Go to the website of your New hope corporation Ltd (NHC) company. Then go to the Investor Relations section of the website. This section may be called: “Investors”, “Shareholder Information” or similar titles. In this section, find the company’s annual report. Download the firm’s latest annual report and save it to your computer. For example, these reports may be dated 30 June 2019 or 30 June 2020. Do not use your firm’s interim financial statements or their concise financial statements.

Once you have downloaded the latest annual report for the company allocated to you, you are required to undertake the following tasks:

Apply relevant knowledge that you have learned from this course, examine the annual report of your subject company and other relevant information that you have obtained via your research and undertake the following tasks:

1- From the annual report of your allocated company and in respect to the general-purpose financial statements, describe and discuss the objectives and limitations of the conceptual framework for financial accounting.

2- Identify and clearly discuss if your allocated company is a reporting entity, provide specific and detailed examples and factors from your allocated company to support your argument.

3- Describe and discuss the recognition and measurement policies of your allocated company in relation to leases and income tax

4- Explain the impairment testing of non-current tangible assets of your allocated company.

Assignment Content:

1. From the annual report of your allocated company and in respect to the general purpose financial statements, describe and discuss the objectives and limitations of the conceptual framework for financial accounting.

2. Identify and clearly discuss if your allocated company is a reporting entity, provide specific and detailed examples and factors from your allocated company to support your argument.

3. Describe and discuss the recognition and measurement policies of your allocated company in relation to leases and income tax

4. Explain the impairment testing of non-current tangible assets of your allocated company.

Objectives:

1. Understanding of the various theoretical models of accounting.

2. Application of knowledge of specific financial reporting issues to AASB accounting standards.

3. Discussion of the theoretical constructs of contemporary financial accounting.

4. Evaluation and explanation of the need for the development of a conceptual framework for accounting and discussion of the influence of such a framework on accounting practice.

5. Understanding of the Australian accounting regulatory environment and conceptual framework.

6. Understanding of how to account for assets focusing on non-current assets, and liabilities.

7. Ability to calculate and journalise transactions for revaluations and impairments of non-current assets.

8. Accounting for leases for both lessees and lessors.