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UNIT TITLE ASSIGNMENT TITLE ASSIGNMENT NO NAME OF ASSESSOR SUBMISSION DEADLINE
Unit 10: Financial Reporting
Financial Statements Regulatory Framework & Interpretation
2 of 2 NGUYEN KIM THU 25th February 2011
I, __________________________ hereby confirm that this assignment is my own work and not copied or plagiarized from any source. I have referenced the sources from which information is obtained by me for this assignment.
FOR OFFICIAL USE
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including suitable comparisons M1 D1 M2 D2 a b Merit grades awarded Distinction grades awarded M3 D3 2 .Unit Outcomes Outcome Evidence for the criteria Feedback Assessor’s decision Internal Verification Describe the different users of financial statements and their needs a Explain the regulatory framework for financial reporting (1) Explain the legal and regulatory influences on financial statements b Assess the implications for users c Describe how different policies are dealt with by accounting and reporting standards d Prepare financial statements from complete or incomplete records (2) Prepare a consolidated balance sheet and profit and loss account for a simple group of companies c Interpret financial statements (4) Calculate accounting ratios to assess the performance and position of a business Prepare a report incorporating and interpreting accounting ratios.
......................Common Skills A B C D E F G Assignment ( ) Well-structured.... Undertakes personal and career development 4........ Work effectively as a team member E......... Participate in oral & no-verbal communication X X G..... Managing own roles & responsibilities 2. Receive and respond to a variety of information 9.................... services or situations 18............................... Applying numerical skills and techniques X F.......... Manage own time in achieving objectives 3..... Transfer skills gained to new/changing situations & contexts D........... Identify & solve routine & non-routine problems B.. Present information in a variety of visual forms 10............ Relate & interact effectively with individuals & groups 7.. Use a range of technological equipment and systems C...... Use a range of thought processes X 3 ........................................ Deal with a combination of routine & non-routine tasks 14.....Outcome Evidence for the criteria Feedback Assessor’s decision Internal Verification Comments by Assessor ............. Reference is done properly / should be done (if any) Overall....... Communicate in writing 11... NAME : .............................. Use information sources X X 13. Treat others beliefs and opinions with respect 6.................... COMMON SKILLS & COMPETENCIES ASSESSED (indicated by X) A..................... FOR INTERNAL USE ONLY VERIFIED YES NO DATE : ........... DATE / / VERIFIED BY : ................................ you’ve Areas for improvement: ASSESSOR SIGNATURE NAME: ..... MANAGING TASKS & SOLVING PROBLEMS 12...... WORKING WITH & RELATING TO OTHERS 5. MANAGING & DEVELOPING SELF 1......... APPLYING DESIGN AND CREATIVITY 17...... APPLYING NUMERACY 15............ APPLYING TECHNOLOGY 16. Applying a range of skills and techniques to develop a variety of ideas in the creation of new / modified products. DATE / / (Oral feedback was also provided) LEADER/MEMBERS’ SIGNATURE NAME :....................................... COMMUNICATING 8...........
You have been asked by Director of Finance in your company to prepare an analytical review of the financial position and reporting of a well-known Merchandising or Service Company located in Vietnam. (1 b) Assess the implications for users of financial statements (1 c) Describe how different policies are dealt with by accounting and reporting standards (FRS. Capital Gearing.SCENARIO Your team is a part of a financial consultancy firm that is providing advice and assistance to clients on financial accounting and general business issues. compare against the previous year.You should work to the nearest $'000. regional and also local competitors (4 b) Task 2 You have been asked to prepare the consolidated financial statements . Dividend Yield.5 Prepare the consolidated balance sheet at 31 December 20X4 for each of the following alternatives. GAAP and ASB) (1 d) Calculate accounting ratios (Solvency.5 27 133 P S $’000 $’000 100 20 22 6. Assets) (4 a) Prepare a report incorporating and interpreting accounting ratios. amortising goodwill in all cases over five years. SSAP. IASB.) Accumulated profits Payables 34. (3 c) 4 .5 Sundry assets Investment in S (share at cost) Share Capital($1 ord.5 11 8 133 34. The summarised draft balance sheets of a group at 31 December 20X4 were: P S $’000 $’000 106 34. Task 1 The report (for Director of Finance) should address at least the following: Describe the different users (Stakeholders) of financial statements and their needs (1 a) Explain the legal and regulatory influences on financial statements preparation like Companies Act etc. Profitability.
