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Microsoft Word - ACC 303 CA - 3T2016 Assignment ACCM4200 FAR1 Assignment Information Page 1 of 3 Assessment Information Subject Code: ACCM4200 Subject Name: Financial Accounting and Reporting 1...

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Microsoft Word - ACC 303 CA - 3T2016 Assignment

ACCM4200 FAR1 Assignment Information Page 1 of 3

Assessment Information

Subject Code: ACCM4200
Subject Name: Financial Accounting and Reporting 1
Assessment Title: Individual Assignment
(Technical 10%) and (Communication skills10%)

Weight 20%

Due date Monday of Week 9 by 19:55 AEST

Assessment Description

Learning Outcome 4: Develop information gathering (research) and communication
strategies to enable the provision of professional advice to a client.

Objective: The objective of this assignment is to learn to effectively research a
technical aspect of accounting and communicate professional advice to a client, via a
usiness letter.

Background to the case study:

Assume that you are a graduate accountant working for McKenzie and Associates a
public accounting firm situated at 668 George Street, Melbourne, VIC 3000. The
manager of your firm, Ms Maria McKenzie has asked you to draft a letter in response
to an email received from a client – Mr Con Pewter, the Managing Director of Pewter
Ltd, raising a key accounting issue regarding his company – see the copy of the email
on the next page.

The maximum length of the letter is 1.5 pages. You should address all the technical
issues/discussion after the letter on separate pages.

• Part A: Technical component 10% - This mark covers the technical content of
your advice and the explanation on each of the issues, the calculations and the
sources used.

• Part B: Communication Skills – Letter Writing 10% - This mark covers the
generic skills of business letter writing; layout, clear meaning, structure and
organisation, appropriate tone and grammar, spelling and punctuation etc.

The assignment is designed to test the following skills:

1. Your knowledge and your ability to research the issues and then apply the
information appropriately using judgement to co
ectly identify the relevant
standards and legislation that relate to the issues raised by the client.
2. Your written communication skills – business letter writing.
ACCM4200 FAR1 Assignment Information Page 2 of 3

Please note: Any work which has been copied or shared between students will result
in a Fail grade for both students concerned. Therefore, please make sure that the
answer to this individual assignment is your work and not copied or bought from any
source. In completing this assignment make sure you follow the guidelines for
assignments especially those relating to the presentation of written work, late
assignment policy and academic integrity.

Please check the marking ru
ic for each part to ensure that you have followed all the
guidelines for presenting your work.



Re: Accounting Issues: Year Ending 30 June 2018
From: Con Pewter ( XXXXXXXXXX)
Sent: 5 July 2018
To: Maria McKenzie ( XXXXXXXXXX)

Dear Maria

Thank you for your phone call this morning, as agreed I am emailing you regarding
the accounting issues we
iefly discussed. By the way to assist the accounting team
in our decision-making process could you please make sure you reference any
elevant sources relating to your advice, for example, AASBs, Corporations Act, and
elevant websites.

Here is the background to our problem - as you know, Pewter Ltd is a leading company
in the sale of frozen and canned fish produce. These products are sold under two
and names. Fish caught in southern Australian waters are sold under the
and ‘Artic
Fresh’, which is the
and the company developed when it commenced operations
and which is still used today. Fish caught in the northern oceans are sold under the
and name ‘Tropical Taste’, the
and developed by Fishy Tales Ltd. Pewter Ltd
acquired all the assets and liabilities of Fishy Tales Ltd a number of years ago when it
took over that company’s operations.

Pewter Ltd has always marketed itself as operating in an environmentally responsible
manner, and is an advocate of sustainable fishing. The public regards it as a dolphin-
friendly company as a result of its previous campaigns to ensure dolphins are not
affected by tuna fishing.

The marketing manager of Pewter Ltd has noted the efforts of the ship, the Steve
Irwin, to disrupt and hopefully stop the efforts of Japanese whalers in the southern
oceans and the publicity that this has received. He has recommended to the board of
directors that Pewter Ltd strengthen its environmentally responsible image by
guaranteeing to repair any damage caused to the Steve Irwin as a result of attempts
to disrupt the Japanese whalers.

He believes that this action will increase Pewter Ltd’s environmental reputation, adding
ACCM4200 FAR1 Assignment Information Page 3 of 3

to the company’s goodwill. He has told the board that such a guarantee will have no
effect on Pewter Ltd’s reported profitability. He has explained that, if any damage to
the Steve Irwin occurs, Pewter Ltd can capitalise the resulting repair costs to the
ca
ying amounts of its
ands, as such costs will have been incu
ed basically for
marketing purposes. Accordingly, as the company’s net asset position will increase,
and there will be no effect on the statement of profit or loss and other comprehensive
income, this will be a win-win situation for everyone.

The chairman of the board knows that the marketing manager is very effective at
selling ideas but knows very little about accounting. The chairman has, therefore,
asked me to provide him with a summary advising the board on how the proposal
should be accounted for under the Financial Reporting Standards and how such a
proposal would affect Pewter Ltd’s financial statements.

Please respond by letter (not email) as I would like to present this to the Board. I look
forward to hearing from you shortly.
Regards

Con Pewter
Managing Director, Pewter Ltd
Level 6, 510 King William Street,
Adelaide SA 5000

Hint: Remember that your firm plans to charge the client for your advice; as a
check ask yourself if you would pay for the advice you have drafted!
Answered Same Day Apr 29, 2020 ACCM4200

Solution

Abr Writing answered on May 04 2020
142 Votes
Mckenzie & Associates
668, George Street,
Melbourne, VIC 3000.
[email protected]
Con pewte
Managing Director, Pewter Ltd
Level 6,510 king William Street
Adelaide SA 500
[email protected]
Dear pewte
Thanks for emailing us about the various accounting issues prevailing in your company. Our team will be very happy to support and sort out the various issues and will give you a genuine advice in the particular case matter.
According to IAS 38 intangible assets, the objective and focus of this standard is to render the treatment of accounting in the segment of intangible assets which are particularly not dealt into the other accounting standards.
In the present world the valuation of
and has become a common place tool for evaluating the performance in the segment of promotion and marketing in the business world. In the present case situation your...
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