ACCG224: Financial Accounting and Reporting – Research Based Report – Video Oral Presentation – Report Writing Assessment Answer

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Code: ACCG224
Financial Accounting and Reporting Assessment Answer
Assignment Task: ACCG224
Part I – Research based report: ACCG224
“In a perfect world, investors, board members, and executives would have full confidence in companies’ financial statements. They could rely on the numbers to make intelligent estimates of the magnitude, timing, and uncertainty of future cash flows and to judge whether the resulting estimate of value was fairly represented in the current stock price. And they could make wise decisions about whether to invest in or acquire a company, thus promoting the efficient allocation of capital.
Unfortunately, that’s not what happens in the real world, for several reasons. First, corporate financial statements necessarily depend on estimates and judgment calls that can be widely off the mark, even when made in good faith…..” (Sherman and Young, 2106, p.1).
The above clearly shows how crucial it is for accountants to apply their professional judgments in arriving at the most reasonable/appropriate accounting choices which can be quite a challenging process. There is not necessarily one correct answer in most cases, and therefore accountants need to be vigilant while dealing with financial and non-financial information.
As a student intern and future accountant, you have recently joined the accounting department of an ASX listed company. Your supervisor, the accountant, has sent you an email containing a Media Release (MR) from the Australian Securities & Investment Commission (ASIC) relating to 2018 financial reports. As a future accountant, and to demonstrate your understanding of professional judgments applied to undertake impairment testing and asset valuations, you have been asked to look into the company’s annual report, undertake required research and present on the company’s position relating to impairment testing as well as prepare a report for presentation to other finance team members and the audit committee.

Part II – Video Oral Presentation: ACCG224

The accountant was impressed by your report and has asked you to prepare a video presentation to be played to the Audit Committee at the next meeting on 15 May 2019.
Your video presentation should:

Explain the role of professional judgment in the application and interpretation of accounting 
standards. b) Discuss whether the professional judgments applied in the impairment write-down of the assets to estimate the cash flows, the discount rates, the CGUs, the allocation of corporate assets & costs to CGUs and the appropriate use of fair values have been reasonable/appropriate. c) Based on the findings from the 2018 report, identify and explain the areas that you believe the

Audit Committee must consider when reviewing the 30 June 2018 impairment testing information. d) Recommend actions (if any) for improvement in the application of professional judgments relating
to these estimations.

Assessment of video: ACCG224

The research-based report represents 5% of your total mark for ACCG224 and is compulsory. Your assignment will be marked out of 40 as shown in the Presentation Marking Rubric on page 10 of this document and will then be converted to a mark out of 5.
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