BFA605: Accounting and Finance – Should Tasmania’s Leatherwood Trees be Recognised as Assets – Case Study Assignment Help

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Internal Code: 1ACAFJ
Financial and Corporate Accounting Assignment Help
Task:
“Should Tasmania’s Leatherwood Trees be Recognised as Assets?”
Leatherwood flowers are a vital resource of Tasmania’s honey industry, with about 70% of the state’s honey produced using leatherwood, a rainforest tree that flowers annually over the summer (Waldhuter, 2019). The honey produced in Tasmania is worth more than $10 million at bulk price, and much more at retail prices (Burgess, 2019).
However, the Tasmanian honey industry recently underwent its worst season in 35 years after bushfires burned more than 190,000 hectares of Tasmanian wilderness, destroying large amounts of leatherwood trees that are expected to take more than 100 years to recover (see
https://www.abc.net.au/news/2019-02-05/tasmanian-bushfires-burn- leatherwood-in-blow-to-honey-industry/10776606
).
In January 2019 the Federal Government announced that Commonwealth disaster assistance funds would be made available to help cover the cost of fighting the bushfires which continue to burn across the state, often in remote wilderness areas that are home to the leatherwood trees. However, in commenting on the funding package, Tasmanian Premier Will Hodgman emphasised that the funds would NOT be used by Parks and Wildlife to rehabilitate damaged wilderness areas, commenting that “The funding arrangements are established to ensure that any costs to public assets or the community are covered” (see
https://www.theadvocate.com.au/story/5870759/federal-funds- granted-to-assist-tasmanian-bushfire-recovery/
).

This issue has piqued the interest of your friend, Terry Tudor. Terry is a journalist for a local newspaper and wonders whether, given their important contribution to the Tasmanian honey industry, the Leatherwood trees should be accounted for as assets. Terry has asked for your expert opinion regarding this issue, based on your interpretation, as an accountant, of the Conceptual Framework, Accounting Principles and Conventions, and relevant Accounting Standards.

Some research papers have been provided that may be helpful. You may use these references in your submission if you choose, but are also encouraged to research more broadly and find your own references.

Required:

Write a letter to Terry addressing the question: “Should Tasmania’s Leatherwood Trees be Recognised as 
Assets?” This letter should in proper letter format and given that its contents may be published in the local newspaper, should be written in a professional manner. It will be published in the business section of the newspaper so you may use accounting terminology.

Your letter should be referenced appropriately, as Terry is a scrupulous journalist who needs to cite his sources. References should be provided both in-text and as a post-script to your letter. Referencing must be in the Harvard style.

Terry has limitations on the length of articles he can submit to the paper – your letter must not exceed 1,500 words (excluding references) and may be shorter.

You will then be required to provide feedback to three of your peers, based on the rubric provided. Each piece of feedback should be a minimum of 150 words. You will be assessed on both your original submission and on the quality of your feedback, which will be evaluated by both your peers and the teaching staff.

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