KPMG is the Auditors for Woolworths Group Limited – AASB 16 – Accounting Assignment Answer

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Accounting Assignment Answer
TASK:
KPMG is the Auditors for Woolworths Group Limited for the financial year 2017/2018. You are required to take the role of business advisor/Analyst for the purpose of providing a detailed report based on the following specific questions relating to AASB 16 that the investing company is seeking a report for. As an advisor/Analyst at KPMG, write a report addressing the following questions that the CEO of the investment company has asked your firm for advice;

As an Auditor for Woolworths Group Limited financial year are there regulation, restrictions or disclosure requirements etc. that has implications for your firm if you provide the requested advice. If so, please discuss the requirement and how you would resolve it.

Why has the leasing standard been changed? What will change? What does it mean for

Woolworths Group and Wesfarmers? And how AASB 16 would benefit and/or disadvantage both?

What effect does AASB 16 has on Woolworth Group and Wesfarmer’s income statement,

balance sheet and cash flow statement? What does it mean for users of both corporations Australia’s financial statements?

How have these two companies reported their environmental and social aspects such energy use and efficiency, carbon emissions, etc.? Is there any regulatory requirement for such reporting? If so, summarise the requirements and discuss what they have reported? If there is no regulatory requirement, is there any evidence that these mining companies have reported/disclosed any environments and social information, if so, summarise how and what is reported/disclosed?

Evaluate whether overall, AASB 16 would result in reporting that would be more useful to users 
of Woolworths Group Limited and Wesfarmers Limited financial statements?

Summarise your discussion for the Chief Executive Officer (CEO) of the investment 
company who is from a non-accounting background.

Key factors to keep in mind when writing your submission are:

Submission should begin with an introduction, which outlines key arguments and defines key terms. Make it clear in the first paragraph how you are planning to address the questions.

Use the questions that you are discussing on as your headings within your report.

Each paragraph should contain a topic sentence (what summarises the main idea in this paragraph) and be followed by supporting sentences (and citations), which expand and provide more detail on the idea raised. A common student mistake is to write topic sentence after topic sentence. This seems like they are jumping from one idea to the next and will often attract feedback stating “no depth” or “confusing”. The supporting sentences are crucial to examine the initial idea in more detail and demonstrate an argument along with understanding. Ensure you examine each idea in enough detail – examine the idea fully before moving on.

The most common criticism faced by students is not answering the question. Discussion around a topic is not answering the question. It is often a helpful technique to use the question as part of your submission structure. You are the bouncer at the door of your own submission: choose which ideas get in. Choose the ideas that directly address the question.

Remember that the marker can only mark what you actually said on the paper, not what is in your head or what you “meant to say”. For this reason, it is essential to review your own work in order to reveal flaws in structure or writing.

Ensure you use accurate spelling and grammar. It is often best to state things simply and clearly rather than using complicated language in the wrong context. Prior to submission make sure you use tools like spelling and grammar checkers in WORD. You may also want to make use of online tools (e.g. the Writer’s Diet
http://writersdiet.com/WT.php?home
,
www.grammarly.com
to improve the quality of your written work).

Ensure that all in-text references are accurate and comply with the Harvard referencing style. A guide is available on the WSU Library website with examples to assist you
http://library.westernsydney.edu.au/main/guides/referencing-citation
Ensure you use only credible sources appropriate to your level of studies. Wikipedia, for example, is not a credible source. A Reference list of all works cited in your submission must be provided.

Conclusions should never introduce new ideas, but instead should summarise the arguments and leave the reader with a resounding “take home message”, hopefully convincing them you have answered the question.

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