Department of an ASX listed company

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QUESTION
 
As a new accounting graduate, you have recently joined the accounting department of an ASX listed company. The Chief Financial Officer (CFO) approaches you with your first task. The Board of Directors have been concerned about the comments made by the ASIC Commissioner in the ASIC media release for 30 June 2021 financial reports (see link below):https://asic.gov.au/about-asic/news-centre/find-a-media-release/2021-releases/21-129mr-asic-highlights-focus-areas-for-30-june-2021-financial-reports-under-covid-19-conditions/ 21-129MR ASIC highlights focus areas for 30 June 2021 financial reports under COVID19 conditions | ASIC – Australian Securities and Investments Commission The ASIC Commissioner Cathie Armour said that, ‘As COVID-19 conditions continue to evolve, the quality of financial reports and related disclosures remain more important than ever for keeping investors informed. The circumstances of companies and the environment in which they operate can change significantly from one reporting period to the next. This could significantly affect assessments of asset values and financial position.” (Australian Securities and Investments Commission (ASIC) 2021, p.1). The board members of your company are concerned about the company’s reputational standing in the market relating to the quality of financial information in the annual report and keen to ensure that asset values are appropriately reflected and disclosed in the company’s latest annual report. Therefore, the Board decided to have a review of the relevant accounting treatments and disclosures about property, plant and equipment (PPE) in the company’s latest annual report and requested the financial reporting unit to provide recommendations on the treatments and disclosures for PPE in company’s latest annual report
. Required: Based on the Board’s decision, the CFO asks you to draft a business research report addressed to the Board of Directors on the following:
a. Critically analyse to what extent the latest annual report of your company meets the measurements and disclosure requirements for PPEs as per AASB 116 (you are required to make explicit comparison of the annual report against the specific requirements, and comment on whether the company meets these requirements). (15 marks).
b. Based on your findings in part a, with specific reference to the impact of the COVID-19, critically analyse to what extent the measurements and disclosures on PPE for your chosen company satisfy the fundamental and any two of the enhancing qualitative characteristics of useful financial information. (15 marks).
c. Based on your findings in part b, critically discuss and recommend how your chosen company can enhance the measurements and disclosures for PPE for the current annual report so that your company could provide better financial information during the COVID-19 pandemic to keep investors informed. (10 marks)
You need to attach a copy of the relevant parts of the annual report showing PPE disclosures and measurements made by the company. Do not attach the entire annual report. To complete this assignment, you will need to select a suitable company yourself that meets the following criteria: • The company must be a constituent of the S&P/ASX 300 index (www.asx300list.com); • The company must publish audited annual financial reports in English, fully complying with AASB or IFRS standards; • The company must have a 30 June year end. • Choose the latest annual report, i.e., the financial year ended 30 June 2021
 
 

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