MAA716 T1 2018 Assignment 1.pdf

MAA716 T1 2018 Assignment 1.pdf - Deakin's Bachelor of...

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Deakin's Bachelor of Commerce and MBA are internationally EPAS accredited . Deakin Business School is accredited by AACSB . MAA716 – Financial Accounting Trimester 1, 2018 Assessment 1 – Asset measurement and accounting for income tax DUE DATE AND TIME: Monday, Week 8, 30/04/2018, 11:59PM PERCENTAGE OF FINAL GRADE: 20% Learning Outcome Details Unit Learning Outcome (ULO) Graduate Learning Outcome (GLO) ULO 1: Explain, discuss and integrate the technical and theoretical knowledge about the regulatory environment relating to Australian corporate accounting and reporting; and apply the relevant concepts to "real" situations. GLO1: Discipline-specific knowledge and capabilities GLO2: Communication GLO6: Self-management GLO8: Global citizenship ULO 2: Identify, discuss, evaluate and apply the relevant accounting standards relating to definition, recognition, measurement and disclosure requirements of a reporting entity's assets, liabilities, equity, income and expenses. GLO1: Discipline-specific knowledge and capabilities GLO2: Communication GLO8: Global citizenship ULO 4: Apply and demonstrate the appropriate technical knowledge in analysing company accounting information and problem solving; provide justification for their decisions by making references to relevant accounting standards; and communicate them to relevant stakeholders. GLO1: Discipline-specific knowledge and capabilities GLO2: Communication GLO6: Self-management GLO8: Global citizenship Assessment Feedback: Students who submit their work by the due date will receive their marks and feedback on CloudDeakin on 21 May 2018.
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Page 2 of 6 Description / Requirements Section A Theoretical Discussion – Asset Measurement There has been a general trend for accounting standard setters to issue accounting standards that measure assets at ‘fair value’. Other valuation approaches including historical cost, net realizable value and present value are also required for particular classes of assets and liabilities as stipulated by particular accounting standards. Thus, we have a ‘mixed approach’ in measuring a company’s financial performance and financial position in Australia. In light of the above statement, you are required to: 1. Briefly explain the various measurement models mentioned (max.150 words) . 2. Describe two accounting standards that utilize the fair value valuation model (max.100 words) . 3. From the Australian Security Exchange (ASX) website, select two companies’ 2017 annual reports. Identify valuation model/s adopted by these companies in measuring their non- current assets (note: please focus on tangible non-current assets rather than intangibles or financial assets) and comment on whether the adopted valuation model/s enhances the information usefulness for the various users of the annual reports, by referring to the qualitative characteristics of financial information defined by the AASB Framework (max.750
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