ASR Case Study – Freedom Foods



You are a recent accoun!ng graduate and have been employed by the Australian Securi!es and Investments Commission (ASIC) in the Compliance Section. Of particular concern are companies which fail to meet reporting deadlines, with this o”en being a consequence of issues arising during the preparation of the financial report.

Your a#en!on has been directed to Freedom Foods Group Ltd (FNP) who only released their financial report for the year ended 30 June 2020 on 30 November 2020. Issues in the prepara!on of the financial report are clearly iden!fied by details of material restatements of the 2018 and 2019.  This would suggest issues in compliance with accoun!ng standards.







You are required to prepare a report for the Chief Accountant considering the poten!al breaches of accoun!ng standards in FNP financial reports

  1. With reference to FNP financial report iden!fy the accoun!ng standards (and the relevant paragraphs) where there has likely been non-complianc Some!mes non-compliance will seem rela!vely straight, while in other cases it will involve the exercise of judgement. Where judgement is required discuss whether this was exercised reasonably.
  2. There are a range of poten!al economic consequences arising from this repor!ng problem. Discuss who the various par!es are and what these consequences ar



Maximum Word Limit – maximum 1300 words. All material (excluding execu!ve summary, references and appendices) over 1300 words will be disregarded.

Report structure – Your assignment must be set out as a report that adheres to the following structure:

Title page that includes (a) !tle of assignment (b) subject name and number, (c) student name and number (d) word count clearly and honestly stated (!tle page not included in word limit)

Execu!ve summary (not included in word limit) Table of contents NOT required

Introduc!on paragraph NOT required

Body of report – Each of the four sec!ons (a) (b) (c) (d) clearly shown with appropriate headings. Sub headings used as required.

Conclusion paragraph NOT required Reference list (not included in word limit)

Appendices if required (not included in word limit)

Your name and student number must be included in the header of your word document


Refer to the UTS Business School Guide to Wri!ng Assignments (link below) on recommenda!ons and sugges!ons on how to structure your report.


Forma!ng of body of report


12 point font,

5 line spacing and

5 cm margins on all sides


Research – You must carry out independent research to complete this assignment and you must cite relevant academic (where relevant) and prac!!oner ar!cles that support the material and views you present.

Referencing – Use Harvard style referencing. Ensure that:


Statements made in-text are referenced where required. In-text reference format is correct.

End-text references format is correct


For help with referencing see the UTS library website: h#p://

A so! copy of your report is due to turni”n on 11:59pm Friday 9 April 2021. Save your word document using your student number as the file name (don’t forget to include your name and student number in the header of your word document!).