Microsoft Word - ACCT 3011 individual assignment sem XXXXXXXXXXwith marking guide
ACCT3011
Financial Accounting B
Semester 2, 2018
Individual Assignment
Instructions and information
Completion of all parts of this assignment is compulsory. Each assignment should
e submitted using the ‘turnitin’ function on Canvas (included within the
Assessment folder)
Due date: 4pm 9 October XXXXXXXXXXIf you submit after the due date, a late penalty
of 10% per day, or part thereof, including weekends, will be applied. Furthermore,
as noted in your unit of study outline, any assignment submitted beyond the closing
date of 4pm 19 October 2018, will result in a mark of zero.
Your assignment will be marked out of 50 and scaled back to a mark out of 10.
The format for your submission must be as follows:
o 12 point font, Times New Roman, paragraphs formatted with 1.5 line
spacing, and with margins of 2.5cm. This assignment must be done on
‘Word’ or other text format program. Do not use ‘Excel’ or other non-
text programs to do this assignment. Do not submit a PDF file.
o Your submission must not exceed 5 pages in total, including any
appendices you may choose to attach. Any work after the allowed 5
pages will not be marked. A bibliography
eference list is not included
in the 5-page count and should be on a separate page (for example, if
you have a 5 page submission, the bibliography should be on a 6th page).
Failure to comply with these requirements will incur penalties.
Your referencing in this assignment should draw from the Business School
Referencing Guide (see reference guide under ‘student policies’) or the APA style.
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In the header of your word document you must show your SID. For example,
‘ XXXXXXXXXX’. Other guidance on how to submit using Turnitin is provided in the
assessment folder on Canvas.
Turnitin will also be utilised to review for plagiarism. That review allows an
assessment of whether unreferenced slabs of your work are identical to any other
na
ative accessible anywhere through the internet, including any submission of
another student for the same assignment.
If necessary, students are advised to refer to the special consideration advice contained
in the Administration Manual for Students on the Faculty website:
http:
www.econ.usyd.edu.au/cu
entstudents/student_information.
3
Grade Descriptors:
Due to the specific nature of this assignment, students are advised generic submissions
will not score high marks as the assignment requirements will not be met. The following
can at best be considered as a general indication, assuming consistency in quality of
component parts.
High Distinction The attempted solution substantially exceeds minimal requirements,
and is consistent and coherent. It excels in substantive content and demonstrates
professional communication skills. It reflects consideration of your own well developed
perspectives and is framed in your own words.
Distinction The attempted solution substantially exceeds minimal requirements across
most tasks and through effective communication demonstrates a strong understanding
of the accounting issues and relevant accounting requirements. Good development of
your own perspectives.
Credit The attempted solution exceeds minimal requirements across most tasks, but is
less well developed, less framing in your own words (e.g. dull reproduction of slabs of
text from others), some e
ors or omissions in application.
Pass A minimal standard is reached across various aspects of the task.
Fail The task is not completed. The solution does not reflect an appropriate
understanding of the question/assigned task. Poorly developed responses.
Questions about the Assignment:
All assignment queries must be posted to the specially assigned ‘Assignment’
discussion forum on Canvas. This provides an opportunity for all students to have
access to the same information.
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Analysis and interpretation of
Qantas Limited and Virgin Australia Holding Limited Group
2017 Annual Reports
In this assignment you will analyse, interpret and explain equity accounting and non-
controlling interest disclosures provided by Qantas Limited and Virgin Australia
Holdings Limited Group in their 2017 Annual Reports. A copy of the related resources
is provided in the Assessment folder on Canvas for you to refer to:
- Qantas Annual Report 2017 (Qantas Annual Reports are also available at:
http:
investor.qantas.com/investors/?page=annual-reports;
- Virgin Australia Group Annual Financial Report 2017 (Virgin Annual
Reports are also available at: https:
www.virginaustralia.com/au/en/about-
us/company-overview/investor-information/annual-reports/)
In preparing your responses you may need to search
oadly across Qantas Limited’s
entire 2017 Annual Report and Virgin Australia Group 2017 Annual Report to inform
your response.
We will determine your mark out of 50 as follows:
Part Mark
1 /8
2 /8
3 /5
4 /8
5 /6
6 /7
Are all written sections of the assignment prepared in a professional, neat
style with minimal grammatical and spelling e
ors?
4
Additional contributions. This might include relevant reference to other
media analysis of the 2017 Qantas results, or academic papers or other
examples.
4
Preliminary mark /50
Penalties/
deductions
Final mark /50
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QUESTIONS
Non-controlling interest
1. Explain all of the disclosures provided in the consolidated financial statements
as well as in the notes to the consolidated financial statements in the Qantas
Limited Annual Report for the year ended 30 June 2017 in relation to the non-
controlling interest in the group. Explain what each of these disclosures is
communicating. XXXXXXXXXX8 marks)
2. Explain what we learn from the Qantas Limited Annual Report about the
group’s structure, and about the names of the subsidiaries in the group. Can you
determine the names of the subsidiaries to which the non-controlling interest
applies and the percentage of non-controlling interest in each case? Contrast
what is or is not disclosed about those less than wholly owned subsidiaries, to
the disclosure requirements of AASB12 and explain your perspective on
whether the Qantas group has adequately complied with AASB12.
In answering question 2, explain what you find in the Qantas Limited Annual
Report, where it is disclosed, and your perspectives on the adequacy or
shortcomings of the information disclosed XXXXXXXXXXmarks)
3. Imagine you are an external investor in one of those subsidiaries which are less
than 100% owned by Qantas group entities (that is, you are a part of the Qantas
group non-controlling interest). Explain your perspective on the utility to you
of the Qantas Limited Annual Report in general, and specifically on the non-
controlling interest disclosures provided XXXXXXXXXX marks)
Equity Accounting disclosures
4. Identify and explain disclosures provided in the consolidated financial
statements as well as in the notes to the consolidated financial statements in the
Qantas Limited Annual Report for the year ended 30 June 2017 in relation to its
investments in associates and joint ventures. In your explanation, include an
explanation of how the line item, ‘investments accounted for under the equity
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method’ in the Consolidated Balance Sheet would have been measured.
XXXXXXXXXX8 marks)
5. Explain what we learn about Virgin Australia Group’s structure from the
Section F in the notes of the Virgin Australia Group 2017 Annual Report.
Comparing to Qantas Limited 2017 Annual Report, what additional information
did Virgin Australia Group 2017 Annual Report provide on its controlled
entities, joint ventures, associates, and non-controlling interests? Again, you
should relate this to the relevant disclosure requirements set in AASB12,
providing your perspective on whether Virgin Australia has adequately
complied with these requirements.
XXXXXXXXXX6 marks)
6. According to Section F2 in Virgin Australia Group 2017 Annual Report, the
Group holds a 49% interest in Virgin Samoa Limited, a company incorporated
in Samoa and accounted for as an associate. Virgin Australia Group defines an
associate as an entity over which the Group has significant influence. Contrast
the indicators of ‘significant influence’ and ‘control’ included in AASB 10 and
128. How would you describe the difference between ‘strong significant
influence’ and ‘weak control’? Assuming Virgin Australia has adequately
complied with these accounting standards, what sorts of facts are likely to have
led to the conclusion that Virgin Samoa Limited is an associate and not a
subsidiary?
XXXXXXXXXX7 marks)
Microsoft Word - Annual Report XXXXXXXXXXASX-ND.docx
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