BAO2202: Qantas and Woolworth- Financial Accounting Assignment

Internal Code: MAS1295

Financial Accounting Assignment:

Task: You are working in the Investment section of the strategic planning department of a major organisation. 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 is curious about the compliance regarding several particular areas of the accounting standards, including, leasing, liabilities, intangibles, and revenue. Management, however, believes that as an indicator, only up to four of these need to be investigated. Required: Your assignment is to complete a report to management in this regard.You are required to select two companies from the AXS. Click on the following URL for Australian listed companies. You are then to obtain copies of those companies’ latest annual reports and investigate three areas if there are three members in your group, otherwise four of the following areas: 1. Review the most recent financial statements of two Australian firms from different industries. Analyse, compare and discuss both companies’ disclosure of leasing to explore both firms’ compliances with relevant Australian Financial Reporting Standard and support your arguments using relevant 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 Australian Financial Reporting 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 Australian Financial Reporting 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 revenue to explore both firms’ compliances with relevant Australian Financial Reporting 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.