Accg2024: Financial Accounting And Assessment Answer

Assignment Task:

Part I – Research-based report
As a student intern and future accountant, you have recently joined the accounting department of an ASX listed company. In their last meeting, the Board of Directors of your company has discussed ASIC's press release 19-143MR Major Financial Reporting Changes and other focuses for 30 June 2019 financial reports

2. Impairment testing and asset values 
The recoverability of the carrying amounts of assets such as goodwill, other intangibles, and property, plant and equipment continues to be an important area of focus. 
It is important for directors and auditors to ensure: 
a. cash flows and assumptions are reasonable having regard to matters such as historical cash flows, economic and market conditions, and funding costs. Particularly where prior period cash flow projections have not been met, careful consideration should be given to whether current assumptions are reasonable and supportable; 
b. discounted cash flows are not used to determine fair value less costs of disposal where forecasts and assumptions are not reasonable and supportable; 
c. cash flows used are matched to carrying values of all assets that generate those cash flows, including inventories, receivables and tax balances; 
d. discount rates and other key assumptions are reasonable and supportable; 
e. cash-generating units (CGUs) are not identified at too high a level, including where cash inflows for individual assets are not largely independent; and f. for testing goodwill, CGUs are not grouped at a higher level than the operating segments or the level at which results are monitored for internal management purposes. 
Further information can be found in ASIC Information Sheet 203 Impairment of non-financial assets: Materials for directors (INFO 203) 
The Board was concerned about the company's reputational standing in the market if ASIC found any deviations from AASB requirements in this matter. They have, therefore, decided to have a review of the relevant disclosures and areas of concern in the company's annual report undertaken as recommended by ASIC. The Board also decided that the CFO would be responsible for this review. 

Based on the Board's request, the CFO asks you to draft a business research report addressed to the Board of Directors on the following: 
a. Summarise the disclosure requirements for impairment of non-financial assets as per AASB 136. 
b. Critically analyse to what extent the latest annual report of your company meets the disclosure requirements for impairment of the non-financial assets as per AASB 136 
c. A critical analysis of some of the complexities and key issues involved in impairment testing. In your analysis, you can refer to one or more publications issued by the ‘Big 4’ firms, accounting professional bodies or academic journals. 
d. In relation to the company that you choose, identify four specific issues that the Directors should consider when reviewing the impairment calculations that will shortly be prepared by management. For each issue identified, explain how it is specifically relevant to your company. Hint: You may wish to refer to table 3 ASIC Information Sheet 203 Impairment of non-financial assets: Materials for directors (INFO 203). 

Part II – Video Oral Presentation
The CFO was impressed by your report and has asked you to prepare a video presentation to be played to the Audit Committee at the next meeting. 
Your video presentation should: 
a) Analyze if your company meets the disclosure requirements of AASB136 in your financial statements ended 30 June 2019. 
b) Critically analyze the complexities of testing assets for impairment. 
c) Identify the four issues to be considered by the Board of Directors for your selected company. 

Assessment of video 
The research-based report represents 5% of your total mark for ACCG2024 and is compulsory. Your assignment will be marked out of 40 as shown in the Presentation Marking Rubric on page 9 of this document and will then be converted to a mark out of 5. 

Video format 
Before you start recording your video it is recommended that you view the two YouTube videos by Vlog Brothers and Idea Channel. Both of these can be accessed through the ‘Assessment Task’ folder on iLearn. 
Length Time limit = 4 minutes 
Penalties for exceeding the time limit are as follows: Time Penalty 
• Up to 4:29 
• 4:30-5:29 
• 5:30 or more 
• No penalty 
• 10% of total marks 
• 20% of total marks Slides The use of slides (eg PowerPoint/Prezi) is not mandatory as you will not be marked on your slides, but on your communication skills. 
If you do wish to use slides, please use a screen capture rather than a projected image. 

Physical presence 
Students must actually appear in their video – you must be visible as well as able to be heard. Audibility It is your responsibility to ensure that we can hear your presentation clearly. If we can’t hear it then we can’t mark it! 
If you are recording using screen capture technology, consider using speaker and headphones. Technology You can record your video using one of the following: 
• Your mobile device or tablet – if editing is required iMovie can be used. 
• Screen capture technology such as Windows 10 Screen Recorder, Cyberlink or others 
These are suggestions only and you are free to use another method. 

This Accounting Assignment has been solved by our Accounting Experts at Assignment Help Experts. Our Assignment Writing Experts are efficient to provide a fresh solution to this question. We are serving more than 10000+ Students in Australia, UK & US by helping them to score HD in their academics. Our Experts are well trained to follow all marking rubrics & referencing style.

Be it a used or new solution, the quality of the work submitted by our assignment experts remains unhampered. You may continue to expect the same or even better quality with the used and new assignment solution files respectively. There’s one thing to be noticed that you could choose one between the two and acquire an HD either way. You could choose a new assignment solution file to get yourself an exclusive, plagiarism (with free Turnitin file), expert quality assignment or order an old solution file that was considered worthy of the highest distinction.