MA 511 Financial Accounting & Reporting XXXXXXXXXXPage 6 of 6
Assessment Details and Submission Guidelines
MA511 Financial Accounting & Reporting
School
Business
Course Name
Master of Professional Accounting (MPA)
Unit Code
MA511
Unit Title
Financial Accounting & Reporting
Trimeste
Trimester 1, 2020
Assessment Autho
Dr Jayasinghe Hewa Dulige
Assessment Type
Report
Assessment Title
Assessment Task 3 – Individual
Unit Learning Outcomes Addressed:
c. Apply IFRSs including the framework in the preparation of general purpose financial statements.
e. Design and develop an entity’s accounting system to maintain financial information and facilitate the preparation of general purpose financial statements.
Weight
15%
Total Marks
100
Word limit
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Release Date
Week Three
Due Date
Week 6
Submission Guidelines
· This assignment should be completed individually.
· All work must be submitted on Moodle by the due date along with a completed Assignment Cover Page.
· The assignment must be in MS Word format, 1.5 spacing, 11-pt Cali
i (Body) font and 2 cm margins on all four sides of your page with appropriate section headings.
· Reference sources must be cited in the text of the report, and listed appropriately at the end in a reference list using APA 6th edition for the School of Business.
Extension
If an extension of time to submit work is required, an Application for Special Consideration and supporting documentation must be submitted directly to the School's Administration Officer via your MIT AMS login
[https:
online.mit.edu.au/ams/default.aspx?ReturnUrl=%2fams%2f]. You must submit this application no later than three working days after the due date of the specific piece of assessment or the examination for which you are seeking Special Consideration. Further information is available at:
http:
www.mit.edu.au/about-mit/institute-publications/policies-procedures-and-guidelines/specialconsiderationdeferment
Academic Misconduct
Academic Misconduct is a serious offence. Depending on the seriousness of the case, penalties can vary from a written warning or zero marks to exclusion from the course or rescinding the degree. Students should make themselves familiar with the full policy and procedure available at: http:
www.mit.edu.au/about-mit/institute-publications/policies-procedures-and-guidelines/Plagiarism-Academic-Misconduct-Policy-Procedure. For further information, please refer to the Academic Integrity Section in your Unit Description.
Assessment Cover Sheet
Student ID Numbe
s:
Student Last name/s:
Student First name/s:
Course:
School:
Unit code:
Unit title:
Due date:
Date submitted:
Campus:
Lecturer’s Name:
Tutor:
Student Declaration
I/We declare and certify that:
1. the work contained in this assessment is my/our own work/group work, except where acknowledgement of sources is made;
1. this assessment has not been submitted previously for academic credit in this or any other course;
1. I/we have read MIT’s Plagiarism and Academic Misconduct Policy and Procedure, and I/we understand the consequences of engaging in plagiarism, collusion and contract cheating;
1. a copy of the original assignment is retained by me/us and that I/we may be required to submit the original assignment to the Lecturer and/or Unit Co-ordinator upon request;
I/we have not plagiarised the work of others or participated in unauthorised collaboration or contract cheating when preparing this assessment.
MIT ID
Signature
Date
Assessment Task Description
Whale Caravans Ltd (WCL) is a reporting entity, that is required to prepare General Purpose Financial Statements (GPFS), manufactures high quality caravans and prefa
icated sheds built to suit the needs of Australian consumers. With 50 years of manufacturing reputation, WCL maintains quality, innovation and champions in customisation. WCL is a profitable company and had been continuously paying company tax over two decades.
Unfortunately, in the cu
ent year due to bush fire, Company’s main factory in Sydney’s west was destroyed. The company has recorded a $5.2 million accounting loss in the cu
ent period as a result of bush fire. The Board of Directors of Whale Caravans Ltd are debating whether it can raise a defe
ed tax asset in relation to this loss in the financial statements for the cu
ent period.
Loftus et al XXXXXXXXXXand Leo et al XXXXXXXXXXpostulate that in Australia, tax losses can be ca
ied forward and charged against future taxable profits.
AASB 112 states that;
“When a tax loss is used to recover cu
ent tax of a previous period, an entity recognises the benefit as an asset in the period in which the tax loss occurs because it is probable that the benefit will flow to the entity and the benefit can be reliably measured” (AASB112, pp 9).
Required
Prepare a report to the chairman of WCL discussing whether the tax loss in the cu
ent year be recognised as a defe
ed tax asset in accordance with AASB 112 accounting for company income taxes.
You are also required to review one of the ASX listed companies’ annual report’s financial statements and notes, and provide examples as to how they recognise defe
ed tax assets in their financial statements.
In your report:
1. What is tax loss and how is it accounted for?
2. Discuss how and when a defe
ed tax asset (DTA) or defe
ed tax liability (DTL) must be recognised. Discuss any differences between the criteria for DTA and DTL.
3. Evaluate the factors that should be considered in determining whether defe
ed tax assets relating to tax losses are to be recognised.
4. Analyse and report how the selected/allocated ASX listed company recognised and disclosed DTA, DTL and Tax losses if any.
