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Microsoft Word - ACC 303 CA - 3T2016 Assignment ACC303 CA Assignment Information Page 1 of 3 Assessment Information Subject Code: ACC 303 Subject Name: Company Accounting Assessment Title: Team...

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Microsoft Word - ACC 303 CA - 3T2016 Assignment

ACC303 CA Assignment Information Page 1 of 3

Assessment Information

Subject Code: ACC 303
Subject Name: Company Accounting
Assessment Title: Team Assignments

Weighting: 25% comprising
(Technical 15% and Professional Competencies 10%)

Due Date: Written memo: Monday of Week 10 by 7:55 pm
Team Presentation: In week 9 during the lecture/tutorial
session
Assessment Description

Submission: The written assignment should be submitted electronically through the
student portal – using the appropriate link.

ACC 303 - Learning Outcome 4: Develop written and oral communication strategies
to enable the effective presentation of accounting information to accountants and
non-accountants (working in teams).

Required

Work in teams (groups) of 3 and address the issues noted in the assignment details,
and:

1. Write a memorandum to the board of directors (the members of the board
have varying degrees of accounting knowledge or understanding) as noted
in the assignment details
2. Make an oral presentation to the board of directors as noted in the
assignment details


The assignment comprises the following components:

• Part A Technical Component (15%) – This mark covers the technical
content of your advice and the explanation on each of the issues, the
calculations and the sources and references used, and the format of the
memo as well as the group technical knowledge during the presentation.

• Part B Communication Skills – Oral presentations (10%) – This mark
covers the presentation skills of the individual student

Please make sure you follow the guidelines/policies relating to the presentation of
written work, late policy and academic integrity.
ACC303 CA Assignment Information Page 2 of 3

Please familiarise yourself with the assessment marking ru
ic (attached) to guide
you in how you can score marks. Note: The assessment marking ru
ics is a
separate document and you are advised to read through it to obtain guidance on
how the lecturers will mark your assignment.


Team Meetings

1. The team should have a minimum of three meetings (the team may have
as many meetings as they need to) and should maintain minutes of those
meetings detailing -
2. Where the meeting was held;
3. People present; absent; apologies
4. What was discussed and agreed on;
5. The follow-up action relating to each member of the team;
6. Any other relevant matter, things you agreed or disagreed on etc.
7. The minutes of the team meeting should be included with the hard copy of
your assignment as an attachment.

Details of Assignment:

The class will be ideally grouped into teams of 3. You must discuss the selection of
teams with your lecturer who may decide to allocate you into teams or form teams
using a random process. Your lecturer may accept a team of 4 members – but you
need to discuss this with your lecturer, obtain approval and finalise your team
members.

Select a set of financial statements for a group of companies and obtain approval
from your lecturer for the group of companies that you have selected. Please note
that two teams may not work on the same group of companies so if another team
has already registered their interest in the particular group of companies you will be
equested to select a different group of companies.

Read the annual report including the financial statements of the group and write a
memorandum to the board of directors clearly explaining some of the technical
aspects of consolidation. Make sure that you draw on the group company’s specific
details to explain the intricacies of consolidation to the board, and as much as
possible avoid answering in general terms. Please note that your response MUST be
in the format of MEMO - a report format will not be marked.

ACC303 CA Assignment Information Page 3 of 3

Some of the aspects that you need to cover as a team are (but not restricted to):

1. The composition of the group; namely the subsidiaries, associates, any
joint ventures and any other significant investments. The group’s main
usiness operations

2. Why did the parent entity have to prepare consolidated financial
statements when the subsidiary company is a separate legal entity in its
own right?

3. How is the group of companies funded? Share capital, debentures? Any
options, bonus issues etc. Who owns the group?

4. Does the published set of group financial statements reveal the company’s
policy on corporate governance? Audit committees? Sustainability?
Solvency? Should it? If so, where and why?

5. The non-controlling interest – where would you find it in the financial
statements and what does it represent? Details of any direct and indirect
non-controlling interest?

6. Has there been any goodwill on acquisition? Or any gain on bargain
purchase? Where would you find it in the financial statements and what
does it mean? Any impairment?

7. Does the group have any foreign cu
ency transactions? Any foreign
subsidiary companies? How have they been accounted for in the financial
statements?

8. Any other relevant matter that you may wish the board of directors to make
note of in respect of some transaction or event, the balance of account or
disclosure that will assist them in understanding the financial statements of
the group.
Team Presentation

Your team is required to explain the financial statements of the group of companies
you have selected to the board of directors making sure you
ing to their attention
any unusual or interesting information.

Your team presentation will be limited to 10 minutes (per group of 3) and each
member of the team must present a part of it demonstrating individual oral
presentation skills. A separate mark will be given to each member of the team for
individual presentation skills. You must discuss the selection of teams with your
lecturer who may decide to allocate you into teams or form teams using a random
process.
Answered Same Day May 05, 2020 ACC303 Deakin University

Solution

Abr Writing answered on May 10 2020
137 Votes
Memo to: Board of Directors
From: Mr. John Murphy (Accounts Head)
Subject: Technical aspects of consolidation
Date: 08-05-2018
This memo contains the technical aspects of consolidation and addresses some important concerns on that. As for this matter, the discussion is made with the finance manager Mr. Andrew. And we thought that it is important to discuss these aspects with the board to resolve all the concerns.
Some of the aspects that are addressed in this memo
1. Composition of the company: The composition of Santos Limited includes the subsidiaries. The company has more than 20% interest in many companies and some of the subsidiaries of the company are Eastern Star Gas, Santos Finance Limited, Ba
acuda Limited, Santos Egypt Pty Ltd, Roma Gas and Oil Fields, etc. Mostly the business of the company is ca
ied out through joint ventures. The company is in talks with the China’s ENN to form LNG joint venture. The business of the company is not limited to Australia and it is one of the largest oil producers of the Australia.
2. Preparation of consolidated financial statements: Consolidated financial statements are always prepared by the holding entity and it is not prepared by the subsidiary entity. In case of subsidiary company is a separate legal entity, the consolidated financial statements are always prepared by the parent company no matter what. It is the duty of the holding company to prepare the consolidated financial statements as these requirements are stated in the corporation act.
3. Funding of group of companies: The funding of group of companies comes from different sources. In 2017, the company issued new ordinary shares to the public. Apart from that, in previous years the company took loans from financial institutions. The reserves of the company are also used to fund the operations and projects of the company. No bonus issue is made in the...
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