| Subject Code : | ACCT11059 | Country : | Australia |
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Assignment Task:
Estimated (max.) time required:
This assignment is the second stage of your major assignment for this unit. It is made up of ten steps.
Step 1: Due 11.00am Monday Week 6
Step 1 involves you writing down some of your ideas, reflections and reactions to reading Chapter 4 ‘Analysing Financial Statements’ in the Study Guide.
Read Chapter 4 (‘Analysing Financial Statements’) in the Study Guide.
Read it like you would a novel or any book, actively seeking to engage with the author and to understand what you are reading. What is the author trying to say? Let the author take you on a journey. Go with him and see what you think of some of the key ideas and concepts being discussed.
And while you do this, note down key concepts that occur to you. That’s right; just write them down as you go along. Also, include any questions that occur to you as you are reading. What do you find confusing, difficult to understand or believe, boring, exciting or surprising? Include some of your key concepts and questions (KCQs) in your Step 1.
Your personal engagement with the reading is what I am interested in. I am interested in your reactions, understanding, and questions from the readings. Use the words “I” and “me”. Different people will have different reactions to the readings. Tell me what your reactions are. This is what I am interested in. Do not tell me what you think I might want to hear. Be genuine and honest in your reactions to the readings. Give us something of yourself in your Step 1.
Please submit this step as a Word document.
Please allow 4 – 41⁄2 hours to complete this step (if you have English as your second language, you may need to increase this time).
Step 2: Due 11.00 am Monday Week 8 (5 marks)
Step 2 involves you writing down some of your ideas, reflections and reactions to reading Chapter 6 ‘Understanding Key Cost Relationships’ in the Study Guide.
Read Chapter 6 (‘Understanding Key Cost Relationships’) in the Study Guide.
Read it like you would a novel or any book, actively seeking to engage with the author and to understand what you are reading. What is the author trying to say? Let the author take you on a journey. Go with him and see what you think of some of the key ideas and concepts being discussed.
And while you do this, note down key concepts that occur to you. That’s right; just write them down as you go along. Also, include any questions that occur to you as you are reading. What do you find confusing, difficult to understand or believe, boring, exciting or surprising? Include some of your key concepts and questions (KCQs) in your Step 2.
Your personal engagement with the reading is what I am interested in.
Please submit this step as a Word document.
Please allow 4 – 41⁄2 hours to complete this step (if you have English as your second language, you may need to increase this time).
Step 3: Due 11.00 am Monday Week 9 (18 marks)
Step 3 involves you restating your firm’s financial statements.
Go to the ‘Restated Financial Statements’ tab in your firm’s spreadsheet. This is where you will prepare your firm’s restated financial statements. You will need to make sure you restate your firm’s financial statements for the most recent four (4) years.
Restating your firm’s financial statements simply involves you reorganising the way your firm’s financial statements are set out. ‘Restating’ financial statements can also sometimes refer to adjusting a firm’s financial statements after balance date to allow for changes that occur after balance date (such as a change in the way some items are accounted for). We are not talking about this type of ‘restating’ a firm’s financial statements. Our task of restating our firm’s financial statements involves moving around different items in a firm’s financial statements; and to do this we will need to understand what each item is. This is the purpose for us in doing this: to help us look carefully at each item in our firm’s financial statements and to develop some initial understanding about what each item means to us.
Restate your firm’s financial statements based on material covered in Chapter 4 (Sections 4.2 & 4.3) in the Study Guide. See the videos on Restating the Statement of Changes in Equity, Restating the Balance Sheet and Restating the Income Statement. These are also available in the Videos section on the left-hand side of Moodle. These have some great tips on how to restate your firm’s financial statements. You may see items in your firm’s financial statements such as non-controlling interests; investments in associates; futures, options, hedges or derivatives; deferred tax; or movements in foreign currency translation reserves. You may wonder what these are and whether they relate to your firm’s operating or financial activities. I encourage you to discuss with other students any issues you (and they) may face in restating your firm’s financial statements. Also, participate in the discussion forums and on Facebook with others in the unit and comment on each other’s blogs.
You can also search (by key words) our unit Facebook page. Most questions you have are likely to have already been discussed on our unit Facebook page. This is a great way to find answers to your questions.
Post on your blog your comments and responses to restating your firm’s financial statements. How did you find this learning task? Did you find it frustrating, confusing or enlightening? And what exactly do you feel you have learnt, or not learnt, about your firm and its financial statements from restating its financial statements?
Restating the financial statements of a firm can be quite time consuming and, at times, a little frustrating, especially when you do it for the first time. Indeed, you may feel this may be quite an understatement when you are in the middle of restating your firm’s financial statements. However, ‘all’ you will be doing will be moving around the various items in your firm’s financial statements, for example moving your firm’s assets from current assets and non-current assets to operating assets and financial assets. Still all the same items; just thoughtfully put under different headings.
Restating your firm’s financial statements will support you to look at each item in your firm’s financial statements. Most people usually find it to be an interesting and challenging learning task as we are further introduced to our firm’s financial statements.
There is a great exemplar for ASS#2 Steps 3 and 4 from Cassie Phillips, a past student in our unit (in 2019). Check out how Cassie approached her Step 3.
Also, there are great exemplars for all the assessments of Danielle Bradley and Natasha Boath, past students in our unit. These are available in the Feedback section on Moodle. You can check out their ‘ASS#2 Steps 3 and 4’ (Word file) and their Excel files which may give you some ideas about how you could approach your Step 3. Please note: some aspects of the assessments may have changed.
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