Financial Accounting

FINANCIAL ACCOUNTABILITY AND REPORTING

SUBMISSION :1 (DUE: COMMENCEMENT WEEK THREE MONDAY 9 AM)

INSTRUCTIONS / PENALTIES

Work needs to be submitted by the DUE / DATE TIME via the course web site as detailed above in your own hand writing (see course guide for details). Students may submit multiple times with the latest submission prior to the deadline being the work potentially marked.

Submissions need to be your OWN work

Submissions needed scanned or photographed and need to be CLEARLY LEGIBLE when submitted electronically.

Work electronically submitted for any particular week will be worked through in your respective tutorials that week together with student queries relating to the topic area. Students should bring a copy of their submission to update in the tutorial as a means of gaining the solution. (Copies of solutions will not be provided in hard copy form so it is imperative you attend tutorials)

Penalties and non-acceptance of your submission apply if you fail to meet the above requirements

QUESTION ONE

Briefly describe the role and function inter- relationship between the Australian Securities and Investments Commission (ASIC) , Australian Accounting Standards Board , Financial Reporting Council and Australian Stock Exchange in formatting and regulating financial reporting within Australia.

(max words 300) (8 marks)

QUESTION TWO

Describe the nature and purpose of each of the following in making up the contents of an annual report

• Statement of financial position at the end of the period

• Statement of comprehensive income for the period

• Statement of changes in equity for the period

• Statement of cash flows for the period

• Notes comprising a summary of significant accounting policies and other explanatory notes

• Directors Declaration

• Directors Report

• Auditors Report

(max 400 words) (8 + 4* 2 = 12 marks)

20 marks:: converted potentially into 5...