ACCT3102 EXTERNAL REPORTING Snow Protek Ltd CASE STUDY 代写

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    ACCT3102 EXTERNAL REPORTING CASE STUDY 代写

    ACCT3102 External Reporting - Semester 2, 2017 
    ACCT3102 EXTERNAL REPORTING CASE STUDY
    This assignment information should be read in conjunction with the material provided in relation to
    the lecture for Topic 6: Case Study Development and Communication.
    Please note Section 5.5 of the ECP: Students must submit this assignment to achieve a passing grade in
    ACCT3102. Failure to submit, even with a mark of more than 50% in the two examinations, will result
    in a grade of 3.
    CONSULTATION IN RELATION TO THE CASE STUDY
    To ensure consistency of information, ALL questions relating to the case study must be submitted on
    the Blackboard Discussion Board Case Study Thread. Questions will be answered promptly when using
    this platform. We will not be answering content related questions in relation to this assessment item
    in consult or via email. The only exception to this will be during the Case Study Lecture.
    Case Study
    LIMIT  3 pages (excludes Appendix and the Reference List)
    WEIGHTING  20% (40 marks)
    REQUIREMENTS:
    You are required to individually prepare business advice to the directors of Snow Protek Ltd. The
    following professional writing protocols have been adopted by your firm for correspondence with all
    clients:
    •  All client correspondence is to be single line spaced on A4 paper with 2.5cm for all margins.
    •  Font to be used is Times New Roman font size 11.
    •  All calculations should be rounded to the nearest whole dollar amount/percentage.
    Important notes relating to referencing:
    •  Harvard referencing is to be adopted for in-text reference, other than for accounting standards (see
    note below), and for the reference list.
    •  Ensure you use the most recent version of AASB 138 Intangible Assets as issued in December 2015.
    •  For the in-text referencing from the accounting standards, you must cite the specific provisions
    including paragraph from the relevant AASB. One of the following two examples should be adopted:
    AASB 102:11 or AASB 102 para. 11. However, do not reproduce significant parts of the regulation as
    this would not be appropriate when presenting your advice to a client. The focus should be on
    interpretation and application of the standard, with a concise, well-structured analysis for your client
    with key referencing to critical elements of the appropriate accounting standards.
    •  A ‘Formal Report’ structure with an Executive Summary and Table of Contents is NOT required given
    the brevity of the required information.
    •  This assessment must be the sole work of the individual student and not done in collaboration with
    other students. Students may discuss with one another the general principles of the Accounting
    Standards; however, you may not collaborate/discuss on the specifics of the proposal or how the
    Standards are relevant to the proposal.
    ACCT3102 External Reporting - Semester 2, 2017 
    Case Study
    The following business situation has been presented to your firm for advice.
    Snow Protek Ltd is a small company. Because of a successful research project the company expects rapid
    growth over the next five to ten years. As a reporting entity, Snow Protek Ltd is required to comply with
    all accounting standards.
    As shown in the following extract from its draft Statement of financial position as at 30 June 2016
    prepared by the company, Snow Protek Ltd has two separate classes of intangible assets:
    Intangible Assets as at 30 June 2016: 
    Brand name (at directors’ valuation June 2013)  $800,000
    Research and development asset at cost  $1,710,000
    Snow Protek Ltd has provided the following additional details relating to each item.
    Brand Name
    In January 2013, Snow Protek Ltd purchased a successful brand of sun hats for $500,000. The hats, called
    Snowsafe, are specially designed for use in snowy conditions. Based on years of experience in the
    industry, Snow Protek Ltd’s Managing Director (MD) valued the brand name conservatively at 80% of its
    estimated value in use ($1,000,000) on 30 June 2013. The brand name has not been amortised because,
    as the MD says, “there is no telling just how long these hats will sell”. Over the last two years, numerous
    competing products have emerged under similar brand names and several of those brands have sold to
    new owners.