Property which was not depreciated was estimated by the directors of P to be undervalued by $5.000 ordinary shares of $1 each.728 7.500 126.560 Accumulated profits 36. Prepare the consolidated income statement for the year ended 31 March 20X7.588 34.(a) P acquired all the shares in S on 1 January 20X4.000 arose on the acquisition.076 23.020 Tax 28.000 ordinary shares in S were purchased for $27.028 46.952 10. (b) as in (a) above.380.000 on 1 January 20X4. Goodwill is amortised over five years from the date of acquisition with a full year’s charge in the year of acquisition. except that only 16.794 3.000 of these two years ago when the balance on Luther reserves was 16.440) (12.372 79.000 arose on the acquisition.380 Gross Profit 80.512 _____ ______ Net profit before tax 65.172 16. Task 3 The draft income statements for the year ended 31 March 20X7 of the companies in a group as follows: Tyndale Wycliffe Luther $ $ $ Sales revenue 216. Tyndale purchased 60.000.119 3.416 17.124. when S had accumulated profits of $6. Goodwill of 5.464 7.000 on 1 January 20X4.913 6.000 1.031 9.000 (c) Facts as in above.640 Dividends paid 20.380 Net profit after tax 37.000 ordinary shares in S were purchased for 27.630) (2.620 Distribution costs (21.300 24.000 Cost of sales 136.600) Income from shares in group companies 7.269 15. (3 c) 5 .940 The history of the group is as follows: Tyndale bought 75% of the ordinary shares (the only type) in Wycliffe seven years ago when that company’s reserves amounted to $5. Goodwill of $10.080 Retained profit 17.794 1. except that only 16. Luther has an issued share capital of 100.
Notes: a key point summary of conclusions / recommendations. Demonstrate convergent. graphical illustration. which should include a copy of the relevant financial statements. (M2) Characteristics / Possible Evidence – Apply range of methods and select techniques to interpret financial statements and also prepare consolidate financial statements in task 2. extracts or copies of financial information. Detailed tables. You should refer to them in the body of the report. Distinction Use critical reflection to evaluate own work and justify valid conclusions (D1) Characteristics / Possible Evidence – evaluate and synthesize relevant theories and techniques to generate and justify valid conclusions based on interpretation of financial statements with suitable comparison like against industry. where appropriate. and creative thinking (D3) Characteristics / Possible Evidence – show an in-depth analysis of the company. a bibliography of sources of information used and references to texts or other material drawn from. GRADING Pass Merit is achieved by meeting all the requirements defined in the assessment criteria. Select and apply appropriate techniques. (Refer page 2 of the assignment brief) Identify and apply strategies to find appropriate solutions (M1) Characteristics / Possible Evidence – an effective approach to study and researched to explain various regulatory framework and legislation implications on financial statements preparation. should be put in the appendices. Present and communicate appropriate findings (M3) Characteristics / Possible Evidence – The work is presented in a professionally-written report with appropriate structure and approach with the use of various methods of presentation. Take responsibility for managing and organising activities (D2) Characteristics / Possible Evidence – show an individual approach in presenting and communicating work coherently using language in the financial context. lateral. its performance by convergent and lateral thinking through the ratio analysis 6 . previous period and competitors.
To achieve a Merit grade the group must. A fully typed up professionally presented report document. course title. 8. and demonstrate good written communication skills through a professionally written report. 5. Lecturer/tutor name and student’s name. You also show some evidence of willing to try new approaches related to given scenario. positive attempt made to build mutual understanding.000 words in length. module title. 6. as well as good understanding of the relevance of various thought processes in creativity. Exhibits/appendices are outside this limit. 2. 4. outstanding quality of presentation. clear and appropriate response to a variety of information. Use the Harvard referencing system. The assignment should be not contain a bibliography – but should contain a list of any references used in the assignment. 7 . To achieve a Distinction grade the group must. show excellent quality of work produced on time. all points of view are considered equally. show manage own time in achieving objectives. Use 12 point Arial or Times New Roman script. The assignment should have a cover page that includes the assignment title. assignment number. 3. This is a group assignment. show all deadlines met. 9. use of different communication methods. as well as identify the need for changing thought processes within creative activity. Your assignment should be word-processed and should not exceed 3. Ensure that authenticity declaration has been signed. Content sheet with a list of all headings and page numbers.Common Skills Grading To achieve a Pass grade the group must. 7. Attach all the pages of assignment brief/cover sheet with your report and leave them blank for official use. PRESENTATION 1.
NOTES TO STUDENTS FOR SUMMISSION Check carefully the submission date and the instructions given with the assignment. Failure to achieve a PASS grade will results in a REFERRAL grade being given. Late assignments will not be accepted. you could be excluded from the course. you could have your grade reduced to zero. you may apply (in writing) for an extension. you properly reference them in your text and any bibliography. 8 . NOTE: If you are caught plagiarizing. Do not leave things such as printing to the last minute – excuses of this nature will not be accepted for failure to hand-in the work on time. You must take responsibility for managing your own time effectively. If you are unable to hand in your assignment on time and have valid reasons such as illness. Take great care that if you use other people’s work or ideas in your assignment. Ensure that you give yourself enough time to complete the assignment by the due date. or at worst.
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