Report Writing on Financial Reporting Disclosures in the Australian Corporate Sector (Word length: 1800 - 2000 words) One member of the Board of Directors of Coca Cola Amatil (CCA) Ltd came across a general press release of the Australian Securities and Investments Commission (ASIC). (Please see the ASIC and CCA (2010) reports attached). In the most recent Board meeting, she expressed her concerns regarding ISSUE NUMBER 4 of the focus points of ASIC (ASSET IMPAIRMENT) because she remembered a heated discussion around asset impairment and CGUs in one of the last board meetings where decisions were made to support the companys accounting profit. Now she is anxious about the companys reputation if ASIC reviews the CCA (2010) financial reports and makes any non-compliance with the accounting standards public (e.g. by referral to the Financial Reporting Panel of ASIC). The Board shares her concern and decided to commission a business report with the Chief Financial Officer (CFO). In the report, the CFO is expected to investigate each of the points mentioned by ASIC in regards to asset impairment and related disclosures by comparing in details the current reporting practice (based on the 2010 annual financial report of CCA Ltd) with the specific requirements of the respective accounting standards. In particular, write-downs of indefinite life intangible assets (including goodwill), impairment testing, including the identification of cash generating units, the allocation of goodwill to cash generating units and the use of unrealistic assumptions to calculate recoverable amounts (including discount rates and expected growth rates), disclosures concerning impairment testing, including key assumptions, goodwill allocated to each cash generating unit, and sensitivity analysis for changes in key assumptions. Required; You are the CFO and you are required to write a business research report for the Board of Directors of CCA Ltd on the following: (a) the requirements according to the respective accounting standards related to each of the above listed items, (b) the current accounting practice of CCA Ltd. regarding each of the above listed items, (c) any potential gap between the CCAs current practice and the accounting standards requirements, (d) recommended actions to satisfy the potential ASIC reviewers. Include a cover page, an executive summary, a table of contents and references. You may include an appendix if necessary