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HA3011 Advanced Financial Accounting Assignment Instructions: Each group member is required to submit 1,500 words . Your hard copy will be handed back to you once marked. The date of submission is...

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HA3011 Advanced Financial Accounting
Assignment
Instructions:
Each group member is required to submit 1,500 words .
Your hard copy will be handed back to you once marked.
The date of submission is Friday 4th May. As per your student handbook, late submissions will draw penalties.
It is to be in a report format, complete with correct referencing by following Harvard referencing system. Make sure about university plagiarisms policy if followed properly.
Assignment requirements.
An extensive consultation paper has been provided to you related to the Conceptual Framework from the International Public Sector Accounting Standards Board.
you need to read the report, understanding its purpose and then discuss Phases 3 and 4 (Measurement as well as Presenting information in GPFR’s). NOTE: you are not required to discuss Phases 1 & 2.
This will require you to understand the background, a clear understanding of the relevance of each phase and a discussion as to where this will lead, what the likely outcomes are and why. You should consider and include the history and practices in Australia in your report, e.g. AASB and the structure that existed pre-IASB. As a conclusion, you are to include what you have learned/understood from the paper and from your findings.
Assessment
Whilst it is expected that each submission will differ, assessment consideration will be based on the effort undertaken, the research and the understanding shown. Each assignment will be considered on the merits and quality of the submission. Poor presentation and referencing will draw mark deductions.
Use some relevant references also to show the research.
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HA3011 Advanced Financial Accounting Assignment Instructions: Each group member is required to submit 1,500 words . Your hard copy will be handed back to you once marked. The date of submission is Friday 4th May. As per your student handbook, late submissions will draw penalties. It is to be in a report format, complete with correct referencing by following Harvard referencing system. Make sure about university plagiarisms policy if followed properly. Assignment requirements. An extensive consultation paper has been provided to you related to the Conceptual Framework from the International Public Sector Accounting Standards Board. you need to read the report, understanding its purpose and then discuss Phases 3 and 4 (Measurement as well as Presenting information in GPFR’s). NOTE: you are not required to discuss Phases 1 & 2. This will require you to understand the background, a clear understanding of the relevance of each phase and a discussion as to where this will lead, what the likely outcomes are and why. You should consider and include the history and practices in Australia in your report, e.g. AASB and the structure that existed pre-IASB. As a conclusion, you are to include what you have learned/understood from the paper and from your findings. Assessment Whilst it is expected that each submission will differ, assessment consideration will be based on the effort undertaken, the research and the understanding shown. Each assignment will be considered on the merits and quality of the submission. Poor presentation and referencing will draw mark deductions. Use some relevant references also to show the research.

Answered Same Day Dec 22, 2021

Solution

Robert answered on Dec 22 2021
127 Votes
Course Outline
Solution 1
a) Level of participation
The level of participation is good and includes executives from operational level to the CEO level in the process. It is necessary to involve all the people in the process so that there will be less deviation when the actual results will out. A well-defined budget helps the worker in identifying its responsibilities and make people’s effort directed towards the achievement of organizational goals. Moreover, people’s activities unite in proper direction and there is proper alignment of individual and organizational objectives to help the restaurant to grow in a long run and increase the profitability.
) Level of enforcement
The level of enforcement is little weak since the thorough review occurs just once in a year because of which the immediate supervisors has little control over its subordinates. The right process is to analyze it monthly or maximum quarterly so that subordinates will remain focused to achieve its target. Secondly, some of the inexperienced managers do not have idea about variance analysis so proper training should be given to understand the same.
c) Adequate time for preparation
All the executive has been given ample time to prepare the budget for the coming year. However, after the review of the last year budget and finding out variances, they do not have enough time to implement it in next year budget. Hence, it must be sorted out to make the budget more effective and penetrative. Management should consider the quality and efficiency along with the time element. Merely setting an impossible period for accomplishment of task may hamper the quality and creative thinking of the workers. It should be very much practical in deciding the course of action to follow in the future. Budget should be prepared taking into considerations of various alternatives and changing circumstances and there should be scope of change if needed.
d) Level of slack
The level of slack at various part of budget is absent or too less. The restaurant managers were surprised when they found that the budget approved is different from what they have prepared. It just has no slack to take care of any future inconsistencies.
Solution 2
a) The various performance measures that should be included with reasons are as follows:-
· The Quality control system must be introduced using customer’s feedback to put the negative feedback within 1% of the total meals served in all production’s line. This will help to improve quality by minimizing the no. of defects.
· The delivery should be done within 15 minutes after receiving the order, if failed customers should have option to put it in fifteen minutes. The non-adherence should be within the limit of 1%.
· The production cost should be 5% lesser than the budget for excellent performers. No deviation should...
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