Posted: November 30th, 2021

HA2032 Corporate and Financial Accounting Individual Assignment T2 2020

HOLMES INSTITUTE
FACULTY OF
HIGHER EDUCATION
HA2032 Corporate and Financial Accounting Individual Assignment T2 2020
Assessment Details and Submission Guidelines
Trimester T2 2020
Unit Code HA2032
Unit Title Corporate and Financial Accounting
Assessment Type Individual Assignment
Assessment Title Corporate reporting and disclosure requirements in Business Combination
Purpose of the
assessment (with
ULO Mapping)
This assignment aims to develop students’ understanding of corporate
reporting, disclosure, reporting entity concept and the implication of being
classified as a reporting entity. This assignment also develops an understanding
of students on accounting and disclosures for business combinations
The HA2032 Unit Learning outcomes addressed in this assessment are:
• Demonstrate an understanding of the role of the Corporations
Act, sources of authority, and accounting standards in the
governance of companies and requirements for financial
reporting;
• Critically analyse and interpret the financial statements and other
disclosures produced by Australian companies and corporate groups;
(ULO 1, 3).
Weight 25 % of the total assessments
Total Marks 25
Word limit 3000 words ±300 words
Due Date Assignment submission: Final Submission of individual Assignment: 11:59 pm
Wednesday, 23 September 2020, Week 10.
Late submission incurs penalties of five (5) % of the assessment value per
calendar day unless an extension and/or special consideration has been
granted by the lecturer prior to the assessment deadline.
Submission
Guidelines
 All work must be submitted on Blackboard by the due date along with a
completed Assignment Cover Page.
 The assignment must be in MS Word format, no spacing, 12-pt Arial font and
2 cm margins on all four sides of your page with appropriate section headings
and page numbers.
 Reference sources must be cited in the text of the report, and listed
appropriately at the end in a reference list using Harvard referencing style.
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HA2032 Corporate and Financial Accounting Individual Assignment T2 2020
Assignment Specifications
Purpose:
This assignment aims to develop students’ understanding of corporate reporting, disclosure,
reporting entity concept and the implication of being classified as a reporting entity. The students
will also analyse the disclosure on business combination made by two selected companies.
Assessment Task:
Part A
Accounting Standard Setting, Regulation and Disclosure
ACCOUNTING STANDARD SETTING
(i) Do your own research and critically explain how the Australian Accounting Standards Board
take part in the global accounting standard setting process (i.e. in setting IFRS). Why is the
IFRS set by the International Accounting Standards Board (IASB) not compulsory for the
member countries of IASB?
REPORTING ENTITY
(ii) Do your own research and critically examine the concepts of small proprietary company,
large proprietary company and reporting entity. What are the implications of being
classified as either one of these three types of companies in terms of compliance and
reporting requirements?
Part B
Business Combination / Acquisition analysis
Collect the latest annual reports of two ASX listed companies. Each of the two companies must have
reported Business Combination as per AASB 3 (Many of the ASX 300 Companies report business
combinations). Carefully read the note disclosure relating to the Business Combination AASB 3.
Answer the following:
(i) How many business combinations did the company report?
(ii) What was the fair value of consideration paid?
(iii) What are the components of acquisition costs, e.g. cash consideration and noncash
consideration?
(iv) What was the fair value of net identifiable assets acquired?
(v) Recognised value of each class of assets, liabilities and contingent liabilities
(vi) Carrying value of each class of assets, liabilities and contingent liabilities
(vii) How much goodwill or gain on bargain purchase has been recorded?
(viii) Factors that contributed to the recognition of goodwill or gain on bargain purchase (if
disclosed)
(ix) What was the amount of goodwill as percentage of total consideration paid?
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HA2032 Corporate and Financial Accounting Individual Assignment T2 2020
(x) What was the amount identifiable intangible assets as a percentage of total consideration
paid?
(xi) Write a comparative analysis on the two companies’ disclosure on business combination.
Assignment Structure should be as the following:
The assignment structure must be as follows:
Holmes Institute Assignment Cover Sheet – Full Name, Student No., Campus, Session No.
Executive Homework help – Summary
 The Executive Homework help – Summary appears as a short paragraph on the first page of the report.
 The Executive summary should be concise and not involve too much detail.
 It should be a summary of the main points only, the conclusions and analysis of the report.
 Write the Executive Homework help – Summary after the report is completed, and once you have an overview
of the whole report. 50 – 100 words is recommended
Table of Contents Page – This needs to show a logical listing of all the sub-headings of the report’s
contents. (Note this is excluded from the total word count.)
