Kent Institute Australia Pty. Ltd.Assessment Brief ABN 49 003 577 302 CRICOS Code: 00161E RTO Code: 90458Version 2: 11th October, 2019 Page 1 of 4 TEQSA Provider Number: PRV12051ASSESSMENT BRIEF COURSE: Bachelor of Business / Bachelor ofAccountingUnit Code:AFNR315Unit Title:Advanced Financial ReportingType of Assessment:Assessment 3 – Report (group)Length/Duration:Group Assignment – 2500 wordsUnit Learning Outcomesaddressed:5 Exhibit technical competence in the relevant areas of accountingwhere measurement and recognition judgements need to be made.6 Assess environmental and sustainability considerations in firmsexternal reporting.7 Evaluate the implication of foreign currency translation for corporatefinancial reportingSubmission Date:Week 10 (online submission via Moodle) at 11.59 PM SundayAssessment Task:You are required to work on this project in syndicate groups of no more thanfour students. Each group member is expected to contribute information forthe final assignment.Total Mark:20 marksWeighting:20%Students are advised that submission of an Assessment Task past the due date without a formallysigned approved Assignment Extension Form (Kent Website MyKent Student Link> FORM – AssignmentExtension Application Form – Student Login Required) or previously approved application for otherextenuating circumstances impacting course of study, incurs a 5% penalty per calendar day,calculated by deduction from the total mark.For example. An Assessment Task marked out of 40 will incur a 2 mark penalty for each calendar day.More information, please refer to (Kent Website MyKent Student Link> POLICY – Assessment Policy &Procedures – Student Login Required) Kent Institute Australia Pty. Ltd.Assessment Brief ABN 49 003 577 302 CRICOS Code: 00161E RTO Code: 90458Version 2: 11th October, 2019 Page 2 of 4 TEQSA Provider Number: PRV12051ASSESSMENT DESCRIPTION:In this assessment, you are required to form a group of no more than four students and write a report on thefollowing two parts:Part A (800 words)In your report, you are required to choose a listed company on ASX and download its latest annual report. Youare required to a. assess on the environmental and sustainability disclosure of the company; b. evaluate theimplications of foreign currency translations on its financial performance and positions.Part B (1700 words)The Australian Securities and Investment Commission (ASIC 2014) announced that one of its areas of focus onfinancial reports of listed entities and other entities of public interest was accounting policy choices. Accordingto ASIC (2014), preparers and auditors need to focus on the appropriateness of key accounting policy choicesand that its surveillance will focus on material disclosures of key accounting policy choices. These include offbalance sheet arrangements, revenue recognition, and expensing of costs. “AASB 15 Revenue from Contractswith Customers, replaces existing accounting guidance and introduces a comprehensive revenue recognitionmodel aimed at enhancing comparability of revenue recognition practices across entities, industries,jurisdictions and capital markets.” “ASIC has warned companies that AASB 15, together with AASB 16, Leases,and AASB 9, Financial Instruments, represent the most significant change to financial reporting since IFRSadoption in 2005.” (Source: Bhattacharya, S. 2017. New revenue standard – Introducing AASB 15. April. KPMG.)The quotes above from Bhattacharya, (2017) suggest that AASB 15 will have wide-ranging implications on alltypes of entities in various industries. REQUIRED: In your report, please explain the revenue recognition criteriain AASB 15 / IFRS 15 Revenue from Contracts with Customers and discuss the choices of accounting policies inAASB 15 / IFRS 15 Revenue from Contracts with Customers by reference to the relevant accounting researchliterature on factors influencing firms’ accounting policy choice (e.g. Positive Accounting Theory). Please reviewthe existing literature when preparing your report.Note: To write this report, you must read widely. There are many academic and professional articles writtenwhich you must use to support your arguments. Do not provide your opinions, instead provide evidence justifywhat you are saying.ASSESSMENT SUBMISSION:This is a group assignment and students are required to work with their respective groups. No individualsubmission will be accepted.You will not receive any marks for this assignment if your group members collectively report against you for nonparticipation or non-cooperation. You have to nominate someone as your group leader to coordinate theassignment submission.The assignment must be submitted online in Moodle. All materials MUST be submitted electronically in MicrosoftWord format. Other formats may not be readable by markers. Please be aware that any assessments submittedin other formats will be considered LATE and will lose marks until it is presented in MS Word. No paper based orhardcopy submission will be accepted.Our Academic Learning Support (ALS) team would be happy to help you with understanding the task and all otherassessment-related matters. For assistance and to book one-on-one meeting please email