    In the 2015-2016 financial year, Snow Protek Ltd spent $300,000 on advertising and marketing of its
    Snowsafe brand and sales have increased slightly. The MD wishes to increase the value of the brand
    name by $300,000 to $1,100,000 because any decline in sales has been avoided.
    Research and Development
    The research and development asset relates to two projects:
    Project 1: Face Cream – Research and Development asset - $1,260,000
    Project 1 is concerned with a new form of face cream that, within 1 minute of application, provides an
    effective barrier to wind burn for a period of 12 hours. There is great excitement about the potential of
    this product. Snow Protek Ltd is currently building production facilities for the new face cream and
    expects these facilities to be completed by 1 July 2016 at which time commercial production will
    commence. Further details on these costs are as follows.
    Costs incurred by Snow Protek Ltd in previous accounting periods - $800,000
    The prior periods’ costs included:
    •  $100,000 related to research on the effect of UV rays on various skin types;
    •  $200,000 was spent on investigating methods to increase the effective protection time
    of the face cream.
    •  $500,000 was spent on developing a face cream that could be easily applied and had a
    pleasing smell and texture.
    ACCT3102 External Reporting - Semester 2, 2017 
    In the prior periods no market research was conducted but the MD of Snow Protek Ltd was
    confident of obtaining large sales in Australia and New Zealand.
    Cost incurred by Snow Protek Ltd in the current accounting period (2015/2016) - $460,000
    The $460,000 costs incurred during the current period relate to the successful development of
    techniques to produce the face cream in large, economically viable quantities. During the
    current period, an external consultant undertook the first market research of the face cream’s
    potential sales. The research results conclusively confirmed that there is a large, highly profitable
    market for the cream in both Australia and New Zealand.
    Project 2: New Fabric - Research and Development asset - $450,000
    Project 2 relates to the design of a new fabric for ski jackets that Snow Protek Ltd has been investigating
    for a number of years. Costs incurred in prior periods of $300,000 relate to research on different types of
    technologies potentially available to make a highly insulating but non-sweaty material. In the current
    period, an additional $150,000 has been incurred. However, due to economic constraints faced by the
    company, project 2 was abandoned on the 1 June 2016.
    Required:
    You represent the accounting firm advising Snow Protek Ltd as to its compliance with AASB 138
    Intangible Assets. Comment on all matters relating to the past and current accounting treatment of the
    intangible assets described above, providing clear explanations to support your answers. This should
    include comment on the appropriate value of each intangible asset at 30 June 2016 based on the
    appropriate basis of measurement (cost model, revaluation model or recoverable amount) and
    discussion on amortization. Your discussion should include comments on any past accounting treatment
    described above that are not consistent with AASB 138, with the appropriate treatment that should have
    been adopted.
    You recommendations should provide a clear explanation of:
    a)  how the accounts would need to be adjusted at 30 June 2016 to reflect your analysis and
    recommendations; and
    b)  the determination of the carrying amount of the intangible assets recognised in the Statement of
    financial position of Snow Protek Ltd as at 30 June 2016.
    ACCT3102 External Reporting - Semester 2, 2017 
    Case Study Marking Criteria and Rubric
    LG 1: Be knowledgeable within field of accounting;
    •  Analysis Brand: Problem is analysed with integration of relevant research of accounting
    standards and data.
    •  Analysis R&D: Problem is analysed with integration of relevant research of accounting standards
    and data.
    LG2: Have professional and effective writing skills
    •  Structure: Written work is logically sequenced with sound paragraph structure, clear and easy to
    read.
    •  Clarity of expression: Writing is free of spelling, punctuation and grammatical errors.
    •  Research and Referencing: Written work is referenced and demonstrates an ability to undertake
    independent research.
    LG 3: Be creative analytical thinkers
    •  Identification Problem is identified and discussed within relevant context
    •  Analysis Brand: Problem is analysed with integration of relevant research of accounting
    standards and data.
    •  Analysis R&D: Problem is analysed with integration of relevant research of accounting standards
    and data.
    •  Conclusion: Consequences are considered, discussed, and conclusion reached.
