ACCM 4300: Financial Accounting & Reporting 2

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ACCM 4300: Financial Accounting & Reporting 2

Details of Assignment:

Research Assignment – Written Memo and Presentation

You are required to form a team (group) of 3 to 4 members. Let your lecturer know the names of your team members. Select a set of financial statements for a group of companies and obtain approval from your lecturer for the group of companies that you have selected. Please note that two person may not work on the same group of companies so if another team has already registered their interest in the particular group of companies you will be requested to select a different group of companies.

Read the annual report including the financial statements of the group and write a memorandum to the board of directors clearly explaining some of the technical aspects of consolidation. Make sure thatyou draw on the group’s specific details to explain the intricacies of consolidation to the board, and as much as possible avoid answering in general terms. Some of the aspects that you need to cover as a team are:

  1. The composition of the group; namely the subsidiaries, associates, any joint ventures and any other significant investments
  2. Why did the parent entity have to prepare consolidated financial statements when the subsidiary company is a separate legal entity in its own right?
  3. The non controlling interest – where would you find it in the financial statements and what does it represent? Details of any direct and indirect non controlling interest? What does it mean? Is it important to show it separately? Why or why not?
  4. Has there been any goodwill on acquisition? Or any gain on bargain purchase? Where would you find it in the financial statements and what does it mean? Any impairment?
  5. Intra-group transactions and balances: How much are they? In which set of financial statements will we be able to locate them? Are they an important part of the consolidation process? Why or why not?
  6. Does the group have any foreign subsidiary companies? How have they been accounted for in the financial statements?
  7. Does the published set of group financial statements reveal the company’s policy on sustainability? Corporate governance? Audit committees? Solvency? Where and why?
  8. Any other relevant matter that you may wish the board of directors to make note of in respect of some transaction or event, balance of account or disclosure that will assist them in understanding the financial statements of the group.

Note: You are not required to present your complete answer in the oral presentation by your group but can choose to present a part of your assignment within the 10 minute time frame

Team Meetings

1. The team should have a minimum of three meetings (the team may have as many meetings as they need to) and should maintain minutes of those meetings detailing –

2. Where the meeting was held

3. People present; absent; apologies

4. What was discussed and agreed on;

5. The follow up action relating to each member of the team;

6. Any other relevant matter, things you agreed or disagreed on etc.

The team meeting minutes should be included with the written copy of your assignment as an attachment.

Note:The assessment marking rubrics is a separate document and you are advised to read through it to obtain guidance on how the lecturers will mark your assignment. The oral presentation skills will be marked by the ASC and the technical content including memo writing formats will be marked by the lecturer.

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