7103AFE Corporate Accounting Assignment

Reference no: EM132506306

7103AFE Corporate Accounting Assignment - Griffith University, Australia

This assignment examines your understanding of the preparation, reporting and disclosures in financial statements of an ASX-listed company. You are to prepare a written assignment answering all parts of the questions.

The following questions are based on the 2017 Myer Limited Annual Report, two articles and the 2018 Myer Limited Annual Report. For your convenience:

- extracts from the 2017 Myer Annual Report are contained on pages 2 - 10,

- the two articles are contained on page 11 and

- the extracts from the 2018 Myer Annual Report are contained on pages 12 - 20.

Links to the annual reports are also given in case these extracts are not sufficiently clear.

Question 1: Using the 2017 Myer Annual Report (contained in pages 2 - 10 of this assignment pack) answer the following questions:

What proportion of total assets are intangible assets?

What are the components of intangible assets?

In your own words, provide a brief summary of what the Myer 2017 Annual Report says about the impairment of their intangible assets and identify one sentence that appears technically incorrect/ vague, and briefly explain why you believe it to be incorrect / vague.

Question 2: In your own words, describe what the article from The Australian (on page 11 of this assignment pack) is saying about Myer's impairment of intangible assets. As part of your answer, make sure you also explain what is meant by the heading 'intangible assets beat market cap', show the calculation of Myer's market cap at 29 June 2017 and, although not expressly mentioned in the article, identify the main risk Myer would be exposed to in the scenario painted by the journalist.

Question 3: Reading the ASIC media release (on page 11 of this assignment pack), what is the main message of the ASIC statement?

Question 4: In your own words, explain how the 2017 impairment of sass & bide (see Note C2 Intangibles pages 7-8) was calculated and allocated.

Question 5: Compare the journalist's observations in the article in The Australian, dated 12 February 2018 (on page 11 of this assignment pack), with the impairments subsequently processed in the Myer 2018 annual report (contained in pages 12 - 20 of this assignment pack). Include reference to the impairment indicators identified in the Myer 2018 Annual Report and, in your own words, identify the specific changes to the variables used in the calculations that ultimately led to the impairments, the reasons given by Myer for each altered variable and consider whether the impairment indicator initially identified by the journalist still exists at the 2018 reporting date.

Attachment:- Corporate Accounting Assignment File.rar

Reference no: EM132506306

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