet. (You can find this cover sheet on the
learnonline site for this course).
If you are completing this assignment in a team then there will be only 1 statement. You will need to
do this as a team and include on the cover sheet for this assignment (i.e. each team member is not
required to prepare an individual statement).
WHY do you need to include this?
An important learning outcome for accounting graduates is self-management. This includes the ability
to reflect on feedback provided, and identify actions that may be required in response to feedback to
promote self-improvement.
Whether or not you submitted a draft, all students in this course are provided with feedback on those
drafts submitted. The aim of this feedback is for students to improve their final assignment.
Therefore, it is important to consider this feedback (even if it simply confirms that what you are doing
is correct).
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WHAT do you need to do?
In the allocated section in the assignment cover sheet you need to:
1. Identify (with relevant heading/sub-heading number from draft feedback document ) and
outline one at least one specific piece of feedback provided in relation to the draft, and
2. Then briefly explain how you used this feedback to improve your final assignment.
(Note: you cannot consider the feedback on dates/periods used in the example below. You must
consider a different issue/information).
Are marks awarded?
No. However if this section is not adequately completed you will receive a 5% penalty (i.e. a 5 mark
deduction).
How will this be assessed?
The following criteria will be used:
| | Has the statement been included in the cover sheet? If no, penalty of 5 marks. (Note: If included elsewhere in assignment but not in coversheet penalty of 5 marks will apply). Does the statement provide adequately evidence that the feedback has been considered by identifying at least one specific piece of feedback (i.e. include sub-heading number if |
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appropriate/available) and state/outline the feedback that was considered? If not, penalty of at
least 2 marks and as specific feedback considered not adequately identified, then likely to
also not receive further 2 marks (next).
| | Does the statement explain how the specific feedback was used/considered when completing the final assignment? If no, penalty of 2 marks. |
For example, let’s assume that the draft feedback at 2 (b) stated:
2(b) You will need a company name in the header (title) of the statement as well as
indicating an appropriate date or period (remember from first year that this will differ between
statements).
An appropriate example of a Statement on Use of Draft Feedback would be:
The feedback suggested checking that the statements had the correct date/period for the
statements (2(b)). In my final assignment, I checked the dates for the statements and
realised that I had indicated a period instead of ‘as at’ for the statement of financial position.
So I changed this for my final assignment.
(Of course, a student could check this specific feedback information/advice and this could simply
confirm that the dates/periods included were already correct. This is also acceptable to state. Using
feedback correctly does not mean that you need to find something to ‘correct’ or ‘change’. It can
confirm what you have done is correct).
General statements such as “I found the feedback useful in helping …. e.g. format my statements” will
receive no marks. Such statements provide no evidence that the feedback has actually been ‘read’
and/or ‘used’.
How will this help me?
First, if you do this you will not receive a penalty! However this is not how this will help you the most.
The final assignment of students who ignore the feedback provided in relation to the drafts, are often
poor as mistakes have been made, that , if the information and advice provided had been followed
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could have been avoided. So the way this helps you the most is by ensuring that you take into
account the feedback provided, and so get a better mark for your final assignment.
ACADEMIC INTEGRITY ISSUES IN RELATION TO THIS ASSIGNMENT
This assignment is primarily about appropriate recording/disclosure of items/events presentation.
Although penalties apply for any calculation mistakes, there are few marks awarded specifically for
calculations. A key aspect that is being assessed is your ability to prepare and format statements and
notes from the accounting standards. Therefore it is required that the statements and notes are
prepared and formatted by you (or your team). Some students may have access to
software/computer programs or other templates that prepare annual reports (or part of these). It is not
acceptable to use any source as a ‘template’ to format your statements or notes (whether this is from
other students or from any source). In other words, for the statements and notes you need to begin
with a blank electronic document and format and write these yourself!!
You should note that in previous study periods a number of students received ZERO for this
assignment as they had used other students work (from the same or previous study periods)
as the basis for their own assignment. If you use another students assignment (e.g. from this
or a previous study period) as a basis or ‘template’ for some/all and change for this case study
you will be referred to the Academic Integrity officer and should expect to receive ZERO as a
minimum penalty.
If you (or your team) need help with this assignment then you should seek assistance from your
course coordinator directly via course email (or if a more general question via the course discussion
page). It is not appropriate to seek assistance from other students in relation to specific queries about
this assignment.
