ACCT20071 - Foundations in Accounting

DUE DATES

ASSIGNMENT 1: Friday of week 5, 5 PM AEST (20 Marks)

ASSIGNMENT 2: Friday of week 8, 5 PM AEST (20 Marks)

Total 40 marks (40% of total Assessment in the course)

ASSIGNMENT 1- Term 1, 2018PRACTICAL AND WRITTEN ASSIGNMENT: The assignment is based on the application of materials covered in topics 1 to 4 of the unit. This assignment requires students to demonstrate an understanding of the conceptual framework of accounting and application of accounting standards in real life annual reports of the companies.

Note: Complete in a group of up to FOUR students.The assessment requirements are same for the group or individual submissions.

Assignment Question: Write a research report answering the questions below.

The International financial reporting standards (IFRS) encourage ASX listed companies to use fair valueaccounting (FVA) replacing thehistorical costaccounting (HCA) for valuing their non-current assets. Use IFRS compliant Wesfarmers Company's 2017 annual report and peer reviewed academic research to decide if FVA (claiming to have more value relevance) should totally replace HCA. Wesfarmers Company's 2017 annual report should be used as an illustrative example to support your argument regarding relevance and use of FVA or HCA for Non-current assets (up to 2000 words including introduction, conclusion and references).

You need to conduct the extended personal research and self-directed learning in order to complete this assignment.

1.Hint:Read relevant 'notes to financial statements' in the annual report, financial statement section. Asking yourself questions like; given a choice, would you prefer to use FVA vs. HCA if you are making this decision for Wesfarmers Company. Consider the benefits and issues regarding use of FVA, find academic research to support your points. Critically think if FVA is so value relevant, then to what extent and why Wesfarmers have preferred to use it?

2.Referencing and use of snapshots from annual report: You must submit the link to relevant annual report and also reference the page number in the written assignment. Follow the APA style guidelines for referencing. You can use up to 4 snapshots. Please note that the content within the snapshots will not be marked. We will mark snapshot only for 'use of evidence' purposes as per marking rubrics. Students need to consult their unit coordinators if they wish to use snapshots for other units. They might be end up facing academic misconduct or plagiarism charges for use of snapshots in other units. This supporting evidence shall not be considered towards word count for the specific requirements of this unit only.

3.Refer to rubrics for marking criteria. To avoid plagiarism issues, skip any definitions unless it is absolutely necessary to prove some point. All submissions with more than 15% similarity (excluding references) may be subject to investigation for plagiarism.

Submission instructions:

1. The cover page is a separate document for both the assignments. You Must NOT submit assignment and cover page as single combined word file. This leads to high similarity in Turnitin.

2. Submit your file in word format, not pdf format to submit your document.

3. Individual group members do NOT need to submit the cover page. Only the student submitting on behalf of the group will submit TWO files; 1. The actual assignment and 2. The cover page.

4. Name your cover page as FirstnameFamilyname_coverpage.docx. For John Simth, name coverpage as JohnSmith_coverpage.docx.

5. Students must adhere to the prescribed word limit. While marking, we will consider only first 2000 words and first four snapshots.

The penalty for late submissions: Late submissions are penalized at 5% per day.

Further Instructions: Please read carefully

Normal rules of copying/plagiarism will apply - that is, the individual assignments must not contain other students' contributions or work, not even former group members' work. You are required to submit an electronic copy of this assignment. Assignments will be marked online and feedback will be provided through Moodle site.

Plan and delegation of the work: As a group assignment, please plan and delegate the work in the beginning. You must discuss how you plan to approach and complete your assignment, milestones, timeframes for achieving the milestones etc. Do not postpone the work until the last week. Please bring any disputes to my attention ASAP. You must keep copies/proofs/evidence of your individual contribution in group work to resolve any future conflicts.

All the very best to you for timely completion of assignment item.