CRITICAL THINKING

Required

Read the article The Undoing of Slater & Gordon below (also available on Blackboard).

http://www.smh.com.au/good-weekend/the-undoing-of-slater-and-gordon-20160613-gphmej.html

Using the AREA framework, decide whether Slater and Gordon were justified in recognising their Work in Progress as an asset. Explain the application of relevant passages from AASB 116, other relevant accounting standards, and the Conceptual Framework, making specific connections between wording in in the standards and framework with the features of the WIP.

ANALYSE (30 50 words)

Identify the issue and why it matters. Determine what you need to find out.

RESEARCH (300 words)

Present relevant facts and evidence, or issues.

EVALUATE & ANSWER (50 100 words)

Provide your opinion based on your discussion of relevant facts, evidence, or issues.