ACCT3102 EXTERNAL REPORTING CASE STUDY 代写
ACCT3102 External Reporting – Semester 2, 2017 ACCT3102 EXTERNAL REPORTING CASE STUDYThis assignment information should be read in conjunction with the material provided in relation tothe lecture for Topic 6: Case Study Development and Communication.Please note Section 5.5 of the ECP: Students must submit this assignment to achieve a passing grade inACCT3102. Failure to submit, even with a mark of more than 50% in the two examinations, will resultin a grade of 3.CONSULTATION IN RELATION TO THE CASE STUDYTo ensure consistency of information, ALL questions relating to the case study must be submitted onthe Blackboard Discussion Board Case Study Thread. Questions will be answered promptly when usingthis platform. We will not be answering content related questions in relation to this assessment itemin consult or via email. The only exception to this will be during the Case Study Lecture.Case StudyLIMIT 3 pages (excludes Appendix and the Reference List)WEIGHTING 20% (40 marks)REQUIREMENTS:You are required to individually prepare business advice to the directors of Snow Protek Ltd. Thefollowing professional writing protocols have been adopted by your firm for correspondence with allclients:• All client correspondence is to be single line spaced on A4 paper with 2.5cm for all margins.• Font to be used is Times New Roman font size 11.• All calculations should be rounded to the nearest whole dollar amount/percentage.Important notes relating to referencing:• Harvard referencing is to be adopted for in-text reference, other than for accounting standards (seenote below), and for the reference list.• Ensure you use the most recent version of AASB 138 Intangible Assets as issued in December 2015.• For the in-text referencing from the accounting standards, you must cite the specific provisionsincluding paragraph from the relevant AASB. One of the following two examples should be adopted:AASB 102:11 or AASB 102 para. 11. However, do not reproduce significant parts of the regulation asthis would not be appropriate when presenting your advice to a client. The focus should be oninterpretation and application of the standard, with a concise, well-structured analysis for your clientwith key referencing to critical elements of the appropriate accounting standards.• A ‘Formal Report’ structure with an Executive Summary and Table of Contents is NOT required giventhe brevity of the required information.• This assessment must be the sole work of the individual student and not done in collaboration withother students. Students may discuss with one another the general principles of the AccountingStandards; however, you may not collaborate/discuss on the specifics of the proposal or how theStandards are relevant to the proposal.ACCT3102 External Reporting – Semester 2, 2017 Case StudyThe following business situation has been presented to your firm for advice.Snow Protek Ltd is a small company. Because of a successful research project the company expects rapidgrowth over the next five to ten years. As a reporting entity, Snow Protek Ltd is required to comply withall accounting standards.As shown in the following extract from its draft Statement of financial position as at 30 June 2016prepared by the company, Snow Protek Ltd has two separate classes of intangible assets:Intangible Assets as at 30 June 2016: Brand name (at directors’ valuation June 2013) $800,000Research and development asset at cost $1,710,000Snow Protek Ltd has provided the following additional details relating to each item.Brand NameIn January 2013, Snow Protek Ltd purchased a successful brand of sun hats for $500,000. The hats, calledSnowsafe, are specially designed for use in snowy conditions. Based on years of experience in theindustry, Snow Protek Ltd’s Managing Director (MD) valued the brand name conservatively at 80% of itsestimated value in use ($1,000,000) on 30 June 2013. The brand name has not been amortised because,as the MD says, “there is no telling just how long these hats will sell”. Over the last two years, numerouscompeting products have emerged under similar brand names and several of those brands have sold tonew owners.In the 2015-2016 financial year, Snow Protek Ltd spent $300,000 on advertising and marketing of itsSnowsafe brand and sales have increased slightly. The MD wishes to increase the value of the brandname by $300,000 to $1,100,000 because any decline in sales has been avoided.Research and DevelopmentThe research and development asset relates to two projects:Project 1: Face Cream – Research and Development asset – $1,260,000Project 1 is concerned with a new form of face cream that, within 1 minute of application, provides aneffective barrier to wind burn for a period of 12 hours. There is great excitement about the potential ofthis product. Snow Protek Ltd is currently building production facilities for the new face cream andexpects these facilities to be completed by 1 July 2016 at which time commercial production willcommence. Further details on these costs are as follows.Costs incurred by Snow Protek Ltd in previous accounting periods – $800,000The prior periods’ costs included:• $100,000 related to research on the effect of UV rays on various skin types;• $200,000 was spent on investigating methods to increase the effective protection timeof the face cream.