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HOLMES INSTITUTE FACULTY OF HIGHER EDUCATION HA3011 Advanced Financial Accounting Assessment Details and Submission Guidelines Trimester T1 2020 Unit Code HA3011 Unit Title Advanced Financial...

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HOLMES
INSTITUTE

FACULTY OF
HIGHER
EDUCATION
HA3011 Advanced Financial Accounting
Assessment Details and Submission Guidelines

Trimester T1 2020
Unit Code HA3011
Unit Title Advanced Financial Accounting
Assessment Type Assignment
Assessment Title Individual Assignment
Purpose of the
assessment;
Students are required to, follow the instructions by your lecturer to confirm any
elevant information. You also need to follow any relevant announcement on
Blackboard that confirm the date and time.
The individual assignment will assess students on the following LOs;
1. On understanding of the various theoretical models of accounting
2. On applying knowledge and understanding to specific financial reporting issues to
AASB accounting standards
3. On discussing the theoretical constructs of contemporary financial accounting
4. On evaluating and explaining the need for the development of a conceptual
framework for accounting, and discuss the influence of such a framework on accounting
practice.
5. On Understanding of the Australian accounting regulatory framework and the
conceptual framework
6. On understanding of how to account for assets, non-cu
ent assets and liabilities
7. Be able to calculate for revaluations and impairments of non-cu
ent assets, and
then journalise, and
8. Account for leases for both lessees and lessors.
Weight 25 % of the total assessments
Total Marks 25
Word limit 2000 words
Due Date Sunday of week 10 at 11:59
Submission
Guidelines
All work must be submitted on Blackboard by the due date along with a completed
Assignment Cover Page.
The assignment must be in MS Word format, no spacing, 12-pt Arial font and 2 cm
margins on all four sides of your page with appropriate section headings and page
numbers.
Reference sources must be cited in the text of the report, and listed appropriately at
the end in a reference list using Harvard referencing style.





Page 2 of 3
HA3011 Advanced Financial Accounting
Assignment 2 Specifications
Purpose:
This assignment aims at assessing students on the Learning Outcome from 1 to 8 as mentioned above.
Assignment Structure should be as the following:
Assignment Topics Weighting
Structure 1.5
Introduction 1.5
General Purpose Financial Reporting - Definition, Description, Critical Discussion &
Identification
8
Objective of the General Purpose Financial Reporting, within existing conceptual
framework project
8
Conclusion 2
Language 2
References 2
 Total Marks 25

Assignments’ Instructions and Requirements
In the excel file “Find Your Company” you will find the listed company you have been allocated for this course.
This file will be made available on Friday of Week 4. Complete this assignment for the company you have been
allocated. Please be careful to use the listed company you have been allocated. Your assignment will not be
marked if you use a different company to the one you have been allocated; and you will be asked to resubmit
your assignment using the right company.
Go to the website of your company in the list of companies in the file “Find Your Company”. 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 firm’s annual reports and save to your computer your firm’s latest annual report.
For example, these may be dated 30 June 2018 or 31 March 2019. Do not use your firm’s interim financial
statements or their concise financial statements. You are need to do the following tasks:
Please read the relevant footnotes of your firm’s financial statements carefully and include information from
these footnotes in your answer.
Required:

▪ From the annual report of your allocated company and in addition, to providing examples,
define, describe and critically discuss the objectives of general purpose financial reporting
(GPFR)? Which objective appears to have been included within existing conceptual framework
project? and identify if your allocated company’s report is a GPFR and if the objectives of GPFR
are achieved by your company?


For additional guidance for marks allocations refer to the below marking ru
ic / guide.
Students need to make sure that performing the assignment using the same company is not permitted.









