Reference no: EM13834308

Assessment: Record & Cover Sheet

Assessment information

Program Name: Diploma of Accounting

Course(s) Acct Prepare Financial Reports for Corporate Entities

Prepare Financial Reports to Meet Statutory Requirements

Assessment Information Title of Report

Overview

Assessments may incorporate a variety of methods including technical requirements documentation, homework, assignments, group and/or individual projects, in class exercises, written and practical tests, problem solving exercises, presentations, direct observation of actual and simulated work practice, presentation of a portfolio of evidence which may comprise documents, and/or photographs and/or video and audio files, review of products produced through work-based or course activities.

Students are advised that they are likely to be asked to personally demonstrate their assessment work to their teacher to ensure that the relevant competency standards are being met. Students will be provided with feedback throughout the course to check their progress
**If deemed necessary students will be asked to recreate any part of their assignments at a prearranged time. On an individual basis the candidate will be required to successfully demonstrate how a specific outcome was delivered. Therefore although an assignment is to be completed in teams, team members must be knowledgeable on and familiar with ALL aspects of the assignments.

TO BE DEEMED COMPETENT IN THESE COMPETENCIES STUDENTS MUST COMPLETE EACH ASSESSMENT AND RECEIVE A MINIMAL GRADE OF CA FOR ALL COMPONENTS.

Assessment

In this assessment students will be asked to identify current regulations and look at compliance with those regulations in a corporate situation to verify compliance with the national training packages. Students must also indicate an awareness of professional ethical considerations for financial reporting

This is a three part assignment that will be submitted progressively. This is an individual effort. It must be submitted online and your teacher may also request a hard copy. You will be given one opportunity to resubmit each section of the assessment ONLY. Resubmissions will be due 10 days after the original section of the assignment has been returned

In assessment students will be asked to identify current regulations from the accounting standards.

Requirements to gain competency are listed below.

Comments Resubmission Outcomes

1. Identify Statutory Requirements for Reports. Information on statutory rules are regularly and comprehensively reviewed to ensure all requirements for reporting are planned for and met in the required manner

1.2. Sources of data are constantly reviewed to remain aware of changes and amendments

1. Compile data

1.3 Valuations in compliance with relevant accounting standards are recorded

2. Prepare Reports Structure and format of reports are clear and confirm to statutory requirements and organizational procedures

Knowledge

Current business taxation requirements

Current financial legislation including:

a. taxable transactions

b. reporting requirements

Ethical considerations such as:

a. conflict of interests

b. confidentiality

c. disclosure requirements

Principles of double-entry bookkeeping and accrual accounting

Relevant business legal requirements

Relevant Acts and Regulations

Industry Codes of Practice

Skills Communication skills to:

o liaise with others, share information, listen and understand

o use language and concepts appropriate to cultural differences

Research and analysis skills for accessing, analysing and managing financial services information

IT skills for developing and integrated financial systems, using spreadsheets and databases and accessing internet information

Learning skills to maintain knowledge of reporting statutory requirements and procedures

1. You are required to determine a solution to issues which have arisen completing the accounts and preparing the reports for a profit entity as per the AASB's. From the AASB website (using the MOST CURRENT standards or the framework), answer the following questions to clarify the issues. In your answer, show the number of the document, FP or NFP, the page and section number also. The reference after your answer should look like this : AASB 31 (FP), Page 19, Section 17.

a) The recognition criteria to be used when identifying an item as an asset

b) How frequently should financial reports be presented?

c) When should an entity assess whether there is indication of impairment?

d) How shall the increase in the value of an asset as a result of a revaluation be treated?

e) Do interest and dividends received and paid need to be disclosed separately in the cash flow statement?

f) Is the entity required to disclose significant accounting policies regarding the measurement basis of preparing the financial statements and the other accounting policies that are relevant to the understanding the financial statements?

g) Do expenses encompass losses (eg flood damage) as well as expenses that arise in the course of ordinary activities of the entity?

h) How is unpaid current tax for the current period and previous periods to be treated?

i) How you calculate the cash flows arising from operating activities? Will the cash flows arising from the purchase and sale of securities be classified as operating activity in the cash flow statement? Why and why not.

j) What are the three characteristics that must be assessed determining if an investor controls an investee and thus needs to complete consolidated reports.