If you are repeating this course, you can use parts of your previous assignment only if you completed
this on an individual basis. If completed in a team then this includes the work of other students. Under
university policy it is misconduct to submit an assignment that includes the work of other students (i.e.
students outside your current team submitting the assignment). Please note that Turnitin will match to
previous assignments.
For the director’s declaration, auditor’s statement and some parts of the director’s report you may
adapt or copy from sources. However, where this is done you must include appropriate Harvard intext referencing (including quotations marks). Whilst we appreciate that in ‘real’ annual reports such
referencing is not required, as this is an assessment item at university you are required to apply the
Harvard referencing system. Also, take care as you need to remember that the older financial reports
for companies may be based on the previous accounting standards.
Plagiarism and referencing
Plagiarism is regarded as a serious issue within the university system with severe consequences for
students who have been found to have plagiarised, often the minimum penalty being zero for the
assignment. You should be aware that in previous offerings of this course a number of students were
referred to the Academic Integrity Officer. All students should ensure that they are familiar with the
plagiarism policy and referencing requirements before commencing the assignment in this course.
Remember
| | If information contained in the assignment is not your own words or ideas you must acknowledge the source within the text of the paper as well as in the reference list. |
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If you use another person’s words (i.e. you quote) you must indicate that this is a direct quote
(usually by quotation marks) and reference the source (including the page number) within the
text of the paper. Including the source in the reference list is not sufficient. Changing, deleting,
adding only a few words, or rearranging the sentence/paragraph does not negate that fact that you
are quoting.
| | If paraphrasing, you still need to include an in-text reference (which includes the page number). And take care that the paraphrasing is not ‘too close’ to the original; i.e. that it is in fact a quote. The fact that the source of the material is from an Internet site, and/or the specific author cannot |
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be identified does not negate the need to acknowledge the source of the ideas or words, or to
reference correctly.
If you need help with referencing, please refer to the following resources available from study help on
the university website at: https://lo.unisa.edu.au/course/view.php?id=4074
You should be aware that academic misconduct includes the following:
9.2.2 (c) submitting another student’s work in whole or in part, unless this is specifically
allowed in the course outline;
9.2.1 (d) including material in individual work that has involved significant assistance from
another person, unless this is specifically allowed in the course outline
9.2.1 (e) providing assistance to a student in the presentation of individual work, unless this is
specifically allowed in the course outline
Whilst I understand that pressures from fellow students are sometimes difficult to resist and it is
acceptable (and indeed generous) to assist other students by discussing general issues relating to
assignments, it is not acceptable to provide access to, or copies of, your own assignment (or part of
your assignment) to other students. Nor is it acceptable to use another students work as the basis for
submission of your own (or part of) assignment, whether quoting, paraphrasing or simply using their
ideas.
While the nature of this assignment is more professional in nature and one in which fewer references
would be needed, the report is assessable and hence still needs to meet academic requirements. As
such acknowledgement of sources (via in-text referencing and quotation marks where appropriate) and
a reference list is required. The Harvard (author date) referencing system is to be used in this
assignment.
For the director’s declaration, auditor’s report and some parts of the director’s report you may adapt or
copy from sources. However, where this is done you must include appropriate Harvard in-text
referencing (including quotations marks). Whilst we appreciate that in ‘real’ annual reports such
referencing is not required, as this is an assessment item at university you are required to apply the
Harvard referencing system. Also, take care as you need to remember that the older financial reports
for companies may be based on the previous accounting standards.
Note that it is intended that assignments in this course will be checked, using text comparison software,
for instances of plagiarism or collusion.
SINGLE REPORT OR IN TEAM OF 2 OR 3 STUDENTS
Students can complete this individually or in teams of 2 or 3 students. It should be appreciated that the
nature of this assignments means that you cannot simply ‘split’ the work amongst team members and
prepare parts independently as:
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The key leaning objectives of this task are to demonstrate a student’s ability to apply the
accounting standards in preparing the statements and the notes. Therefore if completed in a
team, all team members must contribute equally to preparing the statements and the
notes (not simply checking the work of other team members or preparing other parts of this
assignment).
Further, the statements, notes, and reports are all interrelated.
