Financial Accounting & Reporting | My Assignment Tutor

Assessment Details and Submission Guidelines MA511Financial Accounting & ReportingSchoolBusinessCourse NameMaster of Professional Accounting (MPA)Unit CodeMA511Unit TitleFinancial Accounting & ReportingTrimesterTrimester 1, 2021Assessment Author  Dr Jayasinghe Hewa DuligeAssessment TypeReportAssessment TitleAssessment Task 4 – GroupAssignmentUnit Learning Outcomes Addressed:b. Describe and discuss the application and basis of selected IFRSs set by the IASB. c. Apply IFRSs including the framework in the preparation of general purpose financial statements. e. Design and develop an entity’s accounting system to maintain financial information and facilitate the preparation of general purpose financial statements. f. Compare, contrast and review financial accounting systems to ensure efficient and reliable financial accounting information. g. Evaluate and appraise stock exchange listed entity’s financial statements. h. Develop and communicate solutions to ethical issues orally and in writing.  Weight20%Total Marks100Word limit1250-1500Release DateWeek FiveDue DateWeek 10Submission GuidelinesThis assignment should be completed in groups of four.All work must be submitted on Moodle by the due date along with a completed Assignment Cover Page. The assignment must be in MS Word format, 1.5 spacing, 11-pt Calibri (Body) font and 2 cm margins on all four sides of your page with appropriate section headings.  Reference sources must be cited in the text of the report, and listed appropriately at the end in a reference list using APA 6th editionfor the School of Business.ExtensionIf an extension of time to submit work is required, an Application for Special Consideration and supporting documentation must be submitted directly to the School’s Administration Officer via your MIT AMS login [https://online.mit.edu.au/ams/default.aspx?ReturnUrl=%2fams%2f]. You must submit this application no later than three working days after the due date of the specific piece of assessment or the examination for which you are seeking Special Consideration.  Further information is available at: http://www.mit.edu.au/about–mit/institute–publications/policies–procedures–and–guidelines/specialconsiderationdefermentAcademic Misconduct   Academic Misconduct is a serious offence. Depending on the seriousness of the case, penalties can vary from a written warning or zero marks to exclusion from the course or rescinding the degree. Students should make themselves familiar with the full policy and procedure available at:http://www.mit.edu.au/about-mit/institute-publications/policies-procedures-and-guidelines/Plagiarism-Academic-Misconduct-Policy-Procedure. For further information, please refer to the Academic Integrity Section in your Unit Description. Assessment Cover Sheet Student ID Number/s:Student Surname/s:Given name/s:            Course:School:Unit code:Unit title:Due date:Date submitted:Campus:Lecturer:Tutor: Student Declaration I/We declare that: the work contained in this assignment is my/our own work/group work, except where acknowledgement of sources is made;certify that this assessment has not been submitted previously for academic credit in this or any other course;I/we have read the MIT’s Plagiarism and Academic Misconduct Policy Procedure, and I/we understand the consequences of engaging in plagiarism, collusion and Contract Cheating; a copy of the original assignment is retained by me/us and that I/we may be required to submit the original assignment to the Lecturer and/or Unit Co-ordinator upon request;   I/we have not plagiarised the work of others or participated in unauthorised collaboration (collusion) or Contract Cheating when preparing this assignment.MIT IDSignatureDate             Assessment Task Description The accountant for Moonshine Ltd, which is a reporting entity that prepares general purpose financial statements, has realized that following changes to accounting standards, the companies now have a choice regarding the presentation of income and expense items recognized in a period. Entities are required by AASB 101 to present an analysis of expenses using a classification based on either their nature or their function. AASB 101 para 102 states that; “The first form of analysis is the ‘nature of expense’ method. An entity aggregates expenses    within profit or loss according to their nature and does not reallocate them among functions within the entity” (AASB101, pp 21). Furthermore, AASB 101 para 103 states that: “The second form of analysis is the ‘function of expense’ or ‘cost of sales’ method and classifies expenses according to their function” (AASB 101, pp22). Leo et al (2018) document that: “The statement of profit or loss and other comprehensive income provides information regarding the financial performance of the entity for the reporting period. Income, expenses and other comprehensive income are summarized in the statement of profit or loss and other comprehensive income to determine an entity’s total comprehensive income, the usual measure of an entity’s financial performance” (Leo et al, 2018 pp 237). However, the accountant is unsure of the exact requirements following changes to accounting standards. The accountant seeks your assistance and requests that you provide information to Moonshine Ltd about this apparent presentation choice, in the preparation of Statement of Comprehensive Income Statement. Required Prepare a report to the accountant of Moonshine Ltd discussing about which classification should an entity use in the preparation of Statement of Comprehensive Income Statement in accordance with AASB101. You are also required to review one of the ASX listed companies’ annual report’s Statement of Comprehensive Income and notes, and provide examples of how expenses are recognised in the income statement. In your report: What is meant by the nature of expense method and the function of expense method and where is the classification disclosed?What items comprise other comprehensive income?What are reclassification adjustments?How is total comprehensive income determined?Which classification of expense method that the selected listed company use? Explain. Leo, K., Knapp, J., McGowan, S. and Sweeting, J. (2018). Company Accounting (11th ed.). John Wiley Milton Queensland. Australian Accounting Standard Board (2015). Presentation of Financial Statements, AASB 101, Retrieved from: https://www.aasb.gov.au/admin/file/content105/c9/AASB101_07-15.pdf This assignment must be written/structured in the form of a ‘business report’. That is, it must have a/an; (a) Executive summary (between 75 to 100 words), (b) Introduction that; Succinctly summarizes this assignment’s topic and its key issues, controversies, etc. (no more than 100 words), and  (c) Body that addresses all the requirements – see above 1-5(no more 1000 words), (d) Conclusion that sums up the mains issues of this assignment (no more than 100 words), and (e) Reference list containing all cited works. (f) Proper English Grammar, appearance, format, etc. At least 4 recognized journal article should be cited. Marking criteria: MA511 /Financial Accounting& Reporting /Semester T1, 2021, Group Assignment Name: Student Number                    AssessmentCriteriaTotal MarksMarks awardedPart A Criterion 1 – StructureandClarity of theReport/Assignment introductoryparagraphlogicalflowofclarityandstructure ofideas andargumentsappropriateuse of paragraph andheadingsto explain and discussideasappropriateconcludingparagraph  3 2 2 3 Total marks for criterion 110 Criterion 2 – Body/contents What is meant by the nature of expense method and the function of expense method and where is the classification disclosed?What items comprise other comprehensive income?What are reclassification adjustments?How is total comprehensive income determined?Which classification of expense method that the selected listed company use? Explain.            15 10        10 10 20     15   10                         Total marks for criterion 265 Criterion 3 – Researchand Analysis quality ofresearchundertakenaccuracyanddepthofanalysisappropriateuse ofin-text and endtext referencingquality ofinformationsourcesappendices  6 5 3 3 3 Total marks for criterion 320 Criterion 4 – Presentation layoutformattingspelling/grammarproofreadprofessionalformat  1 1 1 1 1 Total marks for criterion 45 Totalmarks    100 Total marks20  Other Comments Using Technology for Assessment RationaleActivitiesTechnological tools selectedIndustry knowledge & skillsreflection on learningfeedback on performancepractice of critical thinkingteam workcheck for plagiarismproblem-based learningassessment of team workcollaborative writingonline forum on MoodleTurnitin Marking guide for Group assignment – MA511 T1 2021 Criteria/ Grades  Fail (N) [Unsatisfactory]

QUALITY: 100% ORIGINAL PAPER – NO PLAGIARISM – CUSTOM PAPER

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