Describe the financial accounting standard setting process of Australia.

Assessment Details and Submission Guidelines

School: Business
Course Name: Bachelor of Business
Trimester: T2/2020
Assessment Title: Process costing – Solve

Unit Learning Outcomes Addressed:

The purpose of this assignment is to assess the following Learning Outcomes:

a. Describe the financial accounting standard setting process of Australia.

b. Discuss current issues and developments in accounting theory and financial reporting.

c. Evaluate different accounting theories and their implication in policy choice by managers.

d. Explain the Conceptual Framework and apply it to accounting activities, and identify strategies to meet accounting issues and problems.

e. Develop an ethical and social perspective on the use of accounting information.

Weight 25%

Submission Guidelines

a completed Assignment Cover Page.

A close up of a logo  Description automatically generatedformat, 1.5 spacing, 11-pt Calibri (Body) font and 2 cm margins on all four sides of your page with appropriate section headings.

appropriately at the end in a Reference List using APA 6th edition for the School of Business.

Assessment Task Description: In addition to the Submission Guidelines appearing on page 1

You are required to submit via the specific Turnitin submission link.

A key aspect in your choice of format/layout should be to ensure you impart your key messages effectively (i.e., complete the requirements) and efficiently (i.e., it should be succinct and take into account the word limit).

Make sure all pages are numbered, and the text fits within the margins of your pages. Make sure to include the relevant heading.

Assignment description:

a) Describe the components of the Other Comprehensive Income Statement (550 words only)

b) What is the importance of an accounting policy & its relevance to users of general purpose financial statements?

c) This is the Trial Balance of Al Capone Distilleries Pty Ltd (ACD) as of 30th June 2020.

Sales925000
Interest revenue20000
Gain on sale of plant & equipment (PPE)9000
Cost of goods sold550000
Financing expenses16000
Selling and distribution expenses45000
Administrative expenses28000
Income tax expense72000

Other details:

(a) Al Capone recognised a revaluation gain of $18 000 net of tax for available-for-sale investments the business held during 2020.

(b) None of the available-for-sale investments were sold during 2020.

(c) The business uses the single statement format for the income statement and other comprehensive income and classifies expenses by function – not by nature.

Required:

You are required to prepare the statement of profit and loss. Also, prepare the other comprehensive income for ACD Pty Ltd, both for the year ended June 30 2020. Please include an analysis of expenses in the correct statement.

Semester T2, 2020, Assignment

Detailed Description of the CriteriaMarks
Criterion 1Structure and Clarity of the Report/Assignment
· introductory paragraph
· logical flow of clarity and structure of ideas and arguments· appropriate use of paragraph and headings toexplain and discuss ideas
· appropriate concluding paragraph and recommendations
Total marks for criterion 16
Criterion 2Body/contents
· Financials
· Non-financials
Total marks for criterion 210
Criterion 3Investigation and Analysis (2-5 references must be cited)
· completeness of investigation, accuracy and depthof analysis
· quality of information sources, appropriate use of in- text and end text referencing, appropriatenumber of references used
Total marks for criterion 32
Criterion 4Presentation
· layout
· formatting
· spelling/grammar
Total marks for presentation2
Criterion 5Presentation/slides
· Power-points are original, include appropriatecontent and have systematic flow
· Ability to communicate clearly [Assessindividually]
· Demonstrated group cooperation, coordinationand collaboration
Total marks for criterion 55
Total20
Duepapers
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