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Assessment Brief:

• Referencing Styles: Harvard
• Words: 2250
• Course Code: ACCT6001
• Course Title: Company and Financial Reporting
• University: Southern Cross University
• Country: AU

 

Task:

Overall the assignment consists of two (2) parts;

Part (a) – Evaluation of information provided in the annual report of your allocated company, ensuring compliance with the requirements of the relevant Australian accounting standards (AASB’s) and any other applicable legislation.

Part (b) – Preparation of relevant journal entries for transactions and events that will impact the 2021 financial year and provide relevant note disclosures for these transactions and events as they will appear in the 2021 financial statements for your company.

Required

For this section, you must refer to the requirements of the relevant Australian Accounting Standards (AASB’s)

1).  Provisions, contingent liabilities and contingent assets

• Explain the differences between a provision and a contingent liability.
• Discuss the recognition and measurement of provisions and contingent liabilities or contingent assets in relation to the applicable accounting standard. In relation to the case company, in your view, are these being reported consistently with the relevant accounting standard/s?
• Provide at least one example with each of the contingent liability and provision reported in the company’s annual report and discuss.

2).  Income taxes

• Discuss the measurement of current tax liabilities and assets, DTA’s and DTL’s in the company’s annual report, and is their accounting policy consistent with the relevant accounting standard?
• Discuss the factors that have led to the recognition of deferred tax assets (DTA’s) and deferred tax liabilities (DTL’s) for the company.
• Have the DTA’s and DTL’s been offset against each other in the annual report? Please state relevant financial statement and note/s to the accounts.