1Corporate Reporting (ACC2CRE)Assignment 20%Department of Accounting and Data AnalyticsDue date: Week 7, Friday (11.59p.m.), 8 January 20211. This assignment is compulsory and is worth 20% of the marks of the subject.2. The assignment must be submitted via Turnitin.3. Students must provide their names and ID numbers in cover page of the assignment.4. The assignment must be in MS word format, double-spacing and 12-pt Times New Romanfont.5. Submissions must be properly referenced (Harvard Referencing Style).6. Plagiarism is a serious academic misconduct. Students involved in plagiarism will bereferred to the University’s appropriate authority.ACADEMIC INTEGRITYAcademic integrity means being honest in academic work and taking responsibility forlearning the conventions of scholarship. La Trobe University views this seriously as evidencedby the following extract:Academic honesty is a fundamental principle in teaching, learning, research andscholarship. The University requires its academic staff and students to observe the highestethical standards in all aspects of academic work and it demonstrates its commitment tothese values by awarding due credit for honestly conducted scholarly work, and bypenalising academic misconduct and all forms of cheating. Academic Integrity Procedures(2012, p. 1 of 6).Academic misconduct includes improper referencing, plagiarism, copying and cheating. Youshould familiarise yourself with your responsibilities in relation to Academic Integrity and ifyou have any questions, direct them to your Course Coordinator. Information can be foundon the website at: www.latrobe.edu.au/students/academic-integrity27. The standard penalty for late submission is 5% of the marks for that task for each delay insubmission of a day or partial day up to a maximum of five (5) working days after the duedate.8. Application for an extension must be lodged with Special Consideration Team before duedate in writing for granting an extension (medical problems etc.).SPECIAL CONSIDERATIONSpecial Consideration is the term used to describe a process that applies an equity measureto ensure that where any temporary adverse circumstances beyond the control of a student,that impact negatively on that student’s ability to demonstrate their learning achievementfor an assessment task, is taken into account. Eligibility to apply for Special Considerationdoes not automatically imply eligibility to receive it. Certain criteria must be satisfied in orderto receive Special Consideration. Please refer to the relevant policies, procedures andguidelines website at https://policies.latrobe.edu.au/home Submission of special consideration applications for assignments, shouldhttp://www.latrobe.edu.au/special-consideration.bemade online at: 9. Word limit: 1,000 words excluding references. The number of words can be 10% more or lesswithout penalty.3Question 1 40 MarksIFRS 10 requires that control is the key criteria in determining whether an entity will prepare aconsolidated financial statements or not. The standard prescribes that in order for an investor withdecision-making rights to have control, it must act as a principal and not an agent (Deloitte, 2020).Reference:Deloitte (2020). A practical guide to implementing IFRS 10 Consolidated Financial Statements.(Available at: https://www2.deloitte.com/content/dam/Deloitte/ca/Documents/audit/ca-enaudit-clearly-ifrs-consolidated-financial-statements-ifrs-10.pdf).Required:(a) Briefly discuss the above statement and outline the structure of theassignment in the Introduction section. (5 Marks).(b) Do you agree that the control is an essential criteria for preparingconsolidated financial statements? Discuss. (10 Marks).(c) Do you think that the agent has the ability to prepare consolidated financialstatement? Justify your answer. (12 Marks).(d) Summarise the above questions (a-c) and provide your own remarks in theConclusion section. (5 Marks).(e) Provide references (approximately 5 articles/sources) in the end of theassignment and use those articles in your writing with references. (3 marks).Note 1: Professional marks (5 marks) will be awarded for format, clarity andexpression. The report should include Introduction, Discussion, Conclusion and List ofreferences. Parts (b) and (c) of question 1 need to be provided under the discussionsection. It is expected that students should use at least ten articles in writing theirassignments.Note 2: You will be able to obtain electronic copies of articles by visiting La TrobeUniversity Library website.4Question 2 60 MarksAt the end of its financial year, Craigieburn Ltd. took the following information from its accountingbooks of record.Craigieburn LtdUnadjusted Trial Balance as at 30 June, 2020 DebitAUD $CreditAUD $Sales Revenue1,608,000Interest Revenue21,000Rent Revenue4,000Salaries and wages160,000Power and Electricity50,000Audit Fees20,000Interest Expense12,000Damage due to fire67,000Purchases720,000Interim dividend16,000Cash at bank352,000Inventories230,000Accounts Receivable171,000Provision for Doubtful Debts20,000Term deposit – due 30th September, 2020332,000Marketable Securities (long term)80,000Insurance paid in advance45,000Plant & Machinery180,000Furniture & fittings200,000Buildings290,000Accounts Payable120,000Accumulated Depreciation – Plant & Machinery90,000Accumulated Depreciation – Furniture & fittings60,000Accumulated Depreciation – Buildings58,000Bank Mortgage secured over buildings, due 1st May, 2022300,000Share Capital500,000General Reserve80,000Retained Earnings64,0002,925,0002,925,000 5Additional InformationI. Craigieburn Ltd uses the periodic inventory system. The stock-take of30th June shows closing inventory of $220, 000 (valued at lower of costand market value). II.III.IV.V.Salaries not paid at 30th June amounted to $19,000.Insurance expense attributable to current year is 18,000.Unpaid power and electricity account for June totalled $7,000.Interest on bank mortgage is 8% per annum and is payable twice yearlyon 31st December and 30th June. The amount due at 30 June has notbeen recognised.Depreciation rates on the straight line basis are as follows:VI. Plant & MachineryFurniture & FittingsBuildings12.5%7.5%5%VII.VIII.The current market value of marketable securities is $100,000.On 14 June 2020, Craigieburn Ltd was notified of an impending legalsuit for $25,000 against the company for breach of contract. The casewas settled 15 July 2020.IX.X.Tax expense was calculated to be $138,300.A final dividend of 2.5% of paid-up-capital was declared and approvedin 30th June 2020.XI.XII.XIII.Paid Up Capital consists of 500,000 ordinary shares of $1 each.Craigieburn Ltd pays income tax at the rate of 30%.On 20 September 2020, Craigieburn Ltd issued 100,000 fully paidshares to acquire the net assets of South Morang Pty Ltd. Required:1) Prepare necessary adjusting journal entries for the above events (13 Marks).2) Prepare a single Statement of Comprehensive Income (13 Marks), a Statement of FinancialPosition (13 Marks) and a Statement of Changes in Equity (6 Marks) in accordance withapplicable accounting standards for financial year end 30th June 2020.3) Prepare fifteen (15) notes to the financial statements according to the relevant accountingstandards (15 Marks).
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