ACCG8123 - Research Based Report - Financial Reporting Disclosures on Impairment - Finance Assignment Help

Assignment Task

As a new accounting graduate, you have just joined the financial reporting unit of a listed company* when your manager, the Chief Financial Officer (CFO), approaches you with your first task. In July 2020, Australian Securities and Investments Commission (ASIC) issued a media release (MR) 20- 157MR Focuses for financial reporting under COVID-19 conditions – one of the key focus areas for the annual reports are the reporting of asset values and financial position. The ASIC Chair, James Shipton, said that “In the current environment, the quality of financial reports and related disclosures is more important than ever for investors and to maintain confident and informed markets” (Australian Securities and Investments Commission (ASIC) 2020, p.1). He further added that, ‘Entities with businesses adversely affected by the COVID-19 pandemic should focus on the reporting of asset values and financial position. Investors will expect clear disclosure about the impacts on an entity’s businesses, any risks and uncertainties, key assumptions, management strategies and prospects” (Australian Securities and Investments Commission (ASIC) 2020, p.1).
A link to the MR is provided below (and you can also find the file on iLearn):
The board members of your company are concerned about the company's reputational standing in the market relating to the quality of financial information in the annual report and keen to ensure that asset values are appropriately reflected and disclosed in the company's latest annual report.

Therefore, the Board decided to have a review of the relevant accounting treatments and disclosures about impairment testing in the company's 2019 annual report and requested the financial reporting unit to provide recommendations on the treatments and disclosures for impairment in the company’s 2020 annual report.

Required:
Based on the Board's decision, the CFO asks you to draft a business research report addressed to the Board of Directors on the following:
a. Explain the potential role that different types of accounting theory (i.e., normative and positive accounting theories) play in developing consistent accounting principles. (Some research articles are listed on next page for your reference and you may further do your own research).
b. Provide a detailed explanation of the impairment testing made by your company in the year ended 30 June 2019. Your explanation should include a discussion of
i. the asset/s that were subject to impairment testing;
ii. the type of estimations required to record the impairment;
iii. the amount of the impairment write-down, if any; 

This ACCG8123 - Finance Assignment has been solved by our Finance experts at My Uni Paper. Our Assignment Writing Experts are efficient to provide a fresh solution to this question. We are serving more than 10000+ Students in Australia, UK & US by helping them to score HD in their academics. Our Experts are well trained to follow all marking rubrics & referencing style.
Be it a used or new solution, the quality of the work submitted by our assignment experts remains unhampered. You may continue to expect the same or even better quality with the used and new assignment solution files respectively. There’s one thing to be noticed that you could choose one between the two and acquire an HD either way. You could choose a new assignment solution file to get yourself an exclusive, plagiarism (with free Turnitin file), expert quality assignment or order an old solution file that was considered worthy of the highest distinction.