The marking arrangements will not differentiate between assignments submitted in teams and those
presented individually; each assignment is marked on its own merit/correctness/quality. As noted
above, where students work in teams it is required that students will contribute approximately equally
to the assessment task.
Students may wish to use the discussion page to ‘find’ a student to prepare the assignment with. Please
do not place your personal address (home or personal email) or phone numbers on this forum.
This assignment will require a significant amount of preparation and coordination of activities.
It is recommended and expected that teams from the beginning of the study period organise and
schedule regular meetings or contact between members to monitor progress and ensure individual
team members are meeting team expectations. Where a team member/s either fails to attend meetings
or make contact as agreed or contribute equitably, then it may be appropriate to reconsider the team.
Failure of students to keep regular contact with their team member/s and set and monitor appropriate
team activities will not be considered adequate justification for an extension or for failure to contribute
equally to the assignment.
Ordinarily, the same mark will be awarded to each member of the team; however differential marking
may be invoked at the discretion of the course coordinator given the expectation of equal contribution
to this assignment where students undertake this assignment in a team. Where an individual student
has not contributed approximately equally (i.e. assessed by course coordinator at less than 40% for a
team of 2 and 30% for a group of 3) that student will normally receive a mark of zero.
Declaration about contribution on the coversheet
Please note that if you complete this assignment in a team then you need to complete the additional
declaration relating to this on the coversheet. Sometimes students ‘allow’ another students name to
be added to an assignment when that other student has not adequately contributed to that
assignment. This is not appropriate or ethical – why should that student receive marks for work they
have not completed. Please remember that making a false statement would breach the university’s
academic integrity policy.
I recognise that sometimes with team/group work:
| | Students will ‘agree’ that one student can contribute little (for example, only prepare the ‘other reports’). This is not acceptable. As advised above, this would mean that not all students would |
demonstrate the required learning outcomes and further, that students would receive marks for
parts/work that they have not contributed to.
Although students may initially expect that team members will contribute equally, contributions may
not ‘end up’ equitable (e.g. perhaps one student falls behind, or fails to meet agreed deadlines or
fails to complete agreed tasks – this can be due to personal circumstances at times). Again, it would
be unethical, for them to seek marks (and for the other student/s to allow them to receive marks)
for work to which they did not adequately contribute.
If students have not contributed equally then the alternative declaration needs to be made on the
coversheet. The course coordinator will then contact students to determine an appropriate mark/grade
for each student.
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Some advice on working in with another student
Many students will opt to complete this annual report assignment in a team (remember maximum is 3).
Whilst some students may already know potential team member/s, others may contact students via for
example the discussion page, who they have not worked with before.
Working on an assignment with a ‘new’ student is a great opportunity- both to make new
friends/contacts and to achieve a ‘better’ assignment/learning outcome. However for a team to work
well you do need to take care in choosing who to work with; to make sure that students ‘fit’ and work
well together.
Just because someone wants to work with you does not necessarily mean that you will work well
together. You need to make sure that the expectations and work practices of team members are suited
and/or complement each other. To do this it may be useful to try to ‘get to know’ your potential team
member a little more before you commit to working with them by asking a few questions. It is better to
sort out any issues before you start, rather than try to solve problems later.
Some questions to ask potential team members:
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Why do you want to do the assignment in a team? How are they finding the course so far? Are they up to date with the work in the course? What standard of work (grade) do they hope to achieve? How have they done in previous courses? What are they hoping to achieve from the team? Is it a better assignment or less work? What are their strengths and weaknesses? How do they work? Do they like to get things done early, or do they leave things until the last minute? What are their other commitments? How will this impact on their ability to undertake tasks on time or meet/contact other students? How do they expect the team to work? How often do they expect to meet /get together with the other student and when and how? Does this fit with your expectations and schedule? Have they had any problems with teamwork in the past? |
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There are also many resources available also to assist with group/team work. One that may be useful
is the top 10 tips on creating a team at
http://learnhigher.ac.uk/resources/files/Group%20work/team.pdf
CRITERIA FOR ASSESSMENT
The assignment will be assessed in relation to the following criteria. The relative weightings for each
criterion are indicated by the percentage.