5. Advise the Chairman of WCL how income tax losses can provide future tax benefits.
Leo, K., Knapp, J., McGowan, S. and Sweeting, J XXXXXXXXXXCompany Accounting (11th ed.). John Wiley Milton Queensland.
Loftus, J., Leo, K., Daniliuc, S., Boys, N., Luke, B., Ang, H. and Byrnes, K XXXXXXXXXXFinancial Reporting (3nd ed.). John Wiley, Milton Queensland.
Australian Accounting Standard Board XXXXXXXXXXIncome taxes, AASB, Retrieved from:
https:
www.aasb.gov.au/admin/file/content105/c9/AASB112_08-15_COMPfeb2018_01-19.pdf
This assignment must be written/structured in the form of a ‘business report’. That is, it must have a/an;
(a) Executive summary (between 100 to 150 words),
(b) Introduction that;
Succinctly summarizes this assignment’s topic and its key issues, controversies, etc. (no more than 200 words), and
(c) Body that addresses all the requirements – see above 1-5 (no more 1000 words),
(d) Conclusion that sums up the mains issues of this assignment (no more than 200 words), and
(e) Reference list containing all cited works.
(f) Proper English Grammar, appearance, format, etc.
At least 2 recognized journal article should be cited.
Marking criteria:
MA511 / Financial Accounting & Reporting /Semester T1, 2021, Individual Assignment
Name:
Student Number
Assessment Criteria
Total Marks
Marks awarded
Criterion 1 - Structure and Clarity of the Report/Assignment
· introductory paragraph
· logical flow of clarity and structure of ideas and arguments
· appropriate use of paragraph and headings to explain and discuss ideas
· appropriate concluding paragraph
3
2
2
3
Total marks for criterion 1
10
Criterion 2 - Body/contents
1. What is tax loss and how is it accounted for?
2. Discuss how and when a defe
ed tax asset (DTA) or defe
ed tax liability (DTL) must be recognised. Discuss any differences between the criteria for DTA and DTL.
3. Evaluate the factors that should be considered in determining whether defe
ed tax assets relating to tax losses are to be recognised.
4. Analyse and report how the ASX listed company recognised and disclosed DTA, DTL and Tax losses if any.
5. Advice the Chairman of (WCL) how income tax losses can provide future tax benefits.
10
10
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15
Total marks for criterion 2
60
Criterion 3 - Research and Analysis
· quality of research undertaken
· accuracy and depth of analysis
· appropriate use of in-text and end text referencing
· quality of information sources
· appendices
7
7
4
4
3
Total marks for criterion 3
25
Criterion 4 - Presentation
· layout
· formatting
· spelling/gramma
· proof read
· professional format
1
1
1
1
1
Total marks for criterion 4
5
Total marks
100
Total marks
20
Other Comments
Using Technology for Assessment
Rationale
Activities
Technological tools selected
· Industry knowledge & skills
· reflection on learning
· feedback on performance
· practice of critical thinking
· check for plagiarism
· problem-based learning
· online forum on Moodle
· Turnitin
Marking guide for Individual assignment – BA214 -T1 2021
Criteria/ Grades
Fail (N) [Unsatisfactory]
50%
Pass (P) [Satisfactory]
50%-59%
Credit (C) [Good]
60%-69%
Distinction (D) [Very Good]
70%-79%
High Distinction (HD) [Excellent]
80-100%
Evaluation of Information
Information is used with some interpretation/evaluation, but not enough to develop a coherent analysis or synthesis. Analyses and evaluates information to complete a limited range of activities. Analysis and evaluation reflect little expert judgment, intellectual independence, rigour and adaptability.
Selects relevant information to address the issues in the case. Identifies logical flaws in the information provided in the case. Analysis and evaluation reflect acceptable level of intellectual independence, rigour, authoritative judgment and adaptability.
Selects relevant information to address the issues in the case. Identifies and rectifies logical flaws in the information provided in the case. Information is often selected with interpretation/evaluation to develop a comprehensive critical analysis or synthesis. Evaluates available information, identifies missing information. Analysis and evaluation reflect good intellectual independence, rigour, authoritative judgment and adaptability.
Systematically selects relevant information to address the issues in the case. Identifies and rectifies logical flaws in the information provided in the case. Information is often selected with a high level of interpretation/evaluation to develop a comprehensive critical analysis or synthesis. Thoroughly evaluates available information, identifies missing information and makes reasonable assumptions to fill gaps in evidence. Analysis and evaluation reflect a high level of intellectual independence, rigour, authoritative judgment and adaptability.
Systematically selects relevant information to address the issues in the case. Identifies and rectifies logical flaws in the information provided in the case. Information is selected with a high level of interpretation/evaluation to develop a comprehensive critical analysis and/or synthesis. Very thoroughly evaluates available information, identifies missing information and makes reasonable assumptions to fill gaps in information needed to address issues in the case. Analysis and evaluation reflect a consistently very high level of intellectual independence, rigour, authoritative judgment and adaptability.
Use of Existing Knowledge