Page 3 of 3
HA3011 Advanced Financial Accounting
Assessment Criteria:
Assessment of the case study will be based on the criteria listed below and your submission should
include the following:
This assignment is to be your own work. You will find information regarding plagiarism and academic
misconduct in Blackboard. It is the responsibility of the student who is submitting the work, to ensure
that the work is in fact he
his own work. Incorporating another’s work or ideas into one’s own work
without appropriate acknowledgement is an academic offence. Students can submit all assignments
for plagiarism checking (self-check) on Blackboard before final submission in the unit. For further
details, please refer to the Unit Outline and Student Handbook. It is essential that students use a
standard referencing style in their assignments – Holmes Institute uses the Harvard Referencing style.
Marking Criteria
Marking Criteria Weighting
Structure 1.5
Introduction 1.5
General Purpose Financial Reporting (GPFR) – Definition, Description, Critical Discussion &
Identification
8
Objectives of the General Purpose Financial Reporting within existing conceptual
framework project
8
Conclusion 2
Language 2
References 2
TOTAL Weight 25%
XXXXXXXXXXMarking Ru
ic
Excellent Very
Good
Good Satisfactory Unsatisfactory
Marks
Allocation
Structure XXXXXXXXXX/
Introduction XXXXXXXXXX/
General Purpose Financial
Reporting - Definition, Description,
Critical Discussion & Identification.
8/
Objectives of the General Purpose
Financial Reporting, within existing
conceptual framework project.
8/
Conclusion 2/
Language 2/
References 2/
Total XXXXXXXXXX/
Answered Same Day May 30, 2021 HA3011

Solution

Harshit answered on Jun 04 2021
146 Votes
ADVANCED FINANCIAL ACCOUNTING
    Serial Numbe
    Contents
    Page Numbe
    1.
    Introduction
    1
    2.
    Concept Of General Purpose Financial Frameworks
    2-4
    3.
    Objective of the General Purpose Financial Reporting
    5-10
    4.
    Conclusion
    11
    5.
    References
    12
INTRODUCTION

Name of the company: -
AMC Amcor Plc Materials.
Nature of Business: - Packaging Company.
About the company: - The company offers a range of packaging related
Products and services, including packaging for beverages, food, healthcare, and personal and home care, tobacco, and industrial applications. Its products include packaging for fresh foods, such as meat, fish,
ead, produce, and dairy and processed foods.
The company employees more than 55,000 people across the globe with operations in more than 40 countries and 250 sites. The global sales of the company reached a US $13 billion in the year ending 2019. The business model of the company has been constant and therefore it has a competitive advantage in the industry.
CONCEPT OF GENERAL PURPOSE FINANCIAL FRAMEWORKS
General Purpose Financial Framework is a set of summarised reports and statements that are published by the board of directors to the General public at large. GPFF provides the general observation in respect to the company's finances. GPFF is the means of communicating relevant and reliable information about the organization by the organization to the end-users. The basic purpose of preparation of the GPFF is to meet all the requirements of stakeholders, they are designed to meet the requirement of a wide range of financial information users. It is the accounting process by which financial and economic transactions and events are recorded and presented. It reduces the information gap between investors, creditors, lenders, and management (Reporting, F., 2010). General Purpose Financial Report has information about economic resources and claims that help in determining the liquidity position of the organization, solvency, and financial needs.
As we know that the AMC Amcor Plc is a listed company in various stock exchanges, the requirement of General Purpose Financial Frameworks are very high. GPFRs prepared to respond to the information need of the service recipient for accountability and decision-making purpose. Information contained in the GPFF should be relevant, information should be characterized as relevant if it make a difference in the decision-making process. Information should has faithful presentation, under stability, timeliness, and comparability.
There are four basic elements of the financial statements,
Assets-Assets is defined as a resource of an organization that is presently controlled by the organization and it generates the economic benefits for the organization.
Liability- It is a present obligation of the entity for cash outflow that derived from a past event.
Revenue- It increases the cash flow of the organization and other than from the capital infusion. It is recorded based on realization or confirmation of the realization.
Expense- It decreases the cash flow of the company other than from the distribution of dividends.
The following diagram describes the conceptual framework applicable in Australia:
The use of the GPFF depends upon the nature of the stakeholders; in our case, the AMC Amcor Plc has various stakeholders. If the user is creditors, then they are concern with the amount of supplies they made to the organization. If the user is a resource provider, such as mines given by the government, then they are more concerned with the use of those resources. If user is equity investor, they are more concern with the rate of return they are getting from the amount invested and more concern with the dividends, futures prospects and upcoming deals of the company, they can decide for invest, sale or hold the equity of the company.
If user is lender than they are more concern with the future cash flow of the company, plan of the company, how the company is using their funds, management response, timely re-payment of loans, interest accounting, etc. and if a user is a government than they are more concern with the applicability of rule and regulation on the organization and companies ways to follow these rules and regulation, timely payment of advances taxes and duties. This need for information can be divided into two different groups, namely business entity and non-business entity. Business entity's more focus on the financials of the company such as profit, sales, cash flow, etc. and non-business entities are pursuing more on non-financial activities such as environmental issues, local society, etc. However financial reporting is not...
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