Introduction – A short paragraph which includes background and/or scope and the main points
raised in order of importance. There should be a brief conclusion statement at the end of the
Introduction.
Main Body Paragraphs with numbered sub-headings – Detailed information which elaborates on the
main points raised in the Introduction. Each paragraph should begin with a clear topic sentence, then
supporting sentences with facts and /or relevant information (evidence) and finish with a concluding
sentence at the end.
Conclusion – A logical and coherent evaluation based on a thorough and objective assessment of the
work performed.
References – Credible Academic sources must be used, such as peer reviewed journals or
authoritative textbooks. Any referencing style can be followed, but should be consistent.
Academic Integrity
Holmes Institute is committed to ensuring and upholding Academic Integrity, as Academic Integrity
is integral to maintaining academic quality and the reputation of Holmes’ graduates. Accordingly, all
assessment tasks need to comply with academic integrity guidelines. Table 1 identifies the six
categories of Academic Integrity breaches. If you have any questions about Academic Integrity issues
related to your assessment tasks, please consult your lecturer or tutor for relevant referencing
guidelines and support resources. Many of these resources can also be found through the Study Sills
link on Blackboard.
Academic Integrity breaches are a serious offence punishable by penalties that may range from
deduction of marks, failure of the assessment task or unit involved, suspension of course
enrolment, or cancellation of course enrolment.
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HA2032 Corporate and Financial Accounting Individual Assignment T2 2020
Table 1: Six Categories of Academic Integrity Breaches
Plagiarism Reproducing the work of someone else without attribution. When a student
submits their own work on multiple occasions this is known as self-plagiarism.
Collusion Working with one or more other individuals to complete an assignment, in a
way that is not authorised.
Copying Reproducing and submitting the work of another student, with or without their
knowledge. If a student fails to take reasonable precautions to prevent their
own original work from being copied, this may also be considered an offence.
Impersonation Falsely presenting oneself, or engaging someone else to present as oneself, in
an in-person examination.
Contract cheating Contracting a third party to complete an assessment task, generally in
exchange for money or other manner of payment.
Data fabrication and
falsification
Manipulating or inventing data with the intent of supporting false conclusions,
including manipulating images.
Source: INQAAHE, 2020
Marking Criteria
Marking criteria Weighting
Executive Homework help – Summary/Abstract 1% (1 mark)
List of content & overall presentation of the assignment 1% (1 mark)
Introduction 1% (1 mark)
Part A: Accounting Standard Setting, Regulation and Disclosure
Do your own research and critically explain how the Australian Accounting
Standards Board takes part in the global accounting standard setting process (i.e.
in setting IFRS). Why is the IFRS set by the International Accounting Standards
Board (IASB) not compulsory for the member countries of IASB?
5% (5 mark)
Do your own research and critically examine the concepts of small proprietary
company, large proprietary company and reporting entity. What are the
implications of being classified as either one of these three types of companies in
terms of compliance and reporting requirements?
5% (5 mark)
Part B: Disclosure on Business Combination
Collect the latest annual reports of two ASX listed companies. Each of the two
companies must have reported Business Combination as per AASB 3. Carefully read
the note disclosure relating to the Business Combination AASB 3. Answer the
following for each of the two companies:
(i) How many business combinations did the company report? 0.5% (0.5 mark)
(ii) What was the fair value of consideration paid? 0.5% (0.5 mark)
(iii) What are the components of acquisition costs, e.g. cash consideration and
noncash consideration?
0.5% (0.5 mark)
(iv) What was the fair value of net identifiable assets acquired? 0.5% (0.5 mark)
(v) Recognised value of each class of assets, liabilities and contingent liabilities 0.5% (0.5 mark)
Page 5 of 8
HA2032 Corporate and Financial Accounting Individual Assignment T2 2020
(vi) Carrying value of each class of assets, liabilities and contingent liabilities 0.5% (0.5 mark)
(vii) How much goodwill or gain on bargain purchase has been recorded? 0.5% (0.5 mark)
(viii) Factors that contributed to the recognition of goodwill or gain on bargain
purchase (if disclosed)
0.5% (0.5 mark)
(ix) What was the amount of goodwill as percentage of total consideration
paid?
0.5% (0.5 mark)
(x) What was the amount identifiable intangible assets as a percentage of total
consideration paid?
0.5% (0.5 mark)
(xi) Write a comparative analysis on the two companies’ disclosure on business
combination.