| Statement of profit or loss and other comprehensive income Assessment will consider the adequacy of the prepared financial statement, including: |
10% |
| Statement of financial position Assessment will consider the adequacy of the prepared financial statement, including: Preparation in accordance with instructions |
Preparation in accordance with instructions
Correct application of all “relevant” accounting standards
Correctness of calculations/amounts
Inclusion of all required information
Exclusion of non-required information
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Correct application of all “relevant” accounting standards
Correctness of calculations/amounts
Inclusion of all required information
Exclusion of non-required information
| 10% | |
| Statement of Changes in Equity Assessment will consider the adequacy of the prepared financial statement, including: |
10% |
| Notes to accounts This considers the adequacy and effectiveness of the notes provided and includes consideration of |
40% |
| Other required reports Assessment will consider appropriate completion of additional reports as required (Directors declaration, Annual directors report, Annual auditors report) |
20% |
| Presentation Assessment will include consideration of title and contents page, referencing and reference list, contents, appropriate layout as defined in the relevant standards, explanations, linkages, appropriate grammar, spelling, clarify of expression and layout that facilitates understanding, ease of reading, structure to assist reader. Student’s use of imagination and creativity in preparing aspects of reports requiring this. (Note: failure to adequately reference as distinct from errors in referencing is plagiarism and will be referred to the Academic Integrity Officer). |
10% |
| Remember that a penalty of up to 5 marks will be applied if no Statement on Use of Draft Feedback is included (or is not adequate) in your coversheet. |
Preparation in accordance with instructions
Correct application of all ‘relevant’ accounting standards
Correctness of calculations/amounts
Inclusion of all required information
Exclusion of non-required information
Correctness and Completeness of disclosures
Correct application of all ‘relevant’ accounting standards
Appropriate identification and referencing of standards applied (eg. Standard and
paragraph number)
Only required disclosures being made
Appropriate inclusion of notes where judgment required to be exercised
Ability to ‘make up’ information if not provided, or indicate information that needs
to be included where this information is not available
Logical sequence and links to statements to assist users Completeness of these in terms of minimum requirements
Correctness and adequacy of disclosures
Ability to ‘make up’ information if not provided, or indicate information that needs
to be included where this information is not available
Format that facilitates usefulness for purpose
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SUBMISSION OF ASSIGNMENT
All assignments must be submitted electronically via Gradebook on the learnonline site (refer to
https://lo.unisa.edu.au/mod/book/view.php?id=1843 for information regarding how to upload your
assignment).
Please note:
| | All assignments must use the FA2 Assignment cover sheet (available from the course learnonline site). This needs to be the first page of your assignment. As this coversheet has specific declarations, assignments submitted without this will not be accepted or marked. This assignment must be in the form of either a PDF or a Word document. You cannot submit Excel files. If you use Excel to prepare your assignment you will need to cut and paste and either convert to, or include in, a Word document or a PDF document. The electronic submission for this assignment must be in the form of either a PDF or Word |
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document and must be in a readable format so that it can be processed via Turnitin. Until a
readable document is submitted late penalties will be applied. This means that you cannot ‘scan’
any significant parts or all of this assignment or insert statements, notes or reports as pictures or
the like (if necessary, you can insert graphics or images, for example on the title page).
| | Only one copy of the assignment is to be submitted if the assignment is undertaken in a team. Please ensure that the names of all team members are included on the cover sheet. |
The nature of this assignment makes it very difficult (and inefficient) to mark online. As a
result, assignments are printed to being marked. The marked assignments will be scanned and
uploaded to gradebook. All marked assignments will be available approximately three weeks from the
date of submission. If you worked with in a team the marked assignment will be available to all
students and it is expected that students who worked together in a team will continue to collaborate to
consider the feedback received on the team assignment.
Feedback on this assignment will be provided on the Feedback form, a copy of which is included at
the back of this booklet (Please do not attach this feedback form to your assignment file).
EXTENSIONS FOR ASSIGNMENTS
Extensions to assignment due dates will only be approved in exceptional cases and for reasons that
could not have been foreseen at the commencement of the study period. All applications for
extensions must be submitted via Gradebook on the Learnonline Website (refer to
https://lo.unisa.edu.au/mod/book/view.php?id=1843&chapterid=18210 for information regarding how
to apply for an extension for your assignment). Any available evidence supporting the application
must be provided. In addition, if the extension is requested within one week of the due date a copy of
the work completed to date also needs to be provided (this is to establish that failure to complete this
assignment by the due date was caused by unforeseen circumstances beyond the students control
and not due to time management issues).