• $500,000 was spent on developing a face cream that could be easily applied and had apleasing smell and texture.ACCT3102 External Reporting – Semester 2, 2017 In the prior periods no market research was conducted but the MD of Snow Protek Ltd wasconfident of obtaining large sales in Australia and New Zealand.Cost incurred by Snow Protek Ltd in the current accounting period (2015/2016) – $460,000The $460,000 costs incurred during the current period relate to the successful development oftechniques to produce the face cream in large, economically viable quantities. During thecurrent period, an external consultant undertook the first market research of the face cream’spotential sales. The research results conclusively confirmed that there is a large, highly profitablemarket for the cream in both Australia and New Zealand.Project 2: New Fabric – Research and Development asset – $450,000Project 2 relates to the design of a new fabric for ski jackets that Snow Protek Ltd has been investigatingfor a number of years. Costs incurred in prior periods of $300,000 relate to research on different types oftechnologies potentially available to make a highly insulating but non-sweaty material. In the currentperiod, an additional $150,000 has been incurred. However, due to economic constraints faced by thecompany, project 2 was abandoned on the 1 June 2016.Required:You represent the accounting firm advising Snow Protek Ltd as to its compliance with AASB 138Intangible Assets. Comment on all matters relating to the past and current accounting treatment of theintangible assets described above, providing clear explanations to support your answers. This shouldinclude comment on the appropriate value of each intangible asset at 30 June 2016 based on theappropriate basis of measurement (cost model, revaluation model or recoverable amount) anddiscussion on amortization. Your discussion should include comments on any past accounting treatmentdescribed above that are not consistent with AASB 138, with the appropriate treatment that should havebeen adopted.You recommendations should provide a clear explanation of:a) how the accounts would need to be adjusted at 30 June 2016 to reflect your analysis andrecommendations; andb) the determination of the carrying amount of the intangible assets recognised in the Statement offinancial position of Snow Protek Ltd as at 30 June 2016.ACCT3102 External Reporting – Semester 2, 2017 Case Study Marking Criteria and RubricLG 1: Be knowledgeable within field of accounting;• Analysis Brand: Problem is analysed with integration of relevant research of accountingstandards and data.• Analysis R&D: Problem is analysed with integration of relevant research of accounting standardsand data.LG2: Have professional and effective writing skills• Structure: Written work is logically sequenced with sound paragraph structure, clear and easy toread.• Clarity of expression: Writing is free of spelling, punctuation and grammatical errors.• Research and Referencing: Written work is referenced and demonstrates an ability to undertakeindependent research.LG 3: Be creative analytical thinkers• Identification Problem is identified and discussed within relevant context• Analysis Brand: Problem is analysed with integration of relevant research of accountingstandards and data.• Analysis R&D: Problem is analysed with integration of relevant research of accounting standardsand data.• Conclusion: Consequences are considered, discussed, and conclusion reached.• Recommendation: Solutions are proposed and justified.ACCT3102 External Reporting – Semester 2, 2017 Page | 5Case Study Marking Criteria and RubricTask MarkOutstanding5Very Good4Meets Expectations3Below Expectations2Well Below Expectations1Notattempted0IdentificationProblem is identified anddiscussed within relevantcontext5 All key concepts clearlyidentified and summarisedappropriately.Most key conceptsidentified. Only theoccasional minor errorevident.Identifies some keyconcepts. Some minor, andthe occasional major, errorevident.Few key conceptsidentified. Major errorsevident throughout.Fails to identify key concepts.Little or no evidence ofunderstanding.NotattemptedBrand AnalysisProblem is analysed withintegration of relevantresearch of accountingstandards and data.5 Evidence of rigorousresearch of the relevantaccounting standards andapplication of the casedetails, demonstrated bycorrect application of all ofthe relevant sections of theaccounting standards withsupporting calculationscorrect.Evidence of rigorousresearch of the relevantaccounting standards andapplication of the casedetails, demonstrated bythe correct application ofmost of the relevantsections of the accountingstandards with supportingcalculations correct.Evidence of sound researchof the relevant accountingstandards and applicationof the case details,demonstrated by thecorrect application of someof the relevant sections ofthe accounting standardswith supportingcalculations mostly correct.Limited evidence ofresearch of the relevantaccounting standards andapplication of the casedetails, demonstrated bythe correct application offew of the relevant sectionsof the accountingstandards. Errors evident incalculations.Inappropriate and/orinsufficient research of therelevant accountingstandards and application tothe case details. Major errorsevident in calculations.NotattemptedR&D AnalysisProblem is analysed withintegration of relevantresearch of accountingstandards and data.5 Evidence of rigorousresearch of the relevantaccounting standards andapplication of the casedetails, demonstrated bycorrect application of all ofthe relevant sections of theaccounting standards withsupporting calculationscorrect.Evidence of rigorousresearch of