Revaluations Testing of Non-Current Assets

Revaluations Testing of Non-Current Assets

Order Number	456798343
Type of Project	ESSAY
Writer Level	PHD VERIFIED
Format	APA
Academic Sources	10
Page Count	3-12 PAGES

Instructions/Descriptions

Revaluations Testing of Non-Current Assets

ACCT20073 Term 1 2019

Assessment task 2: Part A Assignment

Due date:	Wednesday of Week 4 [11:45pm [AEST] 3 April 2019]	ASSESSMENT
Weighting:	15%	2

Objectives

This assessment item relates to learning outcomes 1 to 3.

Details and instructions

This is the first part of assessment task 2. You can choose to do Part A either as an individual or you can pair up with another student who is currently enrolled in the unit. For administration purposes, you must email the Unit Coordinator (UC) about your intention to work in a pair by 4pm on Wednesday 27 March. Please provide the following information in your notification email: both student names, student ID numbers and the campus both are enrolled at. The UC will then grant you permission to work in a pair. Please do not work in a pair unless you have received permission to do so. If you fail to email the UC by this due time and date, you will not be allowed to work in a pair. If you choose to work in a pair without the UC’s permission, you will share the mark 50/50 with the student you paired with (thus you will only receive 50% of the mark awarded).

Some questions of this assignment may have a word count limit. You should make every effort and attempt to stay within the prescribed limit.

Academic Learning Centre

To ensure you understand the questions, instructions and expectations, it is highly recommended to seek help and guidance from the Academic Learning Centre (ALC). The ALC can help you with your writing skills and check your narrative answers for grammatical correctness and that your arguments and explanations are clear and logical. The ALC will also help you to ensure that you have actually answered the questions.

Formatting

Please be mindful that assignments are marked in electronic format. To assist with making the marking process efficient, effective and not time-consuming, you must comply with the following formatting requirements:

• Font: Times New Roman, 12 point, 1.5 line spacing
• Document type: Your answer for all questions must be in Word format. This will allow the marker to use track-changes to indicate where you received marks. Please do not submit a pdf document as this will not be marked. Also, please do not submit an excel file for your figures and calculations or copy and paste a table from an excel spreadsheet for any calculations into your Word document. Use the “insert table” function within Word and type all figures into the table. Show all calculations below the table. Ensure the marker will be able to use the track-changes function in Word to indicate in your table where you received or lost marks for your figures.
• Page: Portrait orientation
• Footer: Your full name(s) and student ID(s), page number and number of pages (e.g. Cat Bird s0123456, page 1 of 3)
• Marking criteria sheet: Ensure you type in your name(s) and student ID(s) in the marking criteria sheet and ensure it is the first page of your submitted assignment.
• File saving convention: Include your student name(s) in the name of the file when you save the document, and ensure that you include the appropriate .doc or .docx at the end. For example, save your file as: Cat Bird.docx

Please note that 3 marks are allocated for complying with the above requirements, including attaching the marking criteria sheet as the first page.

Plagiarism

Work submitted by a student that is the work of another person with no referencing or acknowledgement, is considered to be plagiarism. Turnitin will compare the similarities of your assignment when you submit it on Moodle. If the turnitin score is high, your assignment will be investigated for possible plagiarism. Such investigation may take a considerable amount of time and hence your assignment will not be returned within the expected timeframe. Furthermore, if there is evidence of plagiarism, a Plagiarism Incident Report (PIR) will be lodged. You will then receive notification from the University with details of the necessary course of action.

You can check the turnitin score of your assignment when submitting it. Please note: if you choose to redo and resubmit your assignment in the hope of reducing the turnitin score, it will take 24 hours before turnitin will give you another score. Also, be aware that the turnitin scores keep on changing as and when more students submit their assignments. Consequently, as similarities between assignments increase, the turnitin score of your assignment that the UC will get in Moodle may be different as to the score you received initially. It is therefore possible that your assignment may be investigated for plagiarism even though you may believe that your turnitin score is low. To avoid any concern, anxiety and stress about the turnitin score, do your own work.

Submission requirements

You must submit your assignment electronically through the secure upload facility in the Moodle system. Please ensure that the marking criteria sheet (page 4 of this document) is the first page of your assignment and that you completed the required information. If you do the assignment in a pair, only upload the file once in one student’s Moodle account. The marked assignment will be returned to that student’s account. Therefore, please contact the student who uploaded the pair file to get a copy of the marked assignment.

Be mindful that there is a 5% penalty per day for late submission. You will be penalised immediately with a full day’s penalty if you submit your assignment after the due time, even though you may only be a few hours late. The penalty is not proportioned to the number of hours you submit your assignment late.

Assignment Question

Part A – Revaluations and impairment testing of non-current assets 15 Marks

Question 1 Word limit: 250 words

One of the board of directors of Simba Ltd has proposed that the company adopt the revaluation model for fixed assets. Some of these assets are hard to obtain and certain items have increased in value in the current period, however it is difficult to know what their fair value is. The director is arguing that fair value will improve the ‘look’ of the company’s Statement of Financial Position, and may eliminate the need for depreciation.

Required

Discuss whether the board should adopt the director’s proposal. (5 marks)

Question 2 Word limit: 250 words

‘Impairment is only relevant to assets carried under the cost model. For assets carried under the revaluation model, such as our land and buildings, increases and decreases in fair value dictate whether carrying amounts are adjusted up or down. We don’t bother testing land and buildings for impairment’.

Required

Critically evaluate the above statement. (5 marks)

Question 3 Word limit: 1 500 words 32 Marks

Find the Annual Report Medibank for 2018 on the Australian Securities Exchange (www.as.com.au). Evaluate this Annual Report consistent with the requirements of AASB 13/IFRS 13 Fair value Measurement, AASB 116/IAS 16 Property Plant and Equipment, and AASB 136/IAS 39 Impairment of Assets.

