help me with the report, please read the requirement carefully, dont miss any points. thank you

1) ANALYSIS/REPORT A word count MUST be included at the end of each section of your report, plus an overall word count must be given at the end of the report. For the article, apply the chosen accounting theory in a report style format: Title of the Article and Article Reference Number (as shown in this document) DO NOT reproduce the article which you select from this document- include only the title and article number of the article. Then, the four sections of your report, each with a word count at the end: 1. Summary (Part A): - Summarise the article within a maximum of 100 words. Do not refer to the appropriate theory in this section. The article summary should clearly conveys the article's substance as it would pertain to Accounting Theory without referring to Accounting Theory). 2. Accounting Theory (Part B): - Identify and briefly describe the accounting theory that you will be using in this analysis. Use appropriate references. (Suggested word count = 100 words) 3. Analysis (Part C): - Provide an analysis and application of the relationship between the theory and the newspaper article. Show how the facts of your article are directly related to the accounting theory chosen. Use references to support your arguments. (Suggested word count = 350 words) 4. Conclusion: - Provide a brief conclusion. (Suggested word count = Maximum 50 words) ARTICLE 5 Retailers face multibillion-dollar hit from proposed lease accounting changes http://www.smh.com.au/business/retailers-face-multibilliondollarhit-from-proposed-lease-accounting-changes-201504221mqjx9.html The Sydney Morning Herald, Sue Mitchell, APRIL 22 2015 Australia's fastest growing retailers face a hit to their bottom line profits under proposed accounting rules that will force them to bring more than $40 billion worth of leases onto their balance sheets for the first time. Under the latest changes to lease accounting rules put forward by the International Accounting Standards Board, retailers such as Woolworths, Wesfarmers, Myer, David Jones, JB Hi-Fi, Harvey Norman, Specialty Fashion and Premier Investments will have to calculate the net present value of future lease commitments and recognise them as debt on their balance sheets. Instead of recognising rent payments as costs incurred, retailers will have to expense theoretical amortisation and financing costs. This will boost earnings before interest, tax, depreciation and amortisation but will reduce pre-tax and net profits, as the amortisation and financing costs will exceed rental payments, especially for faster growing retailers with relatively new leases. Leases will also be treated as assets, but under the IASB's draf proposal, which was released last month, leases will be amortised faster than capitalised obligations, reducing shareholder equity. According to a report by Morgan Stanley, the impact on retailers will be "considerable", blowing out gearing levels and reducing return on capital employed, but will vary from retailer to retailer. Morgan Stanley says retailers with significant and long-term lease liabilities, including Myer, apparel retailer Specialty Fashion, and The Reject Shop, are likely to more affected than retailers such as Kathmandu and Fantastic Furniture. Retailers that have grown by opening a significant number of new stores in recent years and are therefore early into lease programs - such as Lovisa and Super Retail Group - will be more affected than retailers with older leases. "Once we get clarity on lease structures and how far they are through their lease programs we'll be able to assess who wins and who loses," said Morgan Stanley analyst Tom Kierath. Retailers would have to capitalise leases of more than 12 months duration, but only up until the first "break" clause, potentially prompting more retailers to enter into rolling lease agreements rather than long-term leases. KPMG audit partner Patricia Stebbens said the proposed changes would boost gearing ratios, forcing some companies to renegotiate debt covenants with bankers. "They should be having that conversation earlier," Ms Stebbens said. Myer, for example, has net debt around $340 million but the net present value of its lease liabilities is estimated to be around $2.2 billion, so its total debt would jump to $2.5 billion. Woolworths has net debt of $3 billion but the NPV of its leases is around $15 billion, so total debt would rise to $18 billion. Wesfarmers, which owns Coles, Bunnings, Kmart, Target and Officeworks, has $4 billion in net debt and the NPV of its lease liabilities is $12 billion. "Investors are aware of this [change] but not to the extent they should be," said Mr Kierath. The International Accounting Standards Board first proposed bringing operating leases onto balance sheets seven years ago to give investors and creditors a clearer picture of the size of corporate debt afer a spate of corporate collapses such as Enron. The IASB was forced into a rethink afer a backlash from major retailers including Woolworths and Wesfarmers, who denounced the original proposals as complex and costly. The IASB completed its deliberations last month and plans to publish the new rules before the end of 2015. Australian Accounting Standards Board research director Angus Thompson said the new regime was likely to come into force from January 2018 at the earliest, giving corporates, their accountants and shareholders plenty of time to prepare. "With