1HA2032 Corporate and Financial Accounting Trimester 2 2018 Individual Assignment ...

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1HA2032 Corporate and Financial Accounting      Trimester 2 2018     Individual Assignment    Assessment Value: 20%    Instructions:    1. This assignment needs to be submitted using safe-assign. No hardcopy or email attachment will be accepted. 2. It is the responsibility of the student who is submitting the work, to ensure that the work is in fact hehis own work. Plagiarism will be heavily penalised 3. Maximum marks available: 20 marks  4. Assignment should be of 2,000 words. Please use “word count” and include in report.  5. Due date of submission: Week 10, Friday at 11.59 p.m.    Format of the Report1. Your submitted assignment at least should have the following details:   a. Assignment Cover page clearly stating your name and student number   . A table of contents, executive summary   c. A ief introduction or overview of what you have discussed in this assignment d. Body of the report where you write your answers with appropriate section headings   e. Conclusion   f. List of references.ASSIGNMENT TASKSCORPORATE REGULATION (5 Marks) (i) Do your own research and critically discuss whether the financial accounting and reporting should be regulated or manager should be allowed to disclose financial accounting information voluntarily.2ACCOUNTING STANDARD SETTING (5 Marks) (ii) Do your own research and critically explain how the Australian Accounting Standards Board take part in the global accounting standard setting process (i.e. in setting IFRS). Why is the IFRS set by the International Accounting Standards Board (IASB) not compulsory for the member countries of IASB?  OWNERS EQUITY (10 Marks) Select 4 public limited companies listed on the Australian Securities Exchange (ASX) that are in the same industry. Go to the website of your selected companies. Then go to the Investor Relations section of the website. This section may be called, “Investors”, “Shareholder Information” or similar name. In this section, go to your firms’ annual reports and save to your computer your firms’ latest annual reports consecutively for last four years. Do not use your firms’ interim financial statements or their concise financial statements. Please read the financial statements (balance sheet, income statement, statement of changes in owner’s equity, cash flow statement) very carefully. Also please read the relevant footnotes of your firms’ financial statements carefully and include information from these footnotes in your answer.  You need to do the following tasks:  (iii) From your firms’ financial statements, list each item of equity and write your understanding of each item. Discuss any changes in each item of equity for your firms over the past four years articulating the reasons for the change.(iv) Provide a comparative analysis of the debt and equity position of the four firms that you have selected.   Please prepare the above answers in your own words.Best of Luck

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Student Name –	Student ID –	Lecturer Name-	Word Count – 2000	Reference - Harvard 	
EXECUTIVE SUMMARY:
	This project is made on corporate and financial accounting. A report has been prepared on three different topics. At first a brief introduction has been provided on the topics further discussed in the project. Then the discussion has been made on the corporate regulation topic that is should there be regulation for financial accounting and reporting or should be left at the discretion of the managers. Next the discussion has been made accounting standard settings; the topic of discussion is the role of Australian Accounting Standards Board in forming global accounting standards (IFRS) and also the reason of non compliance of IFRS by a few member countries of International Accounting Standards Board (IASB). Then the discussion has been made on owner’s equity, where four airlines companies have been chosen which are listed on Australian Securities exchange (ASX), each equity item from the financial statements of the four companies has been mentioned and discussed along with the analysis of any changes over the past four years. Then the comparative analysis has been made between the chosen four airline companies based on their debt and equity position. At the end, several conclusions have been drawn from the analysis of the whole project.
Contents
EXECUTIVE SUMMARY:	2
1. INTRODUCTION:	4
2. CORPORATE REGULATIONS:	5
3. ACCOUNTING STANDARDS SETTING:	6
4. OWNER’S EQUITY:	7
5. CONCLUSIONS:	11
REFERENCE:	12
1. INTRODUCTION:
	Corporate accounting is actually that branch of accounting which deals with companies like the preparation of the financial statement, cash flow statement, analysis of the financial statements, financial ratios, etc. Corporate Accounting follows certain standards as prescribed (Paton and Littleton, 1970). Cooper and Sherer, 1984, corporate accounting reports should be fairly prepared since it is of great use to the shareholders and they take most of their decisions based on it. It is applicable to the firms individually like one firm will have its own set of financial statement, cash flow statement for a particular financial year. The main purpose of this is to present all the relevant financial information in a comprehend way for everyone to understand. Generally corporate accountings are managed by professional corporate accountants.
	Financial Accounting is the branch of accounting concerned with keeping track of all the financial transactions in a company. It record,

1 HA2032 Corporate and Financial Accounting Trimester 2 2018 Individual Assignment Assessment Value: 20% Instructions: 1. This assignment needs to be submitted using safe-assign. No hardcopy or email...

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