ACC2CRE Corporate Reporting

ACC2CRE Corporate Reporting

Group Case Study 20%

Due date: Friday (5.00pm), 9September 20161. The assignment is a compulsory group assignment and is worth 20% of the total marks of the subject.
2. The group should be comprised of four (4) students. It is the responsibility of students to form the groups. Only one copy of the group assignment must be submitted on behalf of the group by one of the group members.
3. You must keep a copy of your assignment (in hard copy form) until you receive the marked original back. If your assignment is lost and you fail to provide us with a copy of the assignment when requested, we will assume the assignment was not written and the penalties for late assignment will be applied.
4. The assignment must be presented in a professional manner (word processed).
5. Submissions must be properly referenced (refer to the University Style Guide).
6. Plagiarism is a serious matter; all students involved will be referred to the University’s appropriate authority.
7. Late submission will incur a penalty of one mark per day including the weekend. Late submission must be lodged with Course Coordinator only.
8. Application for extensions must be lodged with the Course Coordinator before due date in writing for granting an extension (medical problems etc.).
9. Assignment must be submitted through the LMS.
Note 1: Word limit 2,000.

ACC2CRE Corporate Reporting

Question 1 (10 Marks) (Word Limit = 1000 words)

(a) Deegan (2012) states that Australian companies are producing stand-alone social report since early 1990s. Critically discuss the above statement and briefly explain the motivations for social and environmental reporting.
Reference:
Deegan, C. 2012. Australian Financial Accounting (7th Edition), Irwin McGraw-Hill, Australia

ACC2CRE Corporate Reporting
(b) Obtain the 2013 sustainability report for Toyota Motor Corporation. Prepare a report that addresses the following issues:
1. Toyota’s vision and mission statement, and how these might relate to sustainability (if at all)
2. Toyota’s stakeholders and how the company has engaged with each of stakeholder group
3. Governance mechanisms in place on the board of directors to address sustainability
4. Any guidance Toyota used in implementing environmental and social performance and reporting systems.

ACC2CRE Corporate Reporting
Question 2 (5 Marks)(Word Limit = 500 words)

The summarised general ledger trial balance of Matthew Ltd, a manufacturing company, for the year ended 30 June 2016 is detailed below.
ACC2CRE Corporate Reporting
Additional information
(a) $20 000 of bank loans is repayable within 1 year.
(b) $90 000 of other loans is repayable within 1 year.
(c) Matthew Ltd uses the single statement format for the statement of profit or loss and other comprehensive income and presents an analysis of expenses by nature in the statement.

Required:

(1) Prepare the statement of financial position, statement of profit or loss and other comprehensive income and statement of changes in equity of Matthew Ltd for the year ended 30 June 2016 in accordance with the requirements of AASB 101/IAS 1.

(2) Prepare relevant notes (explanations) to the financial statements according to comply with relevant accounting standards.

ACC2CRE Corporate Reporting
Question 3 (5 Marks)(Word Limit = 500 words)

The profit before tax, as reported in the statement of profit or loss and other comprehensive income of Mackay Ltd for the year ended 30 June 2018, amounted to $60 000, including the following revenue and expense items:

Rent revenue $3 000
Bad debts expense 6 000
Depreciation of plant 5 000
Annual leave expense 3 000
Entertainment costs (non-deductible) 1 800
Depreciation of buildings (non-deductible) 800

ACC2CRE Corporate Reporting

The statement of financial position of the company at 30 June 2018 showed the following net assets.

2018 2017
Assets
Cash 8 000 8 500
Inventories 17 000 15 500
Receivables 50 000 48 000
Allowance for doubtful debts (5 500) (4 000)
Office supplies 2 500 2 200
Plant 50 000 50 000
Accumulated depreciation (26 000) (21 000)
Buildings 30 000 30 000
Accumulated depreciation (14 800) (14 000)
Goodwill (net) 7 000 7 000
Deferred tax asset ? 4 050
Liabilities
Accounts payable 29 000 26 000
Provision for long service leave 6 000 4 500
Provision for annual leave 4 000 3 000
Rent received in advance 2 500 2 000
Deferred tax liability ? 3 150

ACC2CRE Corporate Reporting

Additional information
(a) Accumulated depreciation of plant for tax purposes was $31 500 at 30 June 2017, and depreciation for tax purposes for the year ended 30 June 2018 amounted to $7500.
(b) The tax rate is 30%.

Required:
Prepare a current tax worksheet and the journal entry to recognise the company’s current tax liability as at 30 June 2018. Also provide workings for allowance for doubtful debts, provision for annual leave, provision for long service leave and rent received

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