| Subject Code : | Comm353 | Country : | India |
|---|
Assignment Task :
Your assignment is to read and analyze the attached case (Extreme Outdoors LLP), and to prepare a memo to the engagement partner discussing your views on the relevant accounting issues noted by Jamie Phillips related to the June 10, 2020 financial statements (ignore any audit issues). Maximum length is three pages single-spaced or six pages double-spaced (typed, 12 point font size). This is strictly enforced - I will not read beyond this page limit.
Specifically, your memo should discuss:
1. The main users of Extreme Outdoors’ financial statements (specific to this case)
2. The users’ objectives and biases
3. The relevant accounting issues:
• Discuss the relevant IFRS recognition and measurement requirements for the specific accounting issues noted in the case, applying the related case facts
• Consider the users’ motivations and potential biases
• Conclude on the appropriate accounting treatment based on your analysis
Of the 15 marks allocated to the assignment, 2 marks will be allocated to the professionalism of your submission and 13 marks to the technical quality of your response. Professionalism includes the quality of writing: grammar, spelling, punctuation, format, etc.
Groups have been randomly assigned and posted on Canvas. The memo must includecontributions from all group members. Each person must submit a completed peer evaluation form to confirm that all group members contributed to the assignment. I anticipate that the memo should take no longer than 6 hours to prepare. Individual
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