BAO2202: Financial Accounting - Australian Financial Reporting Standards - Report Writing Assessment Answer

Internal Code: 1AHCIJ Code: BAO2202

Australian Financial Reporting Standards Report Writing Assessment Answer

Assignment Task: You are working in the Investment Advice section of the strategic planning department of a major organization. Your organisation is considering the Australian equities market. Management has called a meeting of you and your colleagues, and during the meeting have discussed the effects of the legal need of public listed corporations to conform to the Australian Financial Reporting Standards. They have asked you and your colleagues to sample a selection of ASX listed companies and establish the extent to which companies comply in detail with the spirit of the law. Management are curious about the compliance regarding several particular areas of the Standards, in particular, leasing, liabilities, and earnings per share, intangibles and tax effect accounting, You are then to obtain copies of those companies’ latest annual reports and investigate the following areas:

1. Discuss the concept of reporting entity and evaluate how the concept of reporting entity helps in the creation of quality information for the users of financial information. Support your discussion with the help of related research literature.
2. Review the most recent financial statements of two Australian companies from different industries. Analyse, compare and discuss both firms’ disclosure of liabilities including provisions and contingent liabilities (excluding lease liabilities) to explore both firms’ compliances with relevant accounting standard and support your arguments using relevant research literature.
3. Review the most recent financial statements of two Australian companies from different industries. Analyse, compare and discuss both firms’ disclosure of intangible assets to explore both firms’ compliances with relevant accounting standard and support your arguments using relevant research literature.
4. Review the most recent financial statements of two Australian companies from different industries. Analyse, compare and discuss both firms’ disclosure of income tax expense, benefits and obligations to explore both firms’ compliances with relevant accounting standard and support your arguments using relevant research literature.

At the end of each section, consider what improvements to firms’ disclosure may improve the decision usefulness and transparency of the accounting information you have analysed. Evidence of research beyond the prescribed texts is required. Ensure these are referenced appropriately in your references.

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