Reference no: EM131028361 , Length: word count:1500

Assignment

The skills that students need to demonstrate in this assignment are important for them to be able to do on an individual basis, hence it is not appropriate to seek assistance from other students.

The Graduate Qualities this this assignment is designed to develop for a student are:

Q1. is prepared for life-long learning in pursuit of personal development and excellence in professional practice

Q2. Is an effective problem solver, capable of applying logical, critical, and creative thinking to a range of problems

Q3. can work both autonomously and collaboratively as a professional

Q4. communicates effectively in professional practice and as a member of the community.

This assessment is designed to develop the Australian Quality Framework (AQF) Threshold Learning Standard for Accountants of:

CO1. Understand the advanced theoretical and technical knowledge, conceptual, statutory and professional requirements that impinge upon the preparation of general purpose financial reports.

CO2. Critically apply technical accounting knowledge and skills to solve advanced accounting problems.

CO3. Justify and analyse relevant issues and theories underlying the development of specific accounting standards.

Instructions:

Assume that you are a facilitator of Advanced Accounting, a financial accounting course of the postgraduate accounting programs and have been asked to present a workshop to students who are currently enrolled in the course. As a facilitator, your main role is to guide your students through the practical experience requirement by supporting and preparing them for life-long learning in pursuit of personal development and excellence in professional learning.

1. Refer to Table 1 in the Appendix.

2. Look up your student ID for the company that you have been assigned with.

3. Look up the company and obtain a copy of their annual report for 2015.

To obtain copies of Financial Reports you could Google "ASX" on the internet and from the options select "Prices, Research & Announcements", then "Company research" and then "View complete list". Once you have found the company to use, search their web site and look for their "investor information" links and download a pdf version of their latest Annual Report to your computer. If you then make sure you are using the latest version of Adobe Reader X (free download from the Adobe web site) open the report in Adobe Reader and you can go to "Edit" => "Take a Snapshot" and this will let you select the section of the document you wish to copy and you can then simply paste that into a Word document using Ctrl+v. Do not paste as a picture or the file size will blow out and you won't be able to lodge your assignment. Do not copy the whole of the financial reports and notes to your assignment but only small snapshots like those you see in lecture Powerpoints for this course.

Required:

You are required to provide the relevant paragraphs of the AASB Standards for all of the following requirements:

1. From the financial statements show the sections regarding the general features, disclosures and the format for three of the financial statements and how these are consistent with the relevant AASB standards covered in Topics 1. To do this create a table with two columns and put the extract of the financial statements down the left side and in the right hand column enter the relevant paragraphs from the relevant standards. You must use your own words to provide explanations about these paragraphs and justify how these paragraphs are consistent with the relevant AASB standards covered in Topic 1. Marks will not be awarded for direct quotes of paragraphs. Use underlining of the example in the left hand column and arrows from the paragraphs in the right hand column to show specifically which sections of the example relate to which paragraphs of AASB. 

2. From the notes, show the sections regarding the requirements and disclosures in relation to other standards that impact on the financial statements and the notes and how these are consistent with the relevant AASB standards covered in Topics 2. To do this create a table with two columns and put the extract of the financial statements down the left side and in the right hand column enter the relevant paragraphs from the relevant standards. You must use your own words to provide explanations about these paragraphs and justify how these paragraphs are consistent with the relevant AASB standards covered in Topic 2. Marks will not be awarded for direct quotes of paragraphs. Use underlining of the example in the left hand column and arrows from the paragraphs in the right hand column to show specifically which sections of the example relate to which paragraphs of AASB. 

3. Refer to the article "Volkswagen emissions scandal: Class action lawsuit filed on behalf of Australian owners" attached, explain whether or not and how, the incident, mentioned in the article is an event that creates circumstances which should be recognised and/or disclosed in the financial statements of Volkswagen or the accompanying notes. Give reasons for your answer. You need to justify your answer with reference to applicable accounting standards. You are also required to discuss the disclosure requirements which are required by AASB standards covered in Topic 3. You must use your own words to provide explanations about these paragraphs and justify how these paragraphs are consistent with the relevant AASB standards covered in Topic 3. Marks will not be awarded for direct quotes of paragraphs.

4. Prepare a one page mind-map to consolidate Topics 1, 2 and 3 that we have covered in the course. You need to be creative and precise as your task is to provide an overview of technical accounting knowledge covered in these topics to help students understanding of special accounting standards.

Attachment:- Volkswagen.rar