    •  Recommendation: Solutions are proposed and justified.
    ACCT3102 External Reporting - Semester 2, 2017  Page | 5
    Case Study Marking Criteria and Rubric
    Task  Mark
    Outstanding
    5
    Very Good
    4
    Meets Expectations
    3
    Below Expectations
    2
    Well Below Expectations
    1
    Not
    attempted
    0
    Identification
    Problem is identified and
    discussed within relevant
    context
    5  All key concepts clearly
    identified and summarised
    appropriately.
    Most key concepts
    identified. Only the
    occasional minor error
    evident.
    Identifies some key
    concepts. Some minor, and
    the occasional major, error
    evident.
    Few key concepts
    identified. Major errors
    evident throughout.
    Fails to identify key concepts.
    Little or no evidence of
    understanding.
    Not
    attempted
    Brand Analysis
    Problem is analysed with
    integration of relevant
    research of accounting
    standards and data.
    5  Evidence of rigorous
    research of the relevant
    accounting standards and
    application of the case
    details, demonstrated by
    correct application of all of
    the relevant sections of the
    accounting standards with
    supporting calculations
    correct.
    Evidence of rigorous
    research of the relevant
    accounting standards and
    application of the case
    details, demonstrated by
    the correct application of
    most of the relevant
    sections of the accounting
    standards with supporting
    calculations correct.
    Evidence of sound research
    of the relevant accounting
    standards and application
    of the case details,
    demonstrated by the
    correct application of some
    of the relevant sections of
    the accounting standards
    with supporting
    calculations mostly correct.
    Limited evidence of
    research of the relevant
    accounting standards and
    application of the case
    details, demonstrated by
    the correct application of
    few of the relevant sections
    of the accounting
    standards. Errors evident in
    calculations.
    Inappropriate and/or
    insufficient research of the
    relevant accounting
    standards and application to
    the case details. Major errors
    evident in calculations.
    Not
    attempted
    R&D Analysis
    Problem is analysed with
    integration of relevant
    research of accounting
    standards and data.
    5  Evidence of rigorous
    research of the relevant
    accounting standards and
    application of the case
    details, demonstrated by
    correct application of all of
    the relevant sections of the
    accounting standards with
    supporting calculations
    correct.
    Evidence of rigorous
    research of the relevant
    accounting standards and
    application of the case
    details, demonstrated by
    the correct application of
    most of the relevant
    sections of the accounting
    standards with supporting
    calculations correct.
    Evidence of sound research
    of the relevant accounting
    standards and application
    of the case details,
    demonstrated by the
    correct application of some
    of the relevant sections of
    the accounting standards
    with supporting
    calculations mostly correct.
    Limited evidence of
    research of the relevant
    accounting standards and
    application of the case
    details, demonstrated by
    the correct application of
    few of the relevant sections
    of the accounting
    standards. Errors evident in
    calculations.
    Inappropriate and/or
    insufficient research of the
    relevant accounting
    standards and application to
    the case details. Major errors
    evident in calculations.
    Not
    attempted
    Conclusion
    Consequences are
    considered, discussed,
    and conclusion reached.
    5  Conclusion/s clearly
    demonstrated with all
    correct decisions and
    relevant calculations
    carried forward from
    decisions made in previous
    sections.
    Conclusion/s clearly
    demonstrated with mostly
    correct calculations carried
    forward from decisions
    made in previous sections.
    Conclusion/s demonstrated
    with some correct
    calculations carried forward
    from decisions made in
    previous sections.
    Analysis demonstrated but
    with major calculation
    errors and/or inconsistent
    with decisions made in
    previous section.
    Analysis not demonstrated
    with calculations incorrect.
    Not
    attempted
    ACCT3102 External Reporting - Semester 2, 2017  Page | 6
    Task  Mark
    Outstanding
    5
    Very Good
    4
    Meets Expectations
    3
    Below Expectations
    2
    Well Below Expectations
    1
    Not
    attempted
    0
    Recommendation
    Solutions are proposed
    and justified
    5  Proposed solutions are
    comprehensively justified.