5% (5 mark)
Conclusion 1% (1 mark)
References 1% (1 mark)
TOTAL Weight 25% (25 marks)
Marking Rubric
Marking Criteria Excellent Very Good Good Satisfactory Unsatisfactory
Executive
Homework help – Summary/Abstract (/1
mark)
The abstract
/ summary
is excellent
The
abstract/summ
ary is very good
The
abstract/sum
mary is very
good
The
abstract/sum
mary is
satisfactory
The
abstract/sum
mary is very
poor or
unsatisfactory
List of content & overall
presentation of the
assignment (/1 mark)
The overall
presentatio
n of the
assignment
is excellent
The overall
presentation of
the assignment
is very good
The overall
presentation
of the
assignment
good
The overall
presentation
of the
assignment
satisfactory
The overall
presentation
of the
assignment is
very poor or
unsatisfactory
Introduction (/1 mark) The
introduction
is excellent
The
introduction is
very good
The
introduction
is good
The
introduction
is satisfactory
The
introduction is
very poor or
unsatisfactory
Part A: Regulation and Disclosure
Do your own research
and critically explain
how the Australian
Accounting Standards
Board takes part in the
global accounting
standard setting
process (i.e. in setting
IFRS). Why is the IFRS
set by the International
Accounting Standards
Board (IASB) not
compulsory for the
member countries of
IASB?
(/5 marks)
Student has
provided an
excellent
explanation
on how
Australian
Accounting
Standards
Board Take
part in the
global
accounting
standard
setting
process. Has
provided an
Student has
provided a very
good
explanation on
how Australian
Accounting
Standards
Board Take part
in the global
accounting
standard setting
process. Has
provided a very
good
explanation on
why the IFRS
Student has
provided a
good
explanation
on how
Australian
Accounting
Standards
Board Take
part in the
global
accounting
standard
setting
process. Has
provided an
Student has
provided an
explanation
on how
Australian
Accounting
Standards
Board Take
part in the
global
accounting
standard
setting
process. Has
provided an
explanation
Student has
not been able
to correctly
explain on
how Australian
Accounting
Standards
Board Take
part in the
global
accounting
standard
setting
process. Has
not provided a
correct
Page 6 of 8
HA2032 Corporate and Financial Accounting Individual Assignment T2 2020
excellent
explanation
on why the
IFRS are not
compulsory
for member
countrieshighlighting
the fact that
members
can adopt
the
standard
without any
change or
with change
as paper
local need.
are not
compulsory for
member
countrieshighlighting the
fact that
members can
adopt the
standard
without any
change or with
change as paper
local need.
Minor scope for
improvement
remains.
explanation
on why the
IFRS are not
compulsory
for member
countrieshighlighting
the fact that
members can
adopt the
standard
without any
change or
with change
as paper local
need. Major
scope for
improvement
remains.
on why the
IFRS are not
compulsory
for member
countrieshighlighting
the fact that
members can
adopt the
standard
without any
change or
with change
as paper local
need. Major
errors. Major
scope for
improvement
remains.
explanation on
why the IFRS
are not
compulsory for
member
countrieshighlighting
the fact that
members can
adopt the
standard
without any
change or with
change as
paper local
need.
Do your own research
and critically examine
the concepts of small
proprietary company,
large proprietary
company and reporting
entity. What are the
implications of being
classified as either one
of these three types of
companies in terms of
compliance and
reporting
requirements?
(/5 marks)
The three
concepts
have been
explained in
detail. The
implications
of being
classified as
either one
of these
three types
of
companies
have been
explained in
detail in
terms of
compliance
with
accounting
standards,
reporting
and
disclosures
requiremen
t, and
auditing.
The three
concepts have
been explained
in detail. The
implications of
being classified
as either one of
these three
types of
companies have
been explained
in detail in
terms of
compliance with
accounting
standards,
reporting and
disclosures
requirement,
and auditing.
Minor scope for
improvement
remain.
The three
concepts
have been
explained.
The
implications
of being
classified as
either one of
these three
types of
companies
have been
explained in
terms of
compliance
with
accounting
standards,
reporting and
disclosures
requirement,
and auditing.
Major scope
for
improvement
remains.
The three
concepts
have been
explained.
The
implications
of being
classified as
either one of
these three
types of
companies
have not
been
explained in
terms of
compliance
with
accounting
standards,
reporting and
disclosures
requirement,
and auditing.
The three
concepts have
not been
explained. The
implications of
being classified
as either one
of these three
types of
companies
have not been
explained in
terms of
compliance
with
accounting
standards,
reporting and
disclosures
requirement,
and auditing.