all these things there are differing opinions and people have opposed what is happening, [but] there are other people who want to see good transparency who have generally supported it," Mr Thompson said. "I think it will improve the level of transparency around gearing." "For the average entity that has material operating leases it will gross up the balance sheet on both sides - there will be more assets and more liabilities instead of just expensing," he said. "The impact on income will be very entity specific." The proposed changes may prompt retailers to disclose more details about their lease liabilities and agreements ahead of the introduction of the new standards. Objective Name Criteria Excellent Very Good Good Satis Analysis, problem solving and evaluation Ability to evaluate 2% the case article. Excellent evaluation of the case article. Clearly conveys the article's substance as it would pertain to Accounting Theory. Very good evaluation of main points of the case article that would pertain to Accounting Theory. Good evaluation of main points of the case article that would pertain to Accounting Theory. Satisf article Analysis, problem solving and evaluation Ability to identify 2% the appropriate theory and evaluate the theoretical underpinnings relevant to the case article. Appropriate theory identified. All theoretical underpinnings that apply to the case article identified and no irrelevant underpinnings included. Excellent reference of theory sources. Appropriate theory identified. All theoretical underpinnings that apply to the case article identified and no irrelevant underpinnings included. Very good reference of theory sources. Appropriate theory identified. Most theoretical underpinnings that apply to the case article identified but some that are irrelevant. Good reference of theory sources. Appro some that a identi irrele refere Analysis, problem solving and evaluation Ability to apply 6% theoretical framework to the article case Convincing argument presented showing excellent application to apply complex theoretical concepts throughout. Instances/examples of linking the theoretical framework to the article case are given throughout the analysis and supported by research. Very good application showing ability to apply complex theoretical concepts. Multiple instances/examples of linking the theoretical framework to the article case and supported by research. Good application; several instances/examples of linking the theoretical framework to the article case and supported by research. Limite instan theor article resea releva Written Communication 6% Presentation/mec hanics Quality of writing is at a very high standard reflecting excellent English expression. Writing is very clear and succinct; correct grammar, spelling and punctuation throughout the report. APA or HARVARD reference style is expertly used. Quality of writing is of a high standard. Minimal grammar, spelling and punctuation mistakes. Consistent APA or HARVARD reference style is consistently used. Few grammar, spelling and punctuation mistakes. APA or HARVARD reference style is consistently used. Reaso Some struct Gram spelli of ina HARV flaws Written Communication 4% Organisation or structure Ideas are arranged in an The ideas are arranged in extremely logical, structured and a very logical, structured coherent manner; cohesive and coherent manner. paragraphs. The ideas are arranged in a logical, some-what structured and coherent manner. The id but sa parts Article: John McGrath: Horror Week for Mr Real Estate four months after float The Sydney Morning Herald, Patrick Begley, April 29, 2016 Summary: McGrath's share price plummeted after an unexpected earnings downgrade which real estate mogul John McGrath claims is due to a significant reduction in the sales of the acquired Smollen group of 30%. The shares in McGrath floated in December 2015 at $2.10 but haven't traded at that height since; dropping as low as 85c after the decreased earnings for the 2016 year to date were announced. This downturn has not only been experienced by McGrath but by a multitude of other firms in the real estate industry, due to a low and decreasing volume of listings and sales coupled with a skittish market, low affordability and dwindling availability of funds. Word Count: 110 Accounting Theory: The EFFICIENT MARKETS HYPOTHESIS states that securities markets will reflect information in individual stocks and in the stock market as a whole in three forms, the most pertinent of which is semi-strong form efficiency (Fama, 1970). Semi-strong form is when markets impound all publicly available information into the stock price rapidly and without bias (Fama, 1970). Publicly available information in this case includes not only financial statements but other publicly available information relevant to firm value, such as industry health reports (King, 1966). The market will interpret the available information and respond to negative information with a decrease in share price and vice versa for positive information. If the market is unresponsive to the release of information, then such information is said to lack information content (Beaver, 1968). Ball and Brown (1968) evidenced this in their study of earnings announcements. Whereby, only announcements of unexpected earnings were seen to have an effect on the share price in a way that the efficient markets hypothesis suggests. Word Count: 153 Analysis: The article \"John McGrath: Horror week for Mr Real Estate four months after float\