BUACC2606 FINANCIAL ACCOUNTING
SEMESTER 2, 2016
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Even accounting’s most fundamental concepts and practices, such as income measurement and asset valuation, are based on uncertainties. Accountants still cannot agree on how to define income, the measurement of which remains one of the intractable problems in financial accounting theory and practice. The valuation of assets only becomes more complex and more fiercely debated as modern global corporate structures and financial instruments become increasingly labyrinthine, and income measurement, the key to determining profits and therefore dividends, is inextricably linked to this contentious, chimerical practice of asset valuation. Nor is the crucial measurement of costs an objective process: costs are also highly contestable figures and may result as much from the collusion or rivalries of firms as from any other actuality. Accrual (or corporate accounting) - the need to allocate revenues and expenses between accounting periods and to value assets and liabilities at the end of an accounting period - raises the problem which have never been solved and are probably incapable of solution. Numbers can be negotiated to make management look good. In effect. ‘accounts are used to justify decisions and to excuse mistakes’ (Gleeson-White, 2011, p.218).
Gleeson-White, J. (2011). Double Entry. How the Merchants of Venice Created Modern Finance. Allen & Unwin. Sydney.
Download a 2015 annual report for a listed company (in the top one hundred) on the Australian Securities Exchange (ASX) website. Groups are not allowed to do the same company and should discuss their selection with their tutor prior to commencing their research assignment (Banks are not allowed as they have particular reporting requirements).
Refer to the marking guide (attached) for additional information and requirements.
- With reference to the above statement describe what you understand by the accounting concepts mentioned and provide examples from your selected annual report.
- Discuss the problems of measurement in the context of the present AASB / IASB standards and conceptual framework using your selected annual report to provide examples.
- Comment on the relevance and representational faithfulness of using ‘processes’ of measurement to achieve estimates of assets and liabilities. Provide examples from your selected annual report.
The following matters should be given particular attention:
- Your assignment must be submitted no later than the Friday ending week 10. Assessment tasks submitted after the due date, without prior approval/arrangement, will be penalised at 10% of the available marks per day. Requests for extension of time must be made with the lecturer concerned and based on Special Consideration guidelines.
- In your assignment use a 12-pt Times New Roman font, use 2 cm margins on all four sides of your page and 1.5 line spacing.
- Evidence of extensive research beyond the prescribed text is required. Ensure these are referenced appropriately. Refer to the statement regarding plagiarism.
- This assignment must be handed in for successful completion of the course and will count 25 marks towards the final mark.
- Marks have been allocated to each specific section of your assignment.
- The assignment is to be conducted in groups of two. Students do not have the option to extend or reduce the size of the group. The lecturer, in the evaluation of the group submission and each individual’s contribution, may require any or all of the members of the group to discuss various aspects of the assignment.
- All assignments are to be uploaded to Moodle. Should you need assistance, please use the available resources and support through the drop-down menus in Moodle or speak to your lecturer/tutor.
RESEARCH ASSIGNMENT MARKING GUIDE – BUACC2606 FINANCIAL ACCOUNTING
|Assignment Structure, Points (Pts.) 2000-2500 words||Does Not Meet Expectations||Meets Expectations||Exceeds Expectations||Points / Grade|
|Abstract / Synopsis (20pts)||Poorly structured (0-9)||Well structured (10-14)||Clear and specifically structured (15-20)|
|Introduction (20pts)||Unfocused introduction (0-9)||Good introduction (10-14)||Clear and specific introduction (15-20)|
|DESCRIBE (40pts)||Does not develop description cogently, uneven and ineffective overall organization (0-19)||Develops a unified and coherent description within paragraphs with generally adequate transitions; clear overall organization (20-29)||Description is exceptional, with logical paragraphs that connect effectively and summarizes statements and objectives at a superior level. (30-40)|
|DISCUSS (50pts)||Does not discuss ideas cogently, uneven and ineffective overall organization (0-24)||Develops a unified and coherent discussion within paragraphs with generally adequate transitions; clear overall organization relates most of the discussion (25-34)||Develops discussion exceptionally well within paragraphs, connects them with effective transitions and summarizes statements and objectives at a superior level. (35-50)|
|COMMENT (60pts)||Does not analyse reports adequately, uneven and ineffective overall organization (0-29)||Analysis is generally unified and coherent within paragraphs with generally adequate transitions; clear overall organization relating most ideas together (30-44)||Analysis is exceptionally within logically constructed paragraphs that connect to make effective transitions; summarizes statements and objectives at a superior level. (45-60)|
|CONCULSTION (20pts)||Does not provide a sufficient discussion of conclusions, implications, and consequences that reflects an integration of knowledge. (0-9)||Provides a sufficient discussion of conclusions, implications, and consequences that reflects an integration of knowledge. (10-14)||Provides a full discussion of conclusions, implications, and consequences that reflects an integration of knowledge. (15-20)|
|Reference list (10pts)||Inadequate (0-4)||Adequate (5-7)||Appropriate (8-10)|
|Language (20pts)||Uses words that are unclear, sentence structures inadequate for clarity, errors are seriously distracting (0-9)||Word forms are correct, sentence structure is effective. Presence of a few errors is not distracting. (10-14)||Develops concise standard English sentences, balances a variety of sentence structures effectively. Written at a higher level using complex sentences, advanced vocabulary, and error free. (15-20)|
|Spelling and Grammar (10pts)||Writing contains frequent spelling and grammar errors which interfere with comprehension. (0-4)||While there may be minor errors, the writing follows normal conventions of spelling and grammar throughout and has been carefully proofread. (5-7)||The writing is error-free in terms of spelling and grammar. (8-10)|
|Total points possible 250/10|
|Mark out of 25|