Students are required to, follow the instructions by your lecturer to confirm any relevant information. You also need to follow any relevant announcement on Blackboard that confirm the date and time. The individual assignment will assess students on the following LOs; 1. On understanding of the various theoretical models of accounting 2. On applying knowledge and understanding to specific financial reporting issues to AASB accounting standards 3. On discussing the theoretical constructs of contemporary financial accounting 4. On evaluating and explaining the need for the development of a conceptual framework for accounting, and discuss the influence of such a framework on accounting practice. 5. On Understanding of the Australian accounting regulatory framework and the conceptual framework 6. On understanding of how to account for assets, non-current assets and liabilities 7. Be able to calculate for revaluations and impairments of non-current assets, and then journalise, and 8. Account for leases for both lessees and lessors.
Complete this assignment for the company you have been allocated. Please be careful to use the listed company you have been allocated. Your assignment will not be marked if you use a different company to the one you have been allocated; and you will be asked to resubmit your assignment using the right company. Go to the website of your company in the list of companies in the file “Find Your Company”. Then go to the Investor Relations section of the website. This section may be called, “Investors”, “Shareholder Information” or similar name.
In this section, go to your firm’s annual reports and save to your computer your firm’s latest annual report. For example, these may be dated 30 June 2018 or 31 March 2019. Do not use your firm’s interim financial statements or their concise financial statements. You are need to do the following tasks:
Please read the relevant footnotes of your firm’s financial statements carefully and include information from these footnotes in your answer.
▪ From the annual report of your allocated company and in addition, to providing examples, define, describe and critically discuss the objectives of general purpose financial reporting (GPFR)? Which objective appears to have been included within existing conceptual framework project? and identify if your allocated company’s report is a GPFR and if the objectives of GPFR are achieved by your company?
For additional guidance for marks allocations refer to the below marking rubric / guide. Students need to make sure that performing the assignment using the same company is not permitted.