ACC2115 Company Accounting | My Assignment Tutor

ACC2115 Company Accounting 2020 SEM 3University of Southern Queensland 1 | P a g eAssignment Due: Monday 11 January 2021The scenarioImagine that you are a recent graduate working for an accounting practice. Yourmanager has asked you to conduct an analysis for a client (see the facts of the casestudy on the next page) and to prepare:i) a ‘basis of advice report’, which includesii) a ‘draft letter of advice’Your analysis will be reviewed by your manager before he/she finalises the ‘letter ofadvice’ for sign-off by a partner of the firm *. The ‘basis of advice report’ is an internaldocument of this accounting practice and is kept on the client record (some firms callthem ‘working papers’).* This process is common practice in many accounting firms, but not all practices operate this way. One purpose of thisassignment is to provide ‘authentic assessment’ that replicates a potential workplace scenario, with a focus on criticalthinking, analysis and communication skills, which are highly desired by employers (see later discussion).TurnitinYou will submit two files that together make up one document. You will submit one ofthese files via Turnitin and we expect you to act on the Originality Report it provides tominimise the score (the lower the score, the more original your submission is – refer tothe guidance provided on StudyDesk about the use of Turnitin).To assist with this Turnitin process, you need to make up some of the assignment details(to differentiate your submission from other student submissions); make up a name for: Your accounting practice:Your manager:The partner of the firm:The client (CEO):The client company:________________________________________________________________________________________________________________________________________________________________________________________________________ You should use these names in your letter and throughout your report, as necessary.The report and the letter:You are required to create a distinctive letterhead for your accounting practice and forthe report (e.g. headers and footers, cover page). Marks will be awarded for this (referto the marking rubric).ACC2115 Company Accounting 2020 SEM 3University of Southern Queensland 2 | P a g eThe facts of the case studyThis is a fictitious case study and any resemblance to an actual company orcircumstance is unintentional and should be ignoredYour client, ________________ is the CEO of ________________ Pty Ltd. All shares inthis company are held by a family trust.This company owns a number of orchards with fruit trees and land on which there is acanning factory. The company sells premium quality fruit directly to exporters, A and Bgrade fruit to Australian retail outlets and small size fruit is processed and canned in itsfactory.This company does not prepare ‘general purpose financial statements’ and its books areprepared by a BAS agent. Your accounting practice reviews these accounts, lodges itstax returns and other statutory lodgements, and provides business advice. The CEO hasbeen approached by an ASX listed company about a potential sale of all shares in thecompany (it also holds extensive orchards and believe they can increase the capacityand productivity of the canning factory).The ASX listed company has requested a set of financial statements for the last twoyears prepared in accordance with Australian Accounting Standards. The first step inthis process is to review the accounting treatment of its land assets and the CEO hasprovided the following information:1. The McEwan Orchards – this is rural land with good water rights and is locatedabout forty kilometres from Mildura. This orchard was acquired twenty years ago,is measured using the cost basis and is tested every year for impairment.2. The Mildura Orchards – this land is located on the outskirts of Mildura and ismeasured at fair value. The BAS agent gets a local real estate agent to appraisethe selling value of the land each year and uses that as its fair value. The BASagent does not test the Mildura Orchards for impairment because it is measured atfair value. There is potential for this land to be reclassified from rural toresidential land and for it to be sub-divided into housing lots.3. The factory land – this land is adjacent to the Mildura Orchards land and is alsomeasured at cost and tested annually for impairment.The CEO has asked your firm to review its accounting practices in relation to land. TheCEO seeks advice on using the revaluation method for all Land assets, with a view toboosting the value of total assets reported on the balance sheet and hoping this mightincrease the share price for the potential sale to the ASX listed company.ACC2115 Company Accounting 2020 SEM 3University of Southern Queensland 3 | P a g eRequired:1. Prepare a ‘basis for advice report’ for your manager in which you define theissues, identify and apply the requirements of relevant legislation (if applicable)and accounting standards to each issue, describe any other relevant factors thatneed to be considered and describe and justify the advice you suggest for theclient in the ‘draft letter of advice’.2. Prepare a ‘draft