QUEENSLAND UNIVERSITY OF TECHNOLOGY QUT Business

QUEENSLAND UNIVERSITY OF TECHNOLOGY QUT Business

School School of Accountancy AYB200 Financial Accounting SEMESTER 1 2016 BUSINESS REPORT (Weighting Total – 25%) Due: Monday 18 April 2016 by 7:00 pm Submission: Electronic submission via Turnitin through Blackboard  Assignments submitted via the DRAFT Turnitin link will NOT be marked.  It is important that you submit your work using the FINAL Turnitin link on Blackboard. Type: Individual Report Length: 1,000 words (see details below) This assessment item assesses the following learning outcomes: Higher Order Thinking (HO) 2.2 Exercise independent judgment and initiative in adapting and applying knowledge and skills for effective planning, problem solving and decision making in diverse contexts. Professional Communication (PC) 3.1 Use information literacy skills, and communicate effectively and professionally in written forms and using media appropriate for diverse purposes and contexts. ___________________________________________________________________ AYB200 Assessment 2: Business Report/Semester 1 2016 Page 2 Assessment Details After completing your accounting degree, you were able to secure a CA track position at the Melbourne office of one of the top 4 accounting firms. At your new firm, you are part of the financial reporting compliance team that monitors the latest development on the financial reporting landscape. As your first task, you have been asked by your team leader to prepare a report on the new AASB 15 Revenue from Contracts with Customers standard. While the managing partners of the firm have been able to communicate with clients about this issue, you are asked to prepare a background report for presentation to other accounting staff to outline:  a concise overview of accounting for revenue under Australian IFRS before the adoption of AASB 15 and the rationale behind the IASB’s and FASB’s decision to change revenue accounting;  a summary of the significant changes in AASB 15 and how they address perceived deficiencies in the current standard(s);  a position statement on the future implications of adopting AASB 15 for Australian companies. Staff communication guidelines require that the report is presented in simple language and in an interesting, easy-to-read format. Due date: The team leader asks you to prepare the report by Monday 18 April 2016 by 7:00 pm, so she can screen it prior to releasing it to the media department. Length. The report needs to be fairly concise to avoid overloading staff with too much information. Consequentially, you agree with your team leader to keep to a maximum word length of 1,000 words (excluding the one-page executive summary, appendices and reference list). The Report will consist of:  a title page, which shows the title of the report and the author;  a table of contents;  a one-page executive summary;  the report itself (including an Introduction and Conclusion);  a page of references; and  appendices (if relevant). Presentation. The report is to be prepared in 1.5 line spacing, using a Calibri 12 point font (or a Times New Roman 12 point font), with 2cm margins on all sides. The Report will include a Header and Footer showing the unit number and name, the semester, and your name and student number. For example:  Header: AYB200 Financial Accounting Semester 1 2016  Footer: Joe Bloggs n01010101 page 1 of 5 You need to include your reference list and any relevant appendices and these pages should include the headers, footers and page numbers as well. AYB200 Assessment 2: Business Report/Semester 1 2016 Page 3 References. You are required to cite at least ten (10) recent1 sources which must include at least two (2) from academic literature, and should include items from the media, accounting standard setters and relevant professional websites. Since the firm wants to maintain its high reputation, it is vital that the sources used are reliable, reputable, and relevant, cited in an accurate manner and properly referenced using the Harvard method OR APA method, as outlined in QUT Library document CiteWrite (http://www.citewrite.qut.edu.au/). Be consistent in using whichever method you choose. The Assignment Declaration is part of the assessment process and you must sign it to indicate that you have met all the conditions of that declaration and submit it with your assignment through Turnitin. The Assignment Criteria Sheet on pages 6 and 7 is provided for guidance on how the assignment will be marked. Note: Assignments may be checked for academic integrity Turnitin: Prior to submitting your business report, you are required to run a draft version through Turnitin, available on Blackboard. The matching report generated on this draft will be for your personal feedback ONLY and this draft will NOT be marked by the academic staff. Based on this report, you must make any corrections necessary to your draft business report, particularly in relation to referencing and cited work. When you have made any necessary corrections, you must submit the final version of your business report via the FINAL submission link, which will then generate a final text matching report for your lecturer. Please see instructions on Blackboard for using Turnitin. NOTE: QUT’s late assignment policy applies for all units. If you do not hand in your assignment