Financial Accountability and Reporting Research

January 21, 2021

Financial Accountability and Reporting Research Assignment

Semester 2 2020

This assignment is worth 20% (20 marks) of the total assessment for this course.

The assignment requires reflecting and critically analyzing the financial report of a company – as assigned to your group in tutorial – and summarizing your reflection in a video report to be submitted for assessment.

What you need to do for the Financial Accountability and Reporting Research Assignment

Form a group of max. 3 students from within your timetabled tutorial.
The students are required to SELF-ENROL into the group as listed on Blackboard. Each group is identified with a code “TutorialXX_CompanyXX”. Students have to enroll their group according to the number of their timetabled tutorial (information is provided on the RMIT timetabling system and on Blackboard) and the number of the company they have picked from the below list.
You can choose one of the companies from the below list. ATTENTION: each company is only available for one group per tutorial (the sooner you enroll your group, the bigger choice you have):

com Limited
JB Hi-Fi
Tatts Group
Harvey Norman Holdings
Breville
Flight Centre Travel Group Limited
Domino’s Pizza Enterprises Limited
Wesfarmers Limited
Blackmores Limited
Qantas Airways Limited

To complete the assignment it is necessary that each group accesses and reads the annual report of the assigned company as per FY 2015-16 and FY 2014-15.
Organize group meetings (at least two) and for each meeting record appropriate meeting logs in form of Minutes (using Appendix 1).
Prepare a video report of no more than 10 minutes responding to the assignment questions and discuss the results of your research on the assigned company.
Prepare a list of references of the books, prescribed textbook, journal articles, newspaper articles etc. that you may have used to prepare your video report.
Submit through blackboard a file that contains:
1. the link to the VIDEO REPORT of 10 minutes on YouTube
2. the MEETING LOGS (with minutes for at least two meetings)
3. a REFERENCE LIST (of textbooks, annual reports, journal articles, newspaper articles, other books that the group used to build the content of the video report). (Please see information on referencing in point 4 below).
The report, together with the meeting logs and reference list, will be assessed according to the rubric attached at the end of this document.

The video report (including the minutes and the reference list) is worth 20% of your total Financial Accountability and Reporting Research Assignment

REQUIREMENTS:

Each group is required to organize group meetings to prepare the video report.
Group meetings do not have to be face-to-face, but may utilize various formats such as Facebook, Skype or any other available networking technology.
For each meeting, Minutes must be recorded during the meeting (using Appendix 1). Word files containing templates of these documents are also provided on blackboard in the Assessment Tasks folder.
The Minutes for each group meeting needs to be included at the end of the group report file and submitted as a single file on Turnitin and Blackboard.

Important: This is a group assignment, hence all the group members are expected to contribute to the meetings and the video report (i.e. every member of the group is required to present a part of the video). While the norm is that all group members will receive the same mark, marks may be adjusted if it is noted that a group member has contributed at a standard that is higher or lower than the rest of their group members. The decision will be made based on the content of the minutes.

For tips on video reports, please refer to the RMIT Learning Lab: https://emedia.rmit.edu.au/learninglab/content/reports-0

THE VIDEO REPORT:

The video should contain recoding of presentation of the group in front of the camera of your laptop, mobile phone or tablet. The duration of the presentation must not exceed 10 minutes. All the members of the group are required to talk during the video.

You can prepare notes beforehand to use while shooting the video.

When shooting the video report, you can have different shooting options (and you can be creative in the way you present your report on camera).

The members of the group (taking turns) may want to speak directly to the camera reading from your notes; or they may speak straight to the camera; or the group can set up an interview situation (since you have questions to answer in the assignment).

HOW TO SUBMIT YOUR VIDEO:

Once you have your final version of the recorded video, one member of the group should upload the video as UNLISTED on YouTube. An Unlisted video on YouTube means your video will not come up in search results or on your channel either. Only those who know the link can view it, and you can share the link with anyone, even those who do not have a YouTube account/username.

ATTENTION: your RMIT email credentials should be used to enter and create an account on YouTube; this will give you access to your YouTube channel where you can upload the group’s video. Remember to upload the video as UNLISTED.

Once YouTube has processed the video, you will be given the link to share this video with others.

Finally, copy the YouTube link on a Word file, which you need to submit with the Minute logs and the References.

OTHER TIPS and SUGGESTIONS on how to make a video report will be provided on Blackboard.

SUBMISSION (online only):

Only one person from the group is permitted to upload the assignment (Youtube link file; Minute logs; reference list). The group must decide who will take on this responsibility.

In the Assessment tasks folder on Blackboard, on Group assessment task – video report you will find instructions for submission and the Blackboard Link for submission as well. The assignment will not be marked if the group’s representative has not uploaded it on Blackboard.

PENALTIES for late submission:

If you wish to apply for an extension of time you must apply in writing to the Course Coordinator before the stated submission date. Extensions to submission deadlines beyond 7 days are allowed only as a result of a successful application for Special Consideration.

Unless an extension has been granted, penalties to the assessment will be applied.

All assignments will be marked as if submitted on time, then the mark awarded will be reduced by 10% for each day (or part of a day) it is late. For example, if an assignment is worth 20 marks and is submitted one day late, the penalty is 10% of 20 marks, which is 2 marks.