Heavy workloads or other study commitments are not normally considered grounds for extensions as
you are expected to plan your study period with due dates in mind.
All students (including those with a disability or access plan) should note the following:
| | Requests for an extension of time for submission of an assignment must be made before the due date of the assignment. |
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Extensions will only be granted in exceptional and unforeseen circumstances supported by
documentary evidence. Students requesting extensions within one week of the due date will
be required to provide drafts of work-to-date in support of their application.
Requests for an extension of more than 7 days will generally not be accepted.
Note: in accordance with the Division of Business guidelines assignments submitted late
without permission from the course coordinator/s will attract a penalty of 10% of the total
possible marks for the assignment per day for each late day, or part of each late day, after the
due date.
Assignments submitted more than 7 calendar days after the due date will not be accepted or
marked. Please note: NO assignment (even if an extension of up to 7 days has been granted)
will be accepted or marked if received more than 7 calendar days after the original due date.
Conditions
The assignment is not redeemable and there is no provision for resubmission.
OPTION TO SUBMIT DRAFT OF STATEMENT OF PROFIT OR LOSS
AND OTHER COMPREHENSIVE INCOME
In this study period students have the option of submitting a draft of the statement of
profit or loss and other comprehensive income only and receiving bonus marks. If
you wish to take up this option you will need to submit a draft via Gradebook only
(following the instructions and using the template on the learnonline site) by due date
and time (Note: This will be advised on the learnonline site and please note that this is
Adelaide time).
Background
In the past I have found that many problems arise with this assignment (and others) due to students not
starting this assignment early enough. I realise one of the most difficult things to do is to ‘get started’.
This is an assignment that will take a significant amount of time and require coordination if undertaken
in a team. If students leave this assignment until the last minute/or few days they tend to rush and panic
and this leads to mistakes, failure to read the instructions, failing to review the assignment before
submitting and academic integrity issues.
The objective of this draft option is to provide some motivation for students to begin the assignment and
to provide some feedback (albeit on just one part of this report).
What do you need to do?
Please note: This is entirely optional. You are not required to submit this draft.
However if you choose to take up this option you need to follow the instructions
below.
You need to submit a draft of your statement of profit or loss and other comprehensive
income only in relation to the case study for the current study period.
Requirements:
| | This must be submitted via the link on the learnonline site. No printed copy is required- submit online only. |
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| | Each student (even if you are in a team and the draft statement has been prepared by the team) needs to make an individual submission: i.e. only individual submissions are allowed). Your statement must be submitted on the template provided (so if you have prepared in excel or similar you will need to copy into this word document to submit). This must be submitted by the due date and time for this draft option as advised on the learnonline site. As this is optional NO extensions are allowed. |
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What will you get by submitting this?
| | If you have submitted an adequate attempt at this statement then you will receive 5 bonus marks for your assignment (i.e. your assignment will be marked and 5 marks added- up to a maximum of 100 for the assignment in total). These submissions will not be marked for correctness. The course coordinator will review |
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these and will provide general feedback on any common errors to the all students in the
course (via the learnonline site). You will not receive individual feedback on your own
statement.
How can this help you?
Obviously there is the chance to be awarded a few more marks. However other possible benefits will
probably be more significant. For example:
| | First, it will get you started and this is often difficult to do. This will allow you to better manage your time, coordinate with your team member, and hopefully result in a better final assignment (and mark). The feedback may alert you to any common errors that you have made and also to resources that you may need to consider. If you have already formed a team to complete this assignment, this task may alert you to any |
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possible problems with your team member/s. You may want to think about whether each team
member was willing or able to contribute to this task; did their efforts here suggest that they
are going to be a ’free rider’; were they too busy with other commitments to do their share; do
they have different expectations about the standard of work required/desired. For example, if
a team member suggested that ‘you do it’ and they will simply check it, this would suggest a
possible problem! If you had any of these problems then you may wish to reconsider your
team membership or at the very least, communicate with the other student and clarify
expectations. [Of course, if you do decide to leave the team and complete this individually
please make sure that you inform your other team members explicitly of your decision].
If you have not formed a team this task may alert you to the benefits of completing this with
another student. You may have wished to discuss in detail with another student when you
were preparing this draft but didn’t have any team member to discuss with.
