Subject Code : ACC3700
Country : Australia
Assignment Task:

Context

You are an external consultant engaged by the Australian Securities and Investment Commission (ASIC) to research and report on your company’s reporting practices, the financial impacts of those practices and your assessment of the reasoning behind the observed reporting practices (i.e., apply the theories explored in this unit).

Whilst your report should focus on the latest publically available annual report, you may find it appropriate to go back further to get an understanding of the reporting trends. Do not limit your research.

Overview of the Report Expectations

As a starting point you should evaluate the company’s compliance with the following three standards (as applicable to your company):

•    Accounting for leases
•    Accounting for mineral resources
•    Accounting for foreign currency transactions and forward exchange contracts

In addition you should review and comment on the company’s:

•    Disclosures and practices in respect to sustainability and environmental accounting
•    Earnings management practices
•    Measurement practices

Whilst the above is substantially about observation, you then need to discuss, evaluate and explain what you have observed in the context of financial accounting theories, concepts, regulations, practices and other topics which you have learnt in this unit and previous units. Such topicsinclude but not limited to:

•    Accounting theories
•    Measurement system
•    Financial statements 
•    Annual reports
•    Internal controls
•    Management
•    Board of Directors
•    Auditors
•    Regulatory bodies 
•    Political issues
•    Remunerations

The above list is illustrative onlyand your case study report is not required to address all the above mentioned topics. You can include other topics as appropriate in the context of your company if you consider other topics of relevance given your brief from the Australian Securities and Investment Commission.

 

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