Instruction: This is an individual assignment.
Total marks: 20 marks
Task: ACCM4300 Financial Accounting And Reporting Assignment
Answer the questions/case studies below, in a maximum of 1,500 words. Next, summarise your findings in a 9-12 minutes’ video presentation.
Note that marks are also allocated for a professional presentation, grammar, and spelling.
Case study background:
Assume that you are a graduate accountant working for Power Ltd a public company situated at 510 William Street, Melbourne, VIC 3000. The CFO of the company, Ms. Julia Edwards has asked you to draft a memorandum in response to an email received from one of the directors – Mr. Daniel Ford, Independent director of Power Ltd, raising key accounting issues related to Business combination and Consolidation– see the copy of the email on the next page. The maximum length of the memo is 1500 words. You should address all the technical issues/discussion in the memo, followed by a Reference List.
• Part A: Technical component 12% – This mark covers the technical content of your advice and the explanation on each of the issues, the calculations, and the sources used.
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• Part B: Communication Skills – Memo Writing 3% – This mark covers the generic skills of Memo writing; layout, clear meaning, structure and organization, appropriate tone and grammar, spelling, and punctuation, etc. throughout the whole assignment.
• Part C: Communication Skills – Video Presentation 5% – You have to prepare a 9-12 minute video presentation that will keep the audience engaged; the presentation should be well-rehearsed and supplementary material, such as slides and visual aids must be of a professional standard.
Dear Julia, Thank you for your phone call this morning, as agreed I am emailing you regarding the accounting issues we briefly discussed. By the way to assist the Board of Directors in our decision-making process could you please make sure you reference any relevant sources relating to your advice, for example, AASBs, Corporations Act, and relevant websites? Here are the issues we are most concerned about: Power Ltd has acquired all the shares of a major manufacturer Cargo Ltd.
The CFO of the company, Ms. Julia, has shown the board of directors of Power Ltd, the financial information regarding the acquisition. The directors are not sure whether all the identifiable assets and liabilities of Cargo Ltd must be recognized in the consolidated financial statements at fair value. Although the directors are happy about the valuation of these items, they are unsure of a number of other matters associated with accounting for these assets and liabilities.
Issue 1: The Board of directors is wondering should the adjustments to fair value be made in the consolidation worksheet or in the accounts of Cargo Ltd.
Learning Outcomes: ACCM4300 Financial Accounting And Reporting Assignment
1. Your knowledge and your ability to research the issues and then apply the information appropriately using judgment to correctly identify the relevant standards and legislation that relate to the issues raised by the client.
2. Your written and oral communication strategies to enable the effective presentation of accounting information to accountants and non-accountants. – Memo writing and video presentation.