letter of advice’ to the client to address each relevant issue. Theletter of advice needs to explain the relevant requirements using non-technicallanguage and describe any other relevant considerations and/or business advice.The let will be signed by a partner in the practice.3. Prepare Appendix A – Reference list4. Prepare Appendix B – ‘Sources of authority’ – see the details laterRequirements – Basis of Advice Report:You will submit two Word files, the ‘Basis of Advice report’ (items 1 and 2 above) andthe Appendices to the report (items 3 and 4 above). Together, these two files make upone document for the firm (e.g. you should continue the page numbering from thereport into the appendices). Only the first file is submitted via Turnitin. Turnitin willidentify passages in your work that need to be referenced and will help you improve theoriginality of your work.In the report, you are expected to define the issues and conduct an analysis in whichyou provide supporting evidence, by referencing the specific paragraphs of relevantaccounting standards, the sections of relevant legislation (if applicable) and any othersource of authority relied upon (textbook, articles, etc.). You are writing for experiencedaccountants in this report and your writing style should reflect it. There is no need toexplain what a particular term might mean – the expectation is that the reader will befamiliar with its meaning; for example:‘…administration overheads are not directly attributable costs (AASB 116 para. X) andare excluded from the cost base of an asset (AASB 116 para. Y)’.You should use headings and sub-headings in your report to organise your thoughts.Tables and diagrams can also be used if it is an effective way of presenting your ideas.This is not an essay, nor is it a formal report that will be presented to a Board ofdirectors or other users outside of the practice or the client company. The StudyDeskhas resources in relation to report writing and you can use these for guidance, but for aninternal report you would not provide an abstract or table of contents.You should provide the ‘draft letter of advice’ in the next section of the document (in thefirst file). This should be followed by Appendix A and Appendix B. The Appendices tothe report are to be provided in the second Word file.The Reference list should list each accounting standard referred to in the report (justonce), together with any legislation, textbook, journal article or other reference source.The report and Reference list are to follow the Harvard referencing system (informationabout Harvard referencing is available from the StudyDesk).ACC2115 Company Accounting 2020 SEM 3University of Southern Queensland 4 | P a g eIn Appendix B, the ‘Sources of authority’, you are required to provide an exact quote ofeach paragraph of an accounting standard or each section of legislation referred to inyour report*.* The purpose of this Appendix is to provide report readers (your manager and partner of the accounting practice) easyaccess to the most relevant sources of authority relied upon in the report. You are to copy and paste (verbatim) eachparagraph from an accounting standard and each section of legislation referred to in your report into this Appendix.NOTE: for the purpose of this assignment this will not constitute plagiarism. We are trying to ‘simulate’ work in anaccounting practice. We will consider the report and its appendix to be internal documents of the accounting practice; thepartners of this firm do not like to see quotes in the report itself and require all internal documents to be in your ownwords. The only Harvard reference expectations of these documents is to textbooks, articles and so on.Requirements – Draft Letter of AdviceYour client has broad business experience, but has limited knowledge of accountingterminology. Your letter of advice needs to be expressed in a style suitable for a nonaccountant. Again, headings etc. are suitable in your letter (it is not an essay).The client is not interested in all of the technical arguments, so don’t include them.Assignment requirements:• You are to submit two Word documents• Document one will be structured as follows:o A cover page with relevant details (do not include a reference to the coursecode or name)o The basis for advice reporto The draft letter of advice (start on a new page)o A header, consisting of your name and student number and a footer,showing the name of the accounting practice and the page number.o To submit this file click on Assessment, go to the Assignment section andclick on the link ACC2115 Assignment – Submit Document One Hereo This submission field has been setup with Turnitin activated to assist youwith ensuring the originality of your worko How to use Turitin details are available on the StudyDesk• Document two (the Appendices) will be structured as follows:o A header and footer (as specified above)o The Reference List (as discussed earlier)o The Sources of authority (start on a new page)ACC2115 Company Accounting 2020 SEM 3University of Southern Queensland 5 | P a g eo To submit this file click on the link ACC2115 Assignment – SubmitDocument Two Here, also located in the Assignment sectiono Turnitin has not been activated for this submission field• Your submission is to be typed using Times New Roman size 12 font, 1.5 linespacing and 2.5 cm margins on all sides of the page.