Recent Question/Assignment
Key performance indicator
Background and assessment criteria
This assignment is designed to expose students to the sorts of applied research problems that financial accountants would expect in the workplace. You need to identify what the specific problems are, identify which rules apply, then apply them correctly. As is often the case in the real world, the information below is incomplete and can be interpreted in different ways. If you come to the situation where you are not sure which rule to apply, or how to apply a particular rule, you need to state this and justify the option you selected. Please note that some interpretations will not be acceptable.
Please also note that much of the material you learned in Accounting Systems and Practices is irrelevant and wrong for the purposes of this assignment, as it has been superseded (replaced with a new rule or rules). Students who apply the wrong rules will be given 0 for that part of the question. In the real world, they would often be sacked. This assignment requires you to deal with AASB 15 Revenue from Contracts with Customers.In addition, you will need to deal with other accounting rules. You will discover which rules these are, as you work through the questions asked. You can assume that the current versions of these rules are the version you need to apply. (Your questions are set in 2019 and beyond. If you discover that you need to apply AASB XXX, you need to apply the current version of that rule, not projected versions.)
Question 3 requires you to use AASB 9 Financial Instruments.
Marks will be allocated for correctly identifying the specific rules to apply and then applying them appropriately. Where you are asked to state an opinion, such as which option is preferred, or what were the standard setters worried about, you will be marked on your ability to express yourself and your ability to link the your response to the question asked. If you give me a fluffy answer that does not address the question directly, you will be lucky to get more than 10% of the marks allocated to that question.
Background and assessment criteria
This assignment is designed to expose students to the sorts of applied research problems that financial accountants would expect in the workplace. You need to identify what the specific problems are, identify which rules apply, then apply them correctly. As is often the case in the real world, the information below is incomplete and can be interpreted in different ways. If you come to the situation where you are not sure which rule to apply, or how to apply a particular rule, you need to state this and justify the option you selected. Please note that some interpretations will not be acceptable.
Please also note that much of the material you learned in Accounting Systems and Practices is irrelevant and wrong for the purposes of this assignment, as it has been superseded (replaced with a new rule or rules). Students who apply the wrong rules will be given 0 for that part of the question. In the real world, they would often be sacked. This assignment requires you to deal with AASB 15 Revenue from Contracts with Customers.In addition, you will need to deal with other accounting rules. You will discover which rules these are, as you work through the questions asked. You can assume that the current versions of these rules are the version you need to apply. (Your questions are set in 2019 and beyond. If you discover that you need to apply AASB XXX, you need to apply the current version of that rule, not projected versions.)
Question 3 requires you to use AASB 9 Financial Instruments.
Marks will be allocated for correctly identifying the specific rules to apply and then applying them appropriately. Where you are asked to state an opinion, such as which option is preferred, or what were the standard setters worried about, you will be marked on your ability to express yourself and your ability to link the your response to the question asked. If you give me a fluffy answer that does not address the question directly, you will be lucky to get more than 10% of the marks allocated to that question.
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