| Subject Code : | ACC203 | Country : | Australia |
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Assignment Task -
Your Task
Write a letter of advice in response to a few key accounting issues raised by a Managing Director of a company
Assessment Description
Case study background
Assume that you are a graduate accountant working for Paul and associates a public accounting firm situated at 33 Clarence Street, Sydney, NSW 2000. The manager of your firm, Mr. Brodie Lane has asked you to draft a letter in response to an email received from a client – Jim Clark, the managing director of Neoen Pty Ltd, raising a few accounting issues regarding his company – see the copy of the email on the next page.
The maximum length of the covering letter is 1 page. Please note that the business letter needs to be on the front page. You should then address all the technical issues/discussion after the letter, each on separate pages as attachments, followed by a Reference List. The maximum word limit for all parts of the assignment should be 1,000 words.
• Part A: Technical component 15% - This mark covers the technical content of your advice and the explanation on each of the issues, the calculations and the sources used.
• Part B: Communications skills – Letter Writing 5% - This mark covers the generic skills of business letter writing; layout, clear meaning, structure and organization, appropriate tone and grammar, spelling, and punctuation, etc. throughout the whole assignment.
The assignment is designed to test the following skills:
1. Your knowledge and your ability to research the issues and then apply the information appropriately using judgment to correctly identify the relevant standards and legislation that relate to the issues raised by the client.
2. Your written communication skills – business letter writing.
Dear Brodie,
Thank you for your phone call this morning. As agreed I am emailing you regarding the accounting issues we briefly discussed. By the way to assist the accounting team in our decision-making process, could you please make sure you reference any relevant sources relating to your advice, for example, AASBs, Corporations Act, and relevant websites?
Here are the two issues we are most concerned about:
1. The primary business activity of Neoen Ltd is developing accounting software packages. Neoen charges $2,000 as installation fees and a separate two-year technical support service for $1,000. Otherwise, it also offers a combined goods and services contract which includes both elements for $3,400. Payment does not become outstanding until after 1 month of the accounting package being installed. The accounting team is uncertain as to how revenue should be recognized in the books if the two products are sold separately and if they are sold as a package. Your advice on this matter would be greatly appreciated.
2. On July 2020, one of Neoen Pty Ltd’s clients engaged in legal proceedings and commenced seeking damages from Neoen Pty Ltd due to loss of clients, possibly caused by a faulty accounting software package sold by the company. Neoen Pty Ltd disputes the liability, and its lawyers initially advised that it is probable that the company will not be found liable. The accounting team is not sure whether something should be disclosed in the account in the first place. What would happen then if, owing to developments in the case, it becomes probable that Neoen Pty Ltd is found liable, but the number of damages to be awarded cannot be measured with sufficient reliability. Finally, what would happen if a reliable estimate could or could not be made of the damages to be awarded.
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