    Highly relevant and correct
    recommendations drawn,
    with all relevant
    assumptions, data and
    evidence considered.
    Proposed solutions are well
    justified. Correct
    recommendations drawn,
    with useful assumptions,
    data and evidence
    considered. May have some
    minor exclusions.
    Some useful solutions
    proposed. Correct
    recommendations, with
    minor errors in
    consideration and use of
    assumptions, data and/or
    evidence.
    Though not always relevant
    or justified, some proposed
    solution/s have been made.
    Recommendations tend to
    be incorrect due to major
    errors in consideration of
    assumptions, data and/or
    evidence.
    Proposed solutions and
    justification for these are
    inappropriate. Incorrect or
    absent recommendations
    with little if any reference
    to relevant assumptions,
    data and evidence.
    Not
    attempted
    Structure
    Written work is logically
    sequenced  with  sound
    paragraph structure, clear
    and easy to read
    5  Written advice is very well
    structured, logically
    sequenced and presented in
    a highly professional
    manner that clearly
    communicates the intended
    advice to the client. Full
    compliance with page limit
    and formatting instructions.
    Written advice is well
    structured and logically
    sequenced with only the
    occasional minor formatting
    error. Presented in a
    professional manner that
    communicates the intended
    advice to the client.
    Compliance with page limit
    and formatting instructions.
    Written advice is
    adequately structured and
    sequenced, though it
    occasionally lacks a degree
    of professionalism (such as
    minor formatting errors
    and/or inappropriate use
    of headings). Provision of
    advice mostly takes into
    account the needs of the
    client. May have some
    non-compliance with page
    limit and/or formatting
    instructions.
    Written advice is
    adequately structured in
    part, though it lacks a
    degree of professionalism
    and/or lacks consideration
    regarding provision of
    advice suitable for the
    needs of a client. There is
    some non-compliance with
    page limit and formatting
    instructions.
    Presentation and lack of
    structure detracts from the
    professionalism of the
    report. Very little concern
    regarding provision of
    advice suitable for the
    needs of a client.
    Compliance with page limits
    and formatting instructions
    has largely been ignored.
    Not
    attempted
    Clarity of expression
    Writing is free of spelling,
    punctuation  and
    grammatical errors.
    5  Fluent writing style with
    expression highly suited to
    set task. Grammar, spelling
    and punctuation are
    accurate.
    Mostly fluent writing style
    with expression appropriate
    to set task. Grammar,
    spelling and punctuation are
    mostly accurate with only
    minor errors evident.
    Writing style sometimes
    lacks the clarity of
    expression but meaning is
    still apparent. Grammar,
    spelling and/or
    punctuation contain more
    persistent errors.

    ACCT3102 EXTERNAL REPORTING CASE STUDY 代写
    Writing style often lacks
    clarity of expression, which
    impacts on the readability
    of your work. There are
    some serious grammar,
    spelling and/or punctuation
    errors which impact on the
    readability of some parts of
    the written advice.
    Writing style is not suited to
    the set task. There are
    numerous grammar,
    spelling and/or punctuation
    errors which significantly
    impact on the readability of
    the written advice.
    Not
    attempted
    Research and Referencing
    Written  work  is
    referenced  and
    demonstrates an ability to
    undertake  independent
    research.
    5  In-text referencing and the
    reference list are complete
    and accurate.
    In-text referencing and the
    reference list are mostly
    complete and accurate with
    one or two minor errors

    Snow Protek Ltd 
    evident in either in-text
    referencing or reference list.
    In-text referencing and the
    reference list are usually
    complete with several
    minor errors evident in
    either in-text referencing
    or reference list.
    Some attempt at
    referencing but details are
    either missing or contain
    more frequent errors.
    Referencing is absent
    and/or unsystematic and
    contains more frequent
    errors.
    Not
    attempted
    ACCT3102 EXTERNAL REPORTING CASE STUDY 代写

    Snow Protek Ltd