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Financial Accounting

CDU Business School Faculty of Law, Education, Business and Arts

Semester 1, 2017 Page 1 of 2

Submission Requirements.

UNIT CODE: ACT204 UNIT NAME: FINANCIAL ACCOUNTING

Assignment Information Semester 1 2017

Assessment 20%

This assignment is to be submitted before 11.59pm Friday 19th May in Week 11

Assignments are to be submitted by one of the following means; DO NOT LODGE BY FAX nor EMAIL nor at LECTURER'S OFFICE KEEP A COPY

 The assignment must be lodged on or before the due date indicated in the assignment details.

Only pdf format will be acceptable. Handwritten answers will be rejected.-

 The assignment must conform to the requirements set out in this assignment  The assignment must be lodged online via the ACT204 Learnline Assignment Lodgement link

on the ACT204 Learnline site. Ensure your file is named using a file naming convention that allows the lecturer to identify to whom it belongs. Failure to use an acceptable file naming convention may result in your assignment lodgement being rejected.

 DO NOT LODGE VIA EMAILor FAX - assignments lodged by email or fax will not be accepted.  KEEP A COPY - Ensure you have a copy of the assignment lodged. If you have submitted assessment

work electronically please make sure you have a backup copy.

 Assignment lodgements will be acknowledged automatically on the Learnline site, on submission.  DO NOT submit an assignment cover sheet.

Resubmission As a general rule resubmission of assessment items is NOT possible, however the Lecturer may ask for resubmission if it is deemed appropriate. Details for such resubmission will be made available by the Lecturer if and when the situation occurs.

University Plagiarism policy Plagiarism is the unacknowledged use of material written or produced by others or a rework of your own material. All sources of information and ideas used in assignments must be referenced. This applies whether the information is from a book, journal article, the internet, or a previous essay you wrote or the assignment of a friend. Plagiarism policy is available at: http://learnline.cdu.edu.au/studyskills/studyskills/avoidingplagiarism.html and Student Breach of Academic Integrity Procedures http://www.cdu.edu.au/governance/doclibrary/pro-092.pdf

EXTENSIONS AND LATE LODGEMENTS

LATE ASSIGNMENTS WILL GENERALLY NOT BE ACCEPTED UNLESS AN EXTENSION TO THE DUE DATE HAS BEEN GRANTED BY THE HEAD OF SCHOOL.

Exceptions will only be made where assignments are late due to special circumstances that are supported by documentary evidence, and may be subject to a penalty of 5% of assignment marks per day. Partially completed assignments will be accepted with appropriate loss of marks for the incomplete portion.

CDU Business School Faculty of Law, Education, Business and Arts

Semester 1, 2017 Page 2 of 2

Should students foresee potential difficulties with submission of assessment items, they should contact the lecturer immediately the difficulties come to notice, to discuss suitable arrangements etc. for the submission of those assessment times. An Application for Assignment Extension or Special Consideration should be completed and provided to the Head of School, School of Law and Business. This application form, explanation and instructions is available on the ACT204 CDU Learnline course site or direct from http://learnline.cdu.edu.au/units/lb_school_templates/deployed/assignment_extension.docx

Please note that it is now Faculty policy that all extension requests must be approved by the Head of School. The lecturer is no longer able to personally approve extension requests.

Leaving a request for an extension, special assessment or special consideration until the last moment, based on grounds that students could have reasonably been able to foresee, may result in the application being rejected.

ASSIGNMENT INFORMATION

This Assignment is worth 20% of the total assessment for this unit. This assignment will be marked out of 80 and scaled down to being out of 20. The assignment has 5 questions.

Download the Wesfarmers Annual Report 2016 https://www.wesfarmers.com.au/docs/default-source/reports/2016-annual-report.pdf?sfvrsn=4 Q1.

Identify in the Financial Statements, the notes to the financial statements, and the statements of significant accounting policies those parts that relate to property, plant and equipment.

Read these notes and then illustrate, on a line by line basis with reference to the material, how this information complies with the disclosure requirements of AASB116 and AASB136. Your illustrations in the notes and statements should refer to the specific paragraphs and sub-paragraphs of the disclosure requirements.

(25 marks) Q2. In addition to goodwill, what are the categories of intangible assets of this organisation? How are they recognized and measured? How were their useful lives estimated? What are the policies on impairment of intangible assets?

(15 marks) Q3.

Where do provisions appear in the statement of financial position? What are the accounting policies with respect to long service leave? Giving the page and paragraph reference what value has been placed on long service leave?

Why do dividends appear that are unrecognized as a provision? Justify your answer by reference to the appropriate paragraph in the accounting standards and cross reference to the section in the annual report.

(15 marks)

Q4. What are contingent liabilities and how can they arise? Making reference to the accounting standards, how are contingent liabilities recognized and what are the disclosure policies? List the contingent liabilities of this organization and comment on the disclosure of these contingent liabilities. What are contingent assets and how should they be disclosed?

(10 marks) Q5. Using the financial statements calculate, and comment on, the following ratios: Current ratio, rate of return on total assets, times interest earned, the debt ratio and the P/E ratio. The market price of the ordinary shares at the close of business on 30th June 2016 for your company was $40.10.