Required:

(a) Which assets are carried at fair value? (2 marks)

(b) State where and what disclosures regarding the fair value measurement of assets have been made. (15 marks)

(c) Which assets are tested for impairment? (2 marks)

(d) State where and what disclosures regarding the impairment of assets have been made. (13 marks)

Include the marking criteria sheet provided on page 4 of this assignment as the first page to your submitted assignment. Please fill in your student name(s) and ID(s).

Marking criteria sheet

Student name(s)	Student ID(s)
Part A Marking Criteria Sheet	Marks available	Marks awarded
	15 marks
Question 1	5
Question 2	5
Question 3 (a)	2
Question 3 (b)	15
Question 3 (c)	2
Question 3 (d)	13
Formatting, word count and marking criteria sheet	3
Part A Assignment Total	45 marks
Part A Assignment: 15% weighting	15 marks
Less: Late penalty (5% per day)
Part A Assignment: Final mark	15 marks

Additional comments from marker

1

1

ACCT2

00

73

Term

1

201

9

Assessment

task

2

: Part A

Assignment

Due date:

Wednes

day

of

W

eek

4

[

11:45

pm

[AEST]

3

April

201

9

]

ASSESSMENT

Weighting:

1

5

%

2

Objectives

This assessment item relates to learning outcome

s

1

to 3

.

Details

and instructions

This is the first part of assessment task 2. You can choose to do Part A either as an individual or you

can pair up with another student who is currently enrolled in the unit.

For administration purposes,

you must email the

Unit

Coordinator

(UC) about your

inten

tion

to work in a pair by 4pm on

Wednesday

2

7

March

.

Please

provide

the following information in your notification email:

both

student names, student ID numbers and the campus

both are

enrolled at.

The U

C

will

then grant you permissio

n to work in a pair. Please do not work in a pair unless you have received

permission to do so.

If you fail to

email the UC

by th

i

s due time and date, you will

not

be allowed to

work in a pair. If you choose to work in a pair without t

he UC

‘s permission, y

ou will share the mark

50/50 with the student you paired with (thus you will only receive 50% of the mark

awarded

).

Some questions

of this assignment

may have a

word count

limit

.

You should make every effort and

attempt to stay within the prescribed limit.

Academic Learning Centre

To ensure you understand the

questions,

instructions

and

expectations, i

t is highly recommended to

seek help and guidance from the

Academic Learning Ce

ntre (ALC)

. The ALC can help you with

your

writing skills and

check your

narrative answers

for grammatical correctness and that your arguments

and explanations

are

clear and

logical.

The

A

LC will a

lso

help you to ensure that

you

have

actually

answer

ed

the

questions

.

Formatting

Please

be

mind

ful

that assignments are marked in

electronic format

. T

o assist with making the marking

process

efficient

,

effective

and not time

–

consuming, you must

comply with the following

formatting

requirements

:

Font: Times New Roman, 12 point,

1.5 line

spac

ing

Document type: Your answer

for all questions

must be in

Word

format

. This will

allow the marker

to

use track

–

changes to

indicate where you received marks. Please do

not

submit a

pdf

document as this will no

t be marked

.

Also, please

do not submit an excel file

for your

figures and calculations

or copy and paste a table from an excel spreadsheet for any

calculations into your Word document.

Use the

“insert table” function within Word

and

type

all figures into

the table. S

how all calculations below the table

. Ensure the marker will be able to

use the track

–

changes function in Word to

indicate

in your table

where you received or lost marks

for your figures

.

1

ACCT20073 Term 1 2019

Assessment task 2: Part A Assignment

Due date:

Wednesday of Week 4 [11:45pm [AEST] 3 April 2019]

ASSESSMENT

Weighting:

15%

2

Objectives

This assessment item relates to learning outcomes 1 to 3.

Details and instructions

This is the first part of assessment task 2. You can choose to do Part A either as an individual or you

can pair up with another student who is currently enrolled in the unit. For administration purposes,

you must email the Unit Coordinator (UC) about your intention to work in a pair by 4pm on

Wednesday 27 March. Please provide the following information in your notification email:

both student names, student ID numbers and the campus both are enrolled at. The UC will

then grant you permission to work in a pair. Please do not work in a pair unless you have received

permission to do so. If you fail to email the UC by this due time and date, you will not be allowed to

work in a pair. If you choose to work in a pair without the UC’s permission, you will share the mark

50/50 with the student you paired with (thus you will only receive 50% of the mark awarded).

Some questions of this assignment may have a word count limit. You should make every effort and

attempt to stay within the prescribed limit.

Academic Learning Centre

To ensure you understand the questions, instructions and expectations, it is highly recommended to

seek help and guidance from the Academic Learning Centre (ALC). The ALC can help you with your

writing skills and check your narrative answers for grammatical correctness and that your arguments

and explanations are clear and logical. The ALC will also help you to ensure that you have actually

answered the questions.

Formatting

Please be mindful that assignments are marked in electronic format. To assist with making the marking

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process efficient, effective and not time-consuming, you must comply with the following formatting

requirements:

• Font: Times New Roman, 12 point, 1.5 line spacing
• Document type: Your answer for all questions must be in Word format. This will allow the marker

to use track-changes to indicate where you received marks. Please do not submit a pdf

document as this will not be marked. Also, please do not submit an excel file for your

figures and calculations or copy and paste a table from an excel spreadsheet for any

[Order Now]

calculations into your Word document. Use the “insert table” function within Word and type

all figures into the table. Show all calculations below the table. Ensure the marker will be able to

use the track-changes function in Word to indicate in your table where you received or lost marks

for your figures.

Revaluations Testing of Non-Current Assets

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