Conditions & other information
| | An adequate attempt means a fully completed (but not necessarily correct) statement of profit or loss and other comprehensive income based on the case study for this study period. This must include numbers for any relevant items. Only the statement of profit or loss and other comprehensive income is to be |
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submitted. Even if you have completed other parts (such as other statements, reports or
notes) DO NOT INCLUDE these! Also DO NOT INCLUDE workings or calculations. If you do
your submission will not be reviewed and will not receive any marks.
| | Only submissions using the template provided (and correctly completed) will be reviewed or attract bonus marks. You should be able to ‘fit’ your statement on the first page of the template provided (so your |
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submission should only be one page). Do not panic if it doesn’t fit – I will accept submissions
of more than 1 page. However if you cannot fit on one page you may wish to think about
whether there are problems with how you have prepared this statement.
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| | This must be your own (or your teams) work. Note: All submissions are automatically put into Turnitin and the same academic integrity principles and requirements apply to this as to any other assignment submission. If you are in a team, you still need to submit this statement individually (i.e. each team |
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member needs to submit individually) and correctly complete the top of the template with your
own name as person submitting. This does not mean that you need to prepare this statement
individually if you are in a team; if you do prepare this draft in a team then it would be
expected that each team member submits the same statement in their own individual
submission. However if a team member has not contributed to this task they cannot submit
this draft. Although the template asks you to indicate if you are in a team and your team
members names, only students who submit individually will receive the bonus marks. This
requirement will hopefully avoid (or at least reduce) students who have not contributed to this
task receiving these bonus marks. Even if you are in a team if only you have prepared this
draft then you can still get these bonus marks (whereas your team member/s will not).
CHECKLIST FOR DRAFT OPTION
For this draft ensure that you have followed the instructions including:
| | Have you only included the statement of profit or loss and other comprehensive income (No other statements, notes, workings or calculations have been included); |
You have submitted online using the specific template for this draft;
You have submitted individually (and have included your own name at the top of the
template). Remember to receive bonus marks you must submit individually under your own
name (not as a team or under another team member’s name).
CHECKLIST FOR ASSIGNMENT
Before submitting this assignment it might be useful to check the following:
| | Have you followed the instructions in this booklet and included only the required (minimum) information in (on the front of) the statements? (e.g. the analysis of expenses must be in the notes, not in the statement) Have you read the FAQ’s for this assignment? Have you read the feedback provided in relation to the draft option? Have you considered all of the standards required (see FAQ’s), not just AASB 101? Do you have a standard and paragraph reference for each note? If you have used (or copied from) sources (for example in auditor’s report or for any significant accounting policies) do you have in text references and also quotation marks if words copied, in addition to your reference list? Have you used the coversheet provided, completed the declarations and included a Statement on Use of Draft Feedback on this coversheet? You have followed the submission instructions as outlined previously. |
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PLEASE DO NOT ATTACH THIS FORM TO YOUR ASSIGNMENT FILE
FEEDBACK FORM
Financial Accounting 2
Annual Report Assignment
Name………………………………………Username:…………………………
Name……………………………………….Username…………………………
Graduate Qualities developed by this activity
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operate effectively with and upon a body of knowledge are effective problem solvers, capable of applying logical, critical, and creative thinking to a range of problems are prepared for lifelong learning and professional practice can work both autonomously and collaboratively communicate effectively |
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Summary comment
Final mark
/100
Marker’s initial
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| U= unsatisfactory S = satisfactory VG= very good | U S VG | Out of |
| Statement of profit or loss and other comprehensive income The adequacy of the prepared financial statement, including: |
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/10 |
| Statement of Financial Position The adequacy of the prepared financial statement, including: |
|
/10 |
| Statement of changes in equity The adequacy of the prepared financial statement, including: |
|
/10 |
| Notes to accounts The adequacy and effectiveness of the notes provided and includes consideration of |
|
/40 |
| Other required reports (Directors declaration, Annual directors report, Annual auditors report) |
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/20 |
| Presentation | |
/10 |
| Penalty if Statement on Use of Draft Feedback not included or inadequate ( -/5) | ||
| TOTAL OUT OF 100 |
Preparation in accordance with instructions
Application of all “relevant” accounting standards