by the due date, it will not be marked and you will receive a grade of 1 or 0%. You may apply for an extension BEFORE the due date. If you do not have an approved extension (i.e. if you have applied but have not heard, or if your application for an extension has been denied), submit the work you have completed by the due date and it will be marked against the assessment criteria. You should be aware of the MOPP in relation to academic integrity specifically http://www.mopp.qut.edu.au/C/C_05_03.jsp. Failure to maintain academic integrity also includes resubmission of your own work. Additional Resources Learning Resources:  Lee Holloway (Learning Advisor) will provide a 1hr lecture on both Critical Thinking and Written Communication to assist you in compiling your business report. Notes from these lectures in weeks 2 (Tuesday 8 March) and 4 (Tuesday 22 March) will be available on Blackboard. 1 The term ‘recent’ is broadly defined as comparatively close to the present. Source dating back to 2008 might be considered as ‘recent’ for this assessment. AYB200 Assessment 2: Business Report/Semester 1 2016 Page 4  The Blackboard Discussion Board will be available for queries that relate to the process, or clarification of the assignment requirements, rather than the content. This is a useful resource for you in preparing your business report. Students are expected to research content issues themselves. Lecturers and/or tutors will not give specific assignment information to individual students, and all assignment queries should be directed through the discussion board, except those of a personal nature, which should be included in an email to the Unit Coordinator, addressed to ayb200enq@qut.edu.au.  The AYB200 Assignment Criteria Sheet (pages 6 and 7) provides students with guidance relating to the marking of the Business Report. Please refer to this criteria sheet before you begin writing your assignment, this will guide you as to how your assignment will be marked. Content Resources:  Where to start (Note: you must use sources from both academic literature and financial media): o Academic literature:  Academic journals can be accessed through the QUT library catalogue. You can start your search on Google Scholar for these articles. If the full text is not available through Google Scholar, you can use the library catalogue to access it as QUT has subscriptions to most relevant Accounting journals. Some academic journals you may find useful are Accounting in Europe, Journal of Corporate Accounting & Finance and Accounting and Business Research (available online through QUT Library). o Financial Media (web based):  Publications of professional accounting and other professional bodies: In the Black (CPA Australia); Charter (CAANZ) (available online through QUT Library); The CPA Journal (CPA Australia).  Practitioner periodicals and views, e.g. Journal of Accountancy, Accounting Today, and Accounting Onion.  Websites of accounting standard setters, advisory groups, and regulators, especially AASB, FASB, SEC, and IASB. See, for example, http://www.aasb.gov.au, http://www.fasb.org, http://www.ifrs.org.  Websites of Australian professional accounting bodies: CPA Australia, Chartered Accountants of Australia and New Zealand (CAANZ), Institute of Public Accountants (IPA).  Websites of international accounting firms, e.g. Deloitte (including IAS Plus http://www.iasplus.com/index.htm), Ernst & Young, KPMG, PwC.  General financial media websites, e.g. Business Review Weekly, Reuters, The Financial Review, The Financial Executive, Bloomberg (available online through QUT library databases). This list is not exhaustive you should look beyond the sources listed here – these are a starting point. AYB200 Assessment 2: Business Report/Semester 1 2016 Page 5 AYB200 FINANCIAL ACCOUNTING – SEMESTER 1, 2016 – ASSIGNMENT CRITERIA SHEET – ASSESSMENT 2: BUSINESS REPORT AoL goal: HO2.2: Exercise independent judgment and initiative in adapting and applying knowledge and skills for effective planning, problem solving and decision making in diverse contexts. Content criteria 7 (13-15 marks) 6 (11.5-12.5 marks) 5 (9-11 marks) 4 (7.5-8.5 marks) <4 (1-7 marks) Mark Overview of accounting for revenue under Australian IFRS before the adoption of AASB 15 and the rationale behind changing revenue accounting The overview provides highly accurate, relevant and detailed information on accounting for revenue under Australian IFRS before the adoption of AASB 15 and the rationale behind changing revenue accounting. The overview provides accurate, relevant and mostly detailed information on accounting for revenue under Australian IFRS before the adoption of AASB 15 and the rationale behind changing revenue accounting. The overview provides an outline of on accounting for revenue under Australian IFRS before the adoption of AASB 15 and the rationale behind changing revenue accounting. The overview provides some information about on accounting for revenue under Australian IFRS before the adoption of AASB 15 and the rationale behind changing revenue accounting. The overview provides insufficient information on accounting for revenue under Australian IFRS before the adoption of AASB 15 and the rationale behind changing revenue accounting. /15 7 (13-15 marks) 6 (11.5-12.5 marks) 5 (9-11 marks) 4 (7.5-8.5 marks) <4 (1-7 marks) Summary