PURPOSE

The purpose of this assignment is to help students apply their accounting knowledge to the real-world. scenarios using financial statements from a selected company.

ASSESSMENT DETAILS AND REQUIREMENTS
You are required to complete a research-based assignment.

1. Choose one of the companies (with market capitalizations over 10 billion) from the ASX website.

Access the most recent of three financial years’ annual reports for the selected company by

visiting the company website or the ASX website, as shown below.
Press “Ctrl” and click the link below.

https://www.asx.com.au/prices/company-information.htm

Gather information about your selected company.

Use only public sources and avoid contacting the company directly. Obtain financial statements for the last three years

2. Using the company information, write a report to address the following points:

1) Explain how asset classes in property, plant, and equipment have been measured over the last three financial years (2020-21, 2021-22, and 2022-23), identifying the measurement base for each class of PPE.

2) Comment on any changes in the measurement bases of property, plant, and equipment over the last three years. If changes have occurred, discuss the impact and additional disclosures in the financial reports resulting from these changes.

3) Compare the depreciation methods used for non-current assets over the last three financial years. Identify any changes and analyze their impact on financial statements.

4) Can the company change its depreciation method? Discuss the company’s policy and procedures regarding changing depreciation methods.

5) Provide a detailed explanation of the company’s impairment policy.

a) Identify the assets that were impaired over the last three financial years.

b) Specify the amount of impairment write-down recorded for each asset.

c) Discuss relevant disclosures in financial reports related to impairment testing.

d) Evaluate whether the professional judgments applied in the impairment write-down of the assets are appropriate.

6) Identify the assets that have been revalued over the last three financial years. Discuss which assets were revalued, who conducted the valuations, and analyze the impact of the revaluations on the balance sheet, comprehensive income, and relevant disclosures.

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