Australian Accounting Standards Assignment | Top Universities

Objective: This task requires you to prepare a report to evaluate the information provided in the annual report of your chosen company listed on the Australian Stock Exchange (ASX). Your comments or evaluation should be complying with the requirements of relevant Australian accounting standards (AASBs). The report should address the points outlined below:

1) PPE. You should refer to the requirements of AASB 116 Property, Plant and Equipment and, AASB 136 (FP) Impairment of Assets [for for-profit entities] as the guideline of your report. • Identify the PPE of the company by the end of the financial year 2019 (1 mark) • Determine the measurement of PPE in the chosen company (2 marks)

• Comment and discuss the depreciation method of your chosen company (2 marks) • Whether there is impairment loss and how it is determined (2 marks)

• Comment on whether or not the disclosures of PPE in the annual report are sufficient for decision making (2 marks)

• Discuss how the choice of accounting policies impact on financial performance (2 marks) 2) Income Taxes. You should refer to the requirements of AASB 112 (FP) Income Taxes [for for-profit entities] as the guideline of your report.

• Determine the recognition of current tax liabilities (assets) and tax expense (income) reported in the annual report of the chosen company (2 marks)

• Determine whether there are deferred tax assets (DTAs) and deferred tax liabilities (DTLs) and explain the factors that led to DTAs and DTLs in the chosen company (2 marks)

• Discuss the measurement of current tax liabilities and assets, DTAs and DTLs in the annual report, comment whether it aligns with the requirement of AASB 112 (2 marks)

• Are DTAs and DTLs offset against each other in the annual report? (1 mark)

• Are there any DTAs and DTLs that are not recognized in the profit and loss in the financial year? (1 mark) 3) Equity/Shareholders’ fund. Comment on the recognition and disclosure of share capital in the chosen company according to the requirement of AASB 101 (FP) Presentation of Financial Statements [for for-profit entities]

• List the components of Shareholder’s Fund/Equity presented in the annual report of your chosen company, providing details of changes during the financial year (1 mark) • Determine whether there is any reclassification between financial liability and equity during the observed financial year. Explain why it is import to classify between debt and equity appropriately (1 marks)

• Comment on any items that are recorded against equity rather than being recorded as part of profit and loss (2 marks)

• Does the company provide sufficient information for analysis of the company’s performance? (2 marks) 4) A total of 5 marks awarded for presentation, effective communication and correct referencing. Get Accounting homework help today