Correctness of calculations/amounts
Inclusion of all required information
Exclusion of non-required information
Preparation in accordance with instructions
Application of all “relevant” accounting standards
Correctness of calculations/amounts
Inclusion of all required information
Exclusion of non-required information
Preparation in accordance with instructions
Application of all “relevant” accounting standards
Correctness of calculations/amounts
Inclusion of all required information
Exclusion of non-required information
Correctness and Completeness of disclosures
Application of all “relevant” accounting standards
Only required disclosures being made
Appropriate inclusion of notes where judgment required to be exercised
Appropriate identification & referencing of standards (paras) applied
Ability to “make up” info if not provided, or indicate information that needs to be
included where this information is not available
Logical sequence and links to statements to assist users
Completeness of these in terms of minimum requirements
Correctness and adequacy of disclosures
Ability to “make up” info if not provided, or indicate information that needs to be
included where this information is not available
Format that facilitates usefulness for purpose
Presentation – e.g. contents & title pages, links, structure
Appropriate layout as defined in the relevant standards
Spelling, Grammar and Expression
Referenced Correctly
Creativity
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APPENDIX: MINIMUM REQUIREMENTS FOR ‘OTHER’ REPORTS
The following lists the minimum requirements outlined in the Corporations Law for the other Reports
that you are required to include in your assignment.
Note: These are extracts from the Corporations Law. There are further requirements that apply in
Corporation Law depending on a range of factors (for example, if company is listed). However, in this
assignment you only need to apply the requirements as listed in the extracts attached/below.
For Annual Directors Report
299 Annual directors’ report—general information
General information about operations and activities
(1) The directors’ report for a financial year must:
(a) contain a review of operations during the year of the entity reported on and the
results of those operations; and
(b) give details of any significant changes in the entity’s state of affairs during the year;
and
(c) state the entity’s principal activities during the year and any significant changes in
the nature of those activities during the year; and
(d) give details of any matter or circumstance that has arisen since the end of the year
that has significantly affected, or may significantly affect:
(i) the entity’s operations in future financial years; or
(ii) the results of those operations in future financial years; or
(iii) the entity’s state of affairs in future financial years; and
(e) refer to likely developments in the entity’s operations in future financial years and
the expected results of those operations; and
(f) if the entity’s operations are subject to any particular and significant environmental
regulation under a law of the Commonwealth or of a State or Territory—give details
of the entity’s performance in relation to environmental regulation.
300 Annual directors’ report—specific information
(1) The directors’ report for a financial year must include details of:
(a) dividends or distributions paid to members during the year; and
(b) dividends or distributions recommended or declared for payment to members, but
not paid, during the year; and
(c) the name of each person who has been a director of the company, registered
scheme or disclosing entity at any time during or since the end of the year and the
period for which they were a director; and
(2) Details do not have to be included in the directors’ report under this section if they are
included in the company’s financial report for the financial year.
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For Annual Directors Declaration
295 (4) The directors’ declaration is a declaration by the directors:
(c) whether, in the directors’ opinion, there are reasonable grounds to believe that the
company, registered scheme or disclosing entity will be able to pay its debts as and
when they become due and payable; and
(ca) if the company, registered scheme or disclosing entity has included in the notes to
the financial statements, in compliance with the accounting standards, an explicit
and unreserved statement of compliance with international financial reporting
standards—that this statement has been included in the notes to the financial
statements; and
(d) whether, in the directors’ opinion, the financial statement and notes are in
accordance with this Act, including:
(i) section 296 (compliance with accounting standards); and
(ii) section 297 (true and fair view); and
(5)The declaration must:
(a) be made in accordance with a resolution of the directors; and
(b) specify the date on which the declaration is made; and
(c) be signed by a director.
For Auditor’s report/declaration
308 Auditor’s report on annual financial report
(1) An auditor who audits the financial report for a financial year must report to members on
whether the auditor is of the opinion that the financial report is in accordance with this
Act, including:
(a) section 296 (compliance with accounting standards); and
(b) section 297 (true and fair view).
Hint: Remember that you need to make actual declaration/statements as required by the particular
Corporations Law section. So for example, you need to state whether in your opinion the
financial report provides a true and fair view – not simply state that complies with section 296.
Please refer to the annual reports of actual companies for examples.
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