the relevantaccounting standards andapplication of the casedetails, demonstrated bythe correct application ofmost of the relevantsections of the accountingstandards with supportingcalculations correct.Evidence of sound researchof the relevant accountingstandards and applicationof the case details,demonstrated by thecorrect application of someof the relevant sections ofthe accounting standardswith supportingcalculations mostly correct.Limited evidence ofresearch of the relevantaccounting standards andapplication of the casedetails, demonstrated bythe correct application offew of the relevant sectionsof the accountingstandards. Errors evident incalculations.Inappropriate and/orinsufficient research of therelevant accountingstandards and application tothe case details. Major errorsevident in calculations.NotattemptedConclusionConsequences areconsidered, discussed,and conclusion reached.5 Conclusion/s clearlydemonstrated with allcorrect decisions andrelevant calculationscarried forward fromdecisions made in previoussections.Conclusion/s clearlydemonstrated with mostlycorrect calculations carriedforward from decisionsmade in previous sections.Conclusion/s demonstratedwith some correctcalculations carried forwardfrom decisions made inprevious sections.Analysis demonstrated butwith major calculationerrors and/or inconsistentwith decisions made inprevious section.Analysis not demonstratedwith calculations incorrect.NotattemptedACCT3102 External Reporting – Semester 2, 2017 Page | 6Task MarkOutstanding5Very Good4Meets Expectations3Below Expectations2Well Below Expectations1Notattempted0RecommendationSolutions are proposedand justified5 Proposed solutions arecomprehensively justified.Highly relevant and correctrecommendations drawn,with all relevantassumptions, data andevidence considered.Proposed solutions are welljustified. Correctrecommendations drawn,with useful assumptions,data and evidenceconsidered. May have someminor exclusions.Some useful solutionsproposed. Correctrecommendations, withminor errors inconsideration and use ofassumptions, data and/orevidence.Though not always relevantor justified, some proposedsolution/s have been made.Recommendations tend tobe incorrect due to majorerrors in consideration ofassumptions, data and/orevidence.Proposed solutions andjustification for these areinappropriate. Incorrect orabsent recommendationswith little if any referenceto relevant assumptions,data and evidence.NotattemptedStructureWritten work is logicallysequenced with soundparagraph structure, clearand easy to read5 Written advice is very wellstructured, logicallysequenced and presented ina highly professionalmanner that clearlycommunicates the intendedadvice to the client. Fullcompliance with page limitand formatting instructions.Written advice is wellstructured and logicallysequenced with only theoccasional minor formattingerror. Presented in aprofessional manner thatcommunicates the intendedadvice to the client.Compliance with page limitand formatting instructions.Written advice isadequately structured andsequenced, though itoccasionally lacks a degreeof professionalism (such asminor formatting errorsand/or inappropriate useof headings). Provision ofadvice mostly takes intoaccount the needs of theclient. May have somenon-compliance with pagelimit and/or formattinginstructions.Written advice isadequately structured inpart, though it lacks adegree of professionalismand/or lacks considerationregarding provision ofadvice suitable for theneeds of a client. There issome non-compliance withpage limit and formattinginstructions.Presentation and lack ofstructure detracts from theprofessionalism of thereport. Very little concernregarding provision ofadvice suitable for theneeds of a client.Compliance with page limitsand formatting instructionshas largely been ignored.NotattemptedClarity of expressionWriting is free of spelling,punctuation andgrammatical errors.5 Fluent writing style withexpression highly suited toset task. Grammar, spellingand punctuation areaccurate.Mostly fluent writing stylewith expression appropriateto set task. Grammar,spelling and punctuation aremostly accurate with onlyminor errors evident.Writing style sometimeslacks the clarity ofexpression but meaning isstill apparent. Grammar,spelling and/orpunctuation contain morepersistent errors.
ACCT3102 EXTERNAL REPORTING CASE STUDY 代写Writing style often lacksclarity of expression, whichimpacts on the readabilityof your work. There aresome serious grammar,spelling and/or punctuationerrors which impact on thereadability of some parts ofthe written advice.Writing style is not suited tothe set task. There arenumerous grammar,spelling and/or punctuationerrors which significantlyimpact on the readability ofthe written advice.NotattemptedResearch and ReferencingWritten work isreferenced anddemonstrates an ability toundertake independentresearch.5 In-text referencing and thereference list are completeand accurate.In-text referencing and thereference list are mostlycomplete and accurate withone or two minor errors
Snow Protek Ltd evident in either in-textreferencing or reference list.In-text referencing and thereference list are usuallycomplete with severalminor errors evident ineither in-text referencingor reference list.Some attempt atreferencing but details areeither missing or containmore frequent errors.Referencing is absentand/or unsystematic andcontains more frequenterrors.NotattemptedACCT3102 EXTERNAL REPORTING CASE STUDY 代写
Snow Protek Ltd
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