• The report has a word limit of 800 words and the limit for the letter is 700 words.• The word limit excludes the Appendices and in-text references.• When required, use Harvard style of referencing in both the report and the letter *and provide all reference sources in the Reference list.• The Reference list should reference each accounting standard referred to in thereport (simply list it once with the source of the standard; e.g. the AASB website).* In a real letter of advice /report you would not use an academic style like this, however it is a requirement of theuniversity, for assessment purposes. See the discussion earlier.Graduate accounting skillsOne of the aims of ACC2115 Company Accounting, is to focus on knowledge and skills(as defined below) that are highly sought after by employers and expected of anaccounting Bachelor graduate. In setting the learning objectives for this course, wehave referred to the following learning standards, as identified by Hancock et al (2016,p. 8):Knowledge:Integrate theoretical and technical accounting knowledge in a business context.Judgement:Exercise judgement under supervision to provide possible solutions to routine accountingproblems in straightforward contexts using where appropriate social, ethical, economic,regulatory, sustainability, governance and/or global perspectives.Critical analysis and problem solving skills:Critically apply theoretical and technical accounting knowledge and skills to providepossible solutions to routine business issues.Communication:Justify and communicate accounting advice and ideas in straightforward contexts toinfluence specialists and non-specialists.I urge you to reread the case provided in this assignment and relate it to these learningstandards, particularly the Communication standard, which will carry a significantweighting in the marking of your work. In fact, I recommend reading the AccountingLearning Standards document, as it sets out what you are expected to know and be ableto do upon graduation (it is not a long document).ACC2115 Company Accounting 2020 SEM 3University of Southern Queensland 6 | P a g eCourse objectivesA major aim of ACC2115 Company Accounting is for students to develop a deepunderstanding of many of the accounting standards and the ability to apply theirrequirements in a business context. In this course, we strive to increase your awarenessof the degree of professional judgement required in many contexts• Does an entity have ‘control’ of another entity?• Does the entity have ‘significant influence’ over another entity?• Are there factors that indicate that we should test for impairment?To be clear, you are not exercising judgement in this assignment, but you are applyingthe requirements of standards to provide preliminary advice.In the workshops (online), we will focus on examples or cases designed to develop yourwriting, knowledge, analytical/problem solving and judgement skills. We will also focuson ‘library skills’, such as the use Harvard referencing and literacy skills. Werecommend that you work progressively on this assignment in the coming weeks. Thereis no need to rush it; take some time to think about your thinking. Use the feedbackfrom these workshops to identify and action learning opportunities and build your skills.This assignment is an opportunity for you to engage in deeper thinking and to invest inskills that will serve you well as your career unfolds. We hope you appreciate theopportunities this assignment provides and invest in developing some of the skills thatare essential for graduates to gain employment or to progress in your existing career.When you are proud of what you have written,then you are ready to submit!ACC2115 Company Accounting 2020 SEM 3University of Southern Queensland 7 | P a g eAssignment rubricA separate marking rubric for this assignment will be provided on the StudyDesk.• Written communication skills are essential for any accounting professional• You will see there is a significant weighting on correct grammar, punctuation andspelling.o Students will lose one mark for each grammatical or spelling error up to amaximum of 10 marks.o You should refer to the good grammar tip sheet to help you with this aspectof your assignment.o Library learning advisors are also available to assist you (see the StudyDesk for information)• Marks will be awarded for technical content and the quality of your supportingarguments, i.e. your identification and analysis of the issues and the relevantaccounting standards.• Marks will also be awarded for the quality of presentation, structure, expressionand your use of academic referencing.• Finally, be aware of who you are writing for in each requirement; ensure you usean appropriate writing style and remember, your writing is meant to haveinfluence.Reference listHancock, P, Freeman, M, Watty, K, Birt, J and Tyler, J, 2016 Accounting LearningStandards, Australian Business Deans Council, Deakin, viewed 28 March 2019,

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