of the significant changes in AASB 15 and how they address perceived deficiencies in the current standard(s) The summary provides a thorough description of summary of the significant changes in AASB 15 and how they address perceived deficiencies in the current standard(s). The summary provides a sound description of summary of the significant changes in AASB 15 and how they address perceived deficiencies in the current standard(s). The summary provides an overall description of summary of the significant changes in AASB 15 and how they address perceived deficiencies in the current standard(s). The summary provides a fractional description of summary of the significant changes in AASB 15 and how they address perceived deficiencies in the current standard(s). The summary provides little or no description of summary of the significant changes in AASB 15 and how they address perceived deficiencies in the current standard(s). /15 7 (25.5-30 marks) 6 (22.5-25 marks) 5 (19.5-22 marks) 4 (15-19 marks) <4 (1-14.5 marks) Position statement on the future implications of adopting AASB 15 for Australian companies The position statement is based on a thorough analysis of the implications for Australian companies when adopting AASB 15. The position statement is based on a mostly accurate analysis of the implications for Australian companies when adopting AASB 15. The position statement is based on an analysis of the implications for Australian companies when adopting AASB 15. The analysis demonstrates minor lapses in accuracy. The position statement is based on an analysis of the implications for Australian companies when adopting AASB 15. The analysis contains some errors or omissions. A position statement is missing or the position statement is based on an analysis of the implications for Australian companies when adopting AASB 15 that exhibits major inaccuracies in the information given. /30 Content total: AYB200 Assessment 2: Business Report/Semester 1 2016 Page 6 /60 AoL goal PC 3.1 Use information literacy skills, and communicate effectively and professionally in written forms and using media appropriate for diverse purposes and contexts Communication criteria 7 (13-15 marks) 6 (11.5-12.5 marks) 5 (9-11 marks) 4 (7.5-8.5 marks) <4 (1-7 marks) Mark Written expression Use of language makes meaning consistently clear; writing is fluent and there is a high level of attention to grammar, syntax and spelling. Use of language makes meaning clear; writing is fluent and there is attention to detail around grammar, syntax and spelling. Use of language makes overall meaning clear; writing is mostly fluent and there are only minor errors of grammar, syntax and spelling. The intended meaning can be discerned although there is some lack of clarity; writing lacks fluency on occasions and there are some errors of grammar, syntax and spelling. Use of language fails to make meaning clear; writing lacks fluency and contains many errors of grammar, syntax and spelling. /15 7 (8.5- 10 marks) 6 (7.5-8 marks) 5 (6.5-7 marks) 4 (5-6 marks) <4 (1-4.5 marks) Structure and format The required report format has been closely followed with consistently high level of attention to the task requirements. The required report format has been followed with attention to the task requirements. The required report format has been mostly followed though there are minor lapses in adhering to the task requirements. An attempt has been made to follow the required report format with errors and deviations from the task requirements. Inappropriate format is used with little or no adherence to the task requirements. /10 7 (13-15 marks) 6 (11.5-12.5 marks) 5 (9-11 marks) 4 (7.5-8.5 marks) <4 (1-7 marks) Referencing There is consistent and highly accurate use of the APA or Harvard method of in-text and end-of-text referencing; there are ten (10) or more appropriate references including at least two (2) from academic literature, as well as media, and websites that are well integrated to support the content. There is mostly consistent and accurate use of the APA or Harvard method of in-text and end-of-text referencing; there are eight (8) to nine (9) appropriate references from academic literature, media and websites that are mostly well integrated to support the content. There is mostly consistent use of the APA or Harvard method of in-text and end-of-text referencing with minor inaccuracies; there are six (6) to seven (7) appropriate references from academic literature, media, and websites with some integration to support the content. There is an attempt to use the APA or Harvard method of in-text and endof-text referencing but there are inaccuracies and inconsistencies of use; there are four (4) to five (5) references from academic literature, media, and websites but they may not always be appropriate or integrated to support the content. There is little or no use of the APA or Harvard method of in-text and end-of-text referencing or the use is inaccurate and/or inconsistent; there are fewer than four (4) references from academic literature, media, and websites and they are either inappropriate or not integrated to support the content. /15 Communication criteria total: /40 Content total: /60 Total marks: /100 AYB200 Assessment 2: Business Report/Semester 1 2016 Page 7

 

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