Assignments overdue by 7 days or more will not be marked and will be awarded a mark of zero.

Assignments that exceed the time limit by more than 10% will attract a marking penalty that is 5% of the total available marks. As the time limit is 10 minutes, you can only exceed by 1 minute. If the minutes in excess are more than 1 minute, you will incur a penalty of 5% of the total mark.

REFERENCING, FORMAT and ADDITIONAL SUPPORT

All sources of information must be acknowledged using the Harvard (author-date) referencing system. A reference list must be included.

Please refer to the Library Referencing Guidelines:

For tips on referencing, please refer to the RMIT Learning Lab:

You are required to provide a list of references as part of this assessment.

If you provide any reference of IFRS or AASB accounting standards, the textbook, any other books or articles in your answers, you must provide appropriate reference to your source, using the Harvard Style of referencing system . Please note that when citing an annual report viewed on company’s website, either by paraphrasing or using direct quotes, you must reference the annual report (in your reference list) according to the following format: Name of company. (Year of publication) Title of annual report (in italics), date viewed, link to the report. For example

Wesfarmers Limited 2015, Sustainability report 2015, Wesfarmers Limited, viewed 18 April 2019, <http://sustainability.wesfarmers.com.au/>.

Penalties for inadequate or incorrect referencing will apply (see rubric). You should refer to the referencing guidelines provided.

Financial Accountability and Reporting Research Assignment Tasks

Obtain the annual reports for FY 2015-16 and FY 2014-15 of the company that was assigned to your group by your tutor.

In your video report you need to take into consideration and discuss the following 4 points:

Explain the primary activities of your company and discuss its financial and social performance in FY 2015-16 in comparison to the previous FY 2014-15.
Focus your attention on the Statement of Profit and Loss and Other Comprehensive Income. Compare the Profit or Loss of the Year with the Total Comprehensive Income in FY 2015-16 and the Profit or Loss of the Year with the Total Comprehensive Income FY 2014-15. Discuss the nature of the difference (if any) between the two figures in the two financial years and identify whether the difference is related to extraordinary or non-recurring events.
Focus on the leases agreements the company has entered, as a lessee. As the new lease accounting standard (AASB16) will be enforced from 2019, the company is probably still applying the previous accounting standard (AASB117). Discuss how the new accounting standard will impact the assets, liabilities and profit of your company.
Focus on intangible assets and goodwill in particular. After carefully examining how the company carries impairment testing, explain what are the cash generating units and identify the criterion for their choice in your company.
Consider the items included in property, plant and equipment. Illustrate whether these items are measured according to cost or fair value in the report. Explain, supporting your answer, which model between cost or revaluation is to be preferred to provide a “true and fair” representation of the company’s assets.

Financial Accountability and Reporting Research Assignment Grading Rubric

Criteria	Unsatisfactory	Needs Improvement	Good	Excellent	Mark
Depth and accuracy of the report	– The report fails to address with accuracy most of the questions on the reporting – The research presented does not respond to the questions – The responses are not current and from reliable sources	– Some of the materials presented in the report are relevant – There is a lack of accuracy and precision in the given responses – The responses are not all relevant but is from reliable sources	– Most of the materials presented in the report is relevant – There is general accuracy and precision in the given responses – Most of the responses are relevant and from reliable sources	– All the materials presented in the report is relevant – There is high level of accuracy and precision in the given responses – All the responses are highly relevant and from reliable sources
	0-1 mark	2-3 marks	4-5 marks	6 marks
Ability to synthesise information into coherent and pertinent response(s)	– The responses lack clarity – The information is not coherent with the questions – The responses lack relevance and/or most of them are erroneous	– The report addresses most of the questions on the financial reporting with accuracy but lacks some clarity – The responses at times lack relevance and/or some of them are erroneous	– The report addresses most of the questions on financial reporting with accuracy – The responses are mostly relevant and pertinent with questions	– The report addresses clearly and accurately all the questions on financial reporting – The responses are highly relevant and well constructed.
	0-1 mark	2 marks	3 marks	4 marks
Ability to present on camera and deliver a clear message	– Significant improvements in the presentation of the report are needed – The report is not easy to understand – Not all responses have been included	– Improvement is needed in the report presentation – The report is not easy to understand – All responses are included but some are not well delivered	– The report is mostly professionally presented – The report is fairly easy to understand -All responses are included and most of them are well constructed	– The report is professionally presented in all its duration – The report is highly relevant and easy to understand – All responses are included and are very well constructed
	0-1 mark	2-3 marks	4-5 marks	6 marks
Ability to present information making proper use of the technical language	– Little or no attempt has been made to use technical language and professional terminology – The responses are not clear to read	– While some attempt has been made to use technical language and professional terminology, there is a general inaccuracy in the use of it. – The responses are somehow clear to read	– There is a general use of technical language and professional terminology. – The responses are fairly clear to read	– There is an excellent and proficient use of technical language and professional terminology. – The responses are very clear and straightforward to read
	0-1 mark	2 marks	3 marks	4 marks
Deduct up to 2 marks for incomplete or incorrect acknowledgment of sources in the Reference List
Deduct 2 marks for the submission of incomplete Minutes, 4 marks for non-submission of Minutes
Financial Accountability and Reporting Research Assignment Total Mark (out of 20)