AFNR315-Advanced Financial Reporting – Accounting & Finance Assignment Help

Assignment Task


Advanced Financial Reporting

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Unit Learning Outcomes addressed:
1. Exhibit technical competence in the relevant areas of accounting where measurement and recognition judgements need to be made.
2. Assess environmental and sustainability considerations in firms external reporting & interpret reports including non-financial data and information such as sustainability reports, integrated reports and extended external reporting. 7. Evaluate the implication of foreign currency translation for corporate financial reporting

Assessment Description:

Report will address two parts i.e., Part A & Part B as per the following:

Part A:
Read all the relevant standards and published articles/journals and explain:
1) Explain, what kind of assets do mining companies have? How these assets are different from the assets in the manufacturing companies?
2) How mining industries record the assets, liabilities, provisions and foreign exchange transactions in in their books? How recording these transactions is different when compared to manufacturing companies.

To address these areas, refer to the guidance provided by various Australian Accounting standards. To find out relevant Australian accounting standards.
To support the guidance and discussion provided in point 1 and 2 above, each group is to choose four stock exchange listed companies, two of which must be from manufacturing companies and the other two must come from mining industry. Group members will then obtain the latest available annual report for each of their companies from the internet. Groups will be asked to submit read, analyse and compare the four companies on several accounting issues. Before undertaking the comparison of these accounting issues, groups will be asked to provide brief introduction of the selected companies (all four, two in each group).

The comparison should mainly focus on:

  • Compare and contrast the revenue recognition of those companies
  • Compare and contrast the assets recognition of those companies
  • Compare and contrast the liabilities recognition of those companies
  • Compare and contrast the implication of foreign currency translation for corporate financial reporting (are any of the companies involved in foreign exchange transactions, if yes what currency is used to translate the financial statements).

Information to address above bullet points will come from the annual reports for the latest year of the four companies you have selected to complete this task. You have to be prudent and pragmatic on selecting the companies. They have to be large, substantial and must have available information for desk research. You are required to explore and collect information on the companies to complete this assignment. Substantial desk research is also required for this written report.
Note: Remember this task is a report so please strictly follow the report template. There should be a logical flow of thoughts. 

Part B:
CPA Australia issued a report called “AN EXPLORATION OF THE INFORMATION NEEDS OF SELECTED STAKEHOLDERS OF INTEGRATED REPORTING” (CPA, 2016) in December 2016. The report summarized research that had explored the information needs of company stakeholders and their perspectives on integrated reporting (CPA, 2016). As explained in CPA (2016), the objectives of the report were three folds:
1. to explore what stakeholders claim they need and expect from an integrated report.
2. to assess the level of alignment between stakeholders’ expectations information needs; and
3. to understand the usefulness of integrated reporting to their decision-making

1. Explain the role of the IIRC (You may reference to both the IIRC website and relevant accounting literature)
2. Referencing to the CPA report and other existing accounting literature, explain the roles of integrated reporting in the following aspects:
a. Providing information that is relevant to stakeholders;
b. Comparability of reporting.
c. Quality of reporting; and
d. Usefulness of reporting; and 

3. Go to the examples database of the integrated reporting website.
a.Stakeholder relationships.
b. Materiality;
c. Conciseness;
d. Reliability and completeness; and
e. Consistency and comparability

4. With references to relevant accounting literature, discuss any factors that could explain the similarities or differences that you have uncovered in Required 3. 

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