Page 7 of 8
HA2032 Corporate and Financial Accounting Individual Assignment T2 2020
Part B: Disclosure on Business Combination
How many business
combinations did the
company report?
(/0.5 marks)
Student has correctly identified the number of business combination the
company has reported during the period. A company may report one business
combination during the period or may report more than 1 business combination.
Students are expected to identify and write the number of business combination
that the company has reported during the period. Give 0 marks if did not
understand the question.
What was the fair value
of consideration paid?
(/0.5 marks)
Students are expected to identify and mention the total fair value of
considerations paid for the acquisition. Give zero marks for not understanding
the question or for incorrect answer.
What are the
components of
acquisition costs, e.g.
cash consideration and
non-cash
consideration?
(/0.5 marks)
Students are expected to identify and mention different components of
consideration paid (such as cash, share based payment, exchange of assets, etc.)
and their fair values. The summation of fair value of each components of
consideration paid should be equal to the total fair value of considerations paid
for the acquisition.
What was the fair value
of net identifiable
assets acquired?
(/0.5 marks)
Students are expected to be determine the fair value of net identifiable assets
acquired. Fair value of net identifiable assets acquired is calculated as (fair value
of all identifiable assets acquired – fair value of all identifiable liabilities and
contingent liabilities assumed). In this part of the question the student will
mention the net amount. If the student confuses with carrying value of assets and
liabilities with fair value or does not demonstrate an understanding of what ‘the
fair value of net identifiable assets acquired’ mean, give 0 mark.
Recognised value of
each class of assets,
liabilities and
contingent liabilities
(/0.5 marks)
Student has correctly identified each class of assets, liabilities and contingent
liabilities acquired and their fair values. If the student confuses with carrying value
of assets and liabilities with fair value, give zero marks. In this question we are
interested about identifying each component.
Carrying value of each
class of assets,
liabilities and
contingent liabilities
(/0.5 marks)
Student has correctly identified the carrying value each class of assets, liabilities
and contingent liabilities acquired. List of assets and liabilities mentioned in this
question may be (but not always) different from the list of assets and liabilities
mentioned to answer the previous question, because while recording business
combination the acquirer must identify and value as many intangible assets as
possible even though they were not recognised by the acquiree. If the student
confuses with carrying value of assets and liabilities with fair value, give (0) zero
mark
How much goodwill or
gain on bargain
purchase has been
recorded?
(/0.5 marks)
Student has been able to identify the amount of goodwill or gain on bargain
purchase arising out of the acquisition. If cannot specifically identify and
mention the amount of goodwill or gain on bargain purchase (can be zero
consideration paid and net assets acquired are equal) give (0) zero mark.
Factors that
contributed to the
recognition of goodwill
or gain on bargain
purchase (if
disclosed) (/0.5 marks)
Students are expected to identify and explain the factors that contributed to the
recognition of goodwill or gain or bargain purchase. If the company did not
make any disclosure in this regard, the student must answer ‘not disclosed’.
Page 8 of 8
HA2032 Corporate and Financial Accounting Individual Assignment T2 2020
What was the amount
of goodwill or gain on
bargain purchase as the
percentage of total
consideration paid?
(/0.5 marks)
Student has calculated the goodwill or gain on bargain purchase as the
percentage of total consideration paid. Give zero marks if not answered or
answered incorrectly.
Write a comparative
analysis on the two
companies’ disclosure
on business
combination
(/5 marks)
Student has
made an
excellent
comparison
between
the two
companies
regarding
the
disclosure
on business
combinatio
n. Has
highlighted
any
differences
in the
disclosure
pattern.
Student has
made a very
good
comparison
between the
two companies
regarding the
disclosure on
business
combination.
An effort was
made to
highlight the
differences in
the disclosure
pattern of the
two companies
Student has
summarised
the key
disclosures of
the two
companies
on business
combination.
No
comparison
was made
between the
disclosures of
the two
companies.
Student has
summarised
the key
disclosures of
the two
companies
on business
combination
with minor
errors. No
comparison
was made
between the
disclosures of
the two
companies.
Student has
summarised
the key
disclosures of
the two
companies on
business
combination
with major
errors. No
comparison
was made
between the
disclosures of
the two
companies.
Conclusion
(/1 mark)
The
conclusion
is excellent
The conclusion
is very good
The
conclusion is
good
The
conclusion is
satisfactory
The conclusion
is poor or
unsatisfactory
References
(/ 1 mark)
Give one marks for correct/consistent referencing. With minor mistakes 0.5
marks, with gross mistakes 0 marks

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