Reference no: EM132354461 , Length: word count:2500

Company Accounting Assignment -

This is a team assignment where you are required to form a team of 3-4 students to work collectively on a team report. The objective of this assignment is to assist you to develop effective written communication skills, analysis skills and the ability to work as an effective member of a team.

The Australian Securities and Investment Commission (ASIC) undertakes a regular financial reporting surveillance program. In late 2017/early 2018, ASIC raised concerns with the ASX listed company Premier Investments Limited (Premier, ASX code: PMV) about the value of some brand name assets in Premier's financial report for the year ended 29 July 2017. Specifically, ASIC had raised concerns about the reasonableness and supportability of assumptions used in testing brand name assets for impairment.

Premier wrote down the value of its casual wear brand name assets by $30 million in its financial report for the year ended 28 July 2018.

This assignment supports unit learning outcomes 1, 2, 3 and 4. Students who successfully complete this unit will be able to:

1. Demonstrate a comprehensive accounting knowledge in such areas as business combinations, consolidations, accounting for income tax, liquidation of companies and preparation of group financial statements

2. Apply critical thinking, problem solving techniques and presentation skills to individual and/or group activities dealing with financial accounting problems

3. Undertake independent research skills and communicate solutions utilising relevant accounting standards, corporations' legislation and accounting and other relevant frameworks

4. Work collaboratively in diverse groups to develop appropriate and relevant solutions to accounting problems.

Assume that you are a summer vacation intern at the Melbourne office of an international accounting firm and that along with some fellow interns you have been assigned to work on a team project to produce a report on Premier Investments Limited (Premier).

Your team report to the shareholders of Premier should include:

• Some background material about Premier.
• The identification of the questioned accounting treatment of some brand name assets.
• An examination of the basis of the accounting treatment adopted by Premier in its financial report for the year ended 27 July 2017 and the basis of the concerns raised by ASIC.
• A discussion of the response from Premier in its financial report for the year ended 28 July 2018, including the identification of any other possible approaches available to Premier to address the concerns raised by ASIC.
• A discussion of the announcement from Premier to the market on 20 September 2018, including the approach taken to announcing the write down of the value of its casual wear brand name assets in its financial report for the year ended 28 July 2018.
• The market reaction to the announcement to the market on 20 September 2018.
• Recommendations as to what Premier might do to reduce the likelihood of it being subjected to future pressure from ASIC to write down the value of its non-financial assets.

The team report will reflect the personal view of the team based on research evidence, theory and original consideration. The report is expected to draw on:

• Australian Accounting Standards
• ASIC reports
• DatAnalysis. DatAnalysis is a comprehensive data set on all companies listed on the Australian Securities Exchange (ASX). Includes annual reports, corporate history and listing details, cross directorships and committee composition, shareholders' trading history, takeover details, industry comparisons, price history and graphs, financial data, key events corporate calendar and ASX announcements 2
• Newspaper and other media reports.
• Scholarly articles from academic journals.

Assignment criteria

1. Context of and purpose for writing.

2. Content development.

3. Genre and attention to detail.

4. Sources and evidence.

5. Grammar and expression.

Attachment:- Company Accounting Assignment File.rar