one of our ALScoordinators (Sydney ALS_SYD@kent.edu.au; Melbourne ALS_MELB@kent.edu.au ). For online help and supportplease click the following link and navigate Academic Learning Support in Moodle.http://online.kent.edu.au/cms/course/view.php?id=437Kent Institute Australia Pty. Ltd.Assessment Brief ABN 49 003 577 302 CRICOS Code: 00161E RTO Code: 90458Version 2: 11th October, 2019 Page 3 of 4 TEQSA Provider Number: PRV12051MARKING GUIDE (RUBRIC):GENERAL NOTES FOR ASSESSMENT TASKSContent for Assessment Task papers should incorporate a formal introduction, main points and conclusion.Appropriate academic writing and referencing are inevitable academic skills that you must develop anddemonstrate in work being presented for assessment. The content of high quality work presented by a studentmust be fully referenced within-text citations and a Reference List at the end. Kent strongly recommends yourefer to the Academic Learning Support Workshop materials available on the Kent Learning Management System(Moodle). For details please click the link http://moodle.kent.edu.au/kentmoodle/mod/folder/view.php?id=3606and download the file titled “Harvard Referencing Workbook”. This Moodle Site is the location for Workbooksand information that are presented to Kent Students in the ALS Workshops conducted at the beginning of eachTrimester.Kent recommends a minimum of FIVE (5) references in work being presented for assessment. Unless otherwisespecifically instructed by your Lecturer or as detailed in the Unit Outline for the specific Assessment Task, anypaper with less than five (5) references may be deemed not meeting a satisfactory standard and possibly be failed. Marking CriteriaLecturer ExpectationMarksCommentsAbstractIdentify clearly the objectives of the reportClearly and accurately summarize the mainfindings in the essay2IntroductionProvide clear background information;The aim(s) of the paper are clearly statedThe plan on how the paper will address the issuesare clearly presented2Main bodyUse at least five highly relevant primary literatureto support the investigation of the identifiedissues.A succinct, synthesized review of how similarissues have been addressed in the literature.Excellent integration of sources to supportargument.Excellent discussions on the issues required in theassignment.10ConclusionExcellent conclusion of the paper with all mainargument reiterated.2ReferencesAccurate citations and references using Harvardstyle (both in-text reference and reference list).All sources cited. Appropriate paraphrasing anduse of direct quotes4Total Marks20 Kent Institute Australia Pty. Ltd.Assessment Brief ABN 49 003 577 302 CRICOS Code: 00161E RTO Code: 90458Version 2: 11th October, 2019 Page 4 of 4 TEQSA Provider Number: PRV12051Content in Assessment tasks that includes sources that are not properly referenced according to the “HarvardReferencing Workbook” will be penalized.Marks will be deducted for failure to adhere to the word count if this is specifically stated for the Assessment Taskin the Unit Outline. As a general rule there is an allowable discretionary variance to the word count in that it isgenerally accepted that a student may go over or under by 10% than the stated length.GENERAL NOTES FOR REFERENCINGReferences are assessed for their quality. Students should draw on quality academic sources, such as books,chapters from edited books, journals etc. The textbook for the Unit of study can be used as a reference, but notthe Lecturer Notes. The Assessor will want to see evidence that a student is capable of conducting their ownresearch. Also, in order to help Assessors determine a student’s understanding of the work they cite, all in-textreferences (not just direct quotes) must include the specific page number(s) if shown in the original. Beforepreparing your Assessment Task or own contribution, please review this ‘YouTube’ video (Avoiding Plagiarismthrough Referencing) by clicking on the following link: link:http://moodle.kent.edu.au/kentmoodle/mod/folder/view.php?id=3606A search for peer-reviewed journal articles may also assist students. These type of journal articles can be locatedin the online journal databases and can be accessed from the Kent Library homepage. Wikipedia, onlinedictionaries and online encyclopaedias are acceptable as a starting point to gain knowledge about a topic, butshould not be over-used – these should constitute no more than 10% of your total list of references/sources.Additional information and literature can be used where these are produced by legitimate sources, such asgovernment departments, research institutes such as the National Health and Medical Research Council (NHMRC),or international organisations such as the World Health Organisation (WHO). Legitimate organisations andgovernment departments produce peer reviewed reports and articles and are therefore very useful and mostlyvery current. The content of the following link explains why it is not acceptable to use non-peer reviewed websites(Why can’t I just Google?): https://www.youtube.com/watch?v=N39mnu1Pkgw(thank you to La Trobe University for access to this video).
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