Financial Accounting and Reporting

  • Submit one report for each group, addressing the assignment outlined below.
  • Word limit is 2,000 words (not including the cover sheet, table of contents or reference list). Reports not within +/- 10% of 2,000 words will be penalised
  • Attach a cover sheet (as provided on Moodle) to each assignment, listing each student name and student number and submit through Turnitin (one student in each group to submit)
  • Follow the Report format as outlined in the document “Example Business Report Structure” provided on Moodle
  • Reference in accordance with the Harvard referencing system, as outlined in the document “Top’s quick guide to the Harvard referencing system” provided on Moodle
  • All members of the group will receive the same mark for the group assignment, awarded in accordance with the rubric included below
  • Up to 2 bonus marks may be awarded on an individual student basis, based on the quality of their Peer and Self-Assessment of teamwork form. No student will receive a mark more than 20 in total. EACH student must submit a Peer and Self-Assessment of teamwork form with their INDIVIDUAL reflections.

 

Peer and Self-Assessment of teamwork form

 

Each student is to complete this individually, and email to the lecturer prior to the lecture in week 10. This will remain confidential, and up to 2 bonus marks may be awarded based on the completion of the form and the quality of the insights.

 

The Peer and Self-Assessment of teamwork form is provided on Moodle.

 

 

 

 

The 2019 financial reporting season saw many Australian companies issue their first annual reports applying the new revenue standard, IFRS/AASB 15 Revenue from contracts with customers.  The objective of the new standard was to provide greater clarity and better disclosure of a company’s revenue, as well as more consistency between companies.

 

 

Required

Write a report on the impact of applying AASB 15 with reference to the Qantas Group’s 2019 Financial Report.

 

  1. Outline the key changes under the AASB 15, with reference to the Qantas Group Annual Report and AASB 15
  2. Explain the impact of AASB 15 on how Qantas Group measures and recognises revenue
  3. Do you think this change has provided greater clarity and better disclosure of revenue for Qantas Group?

 

 

Refer to the Rubric on the next page for the mark allocation.  You are expected to refer to at least 4 references in your essay.

 

You can access the Qantas Group 2019 Financial Report in its Annual Report at https://investor.qantas.com/investors/?page=annual-reports. Key information is provided in:

  • Consolidated Income Statement (page 58)
  • Note 2 Revenue and other income (page 68)
  • Note 29R(i) Changes to accounting policies as a result of the adoption of AASB 15

 

 

 

 

Report Rubric for group assignment

 

 

Assessment criteria

20 marks

 

Weighting

Performance Standard
Low – Learning outcome not achieved Low but some evidence of attainment of required learning outcome Learning outcome achieved as required but some inaccuracies and errors Learning outcome achieved as required with very few inaccuracies or errors Exceptional attainment of learning outcome with additional outcomes and information provided
 

Introduction

 

 

10%

0-1 2 3 4 5
No clear introduction provided Brief introduction but incomplete and inaccurate Introduction provided but could be more concise and clear Clear introduction provided too wordy Clear, concise and well expressed introduction provided
 

Body: relevant and addresses all aspects of the question

 

 

 

55%

0-1 2 3 4 5
Very little or no evidence of understanding of the topic Some understanding of the topic evident but with little evidence of analysis Understanding of the topic evident–some critical thinking with analysis and synthesis of available literature Good understanding of the topic with evidence of critical thinking with deep analysis and synthesis of information Very high level of understanding of the topic with insightful evaluative comments and conclusions
 

Conclusion

 

 

10%

0-1 2 3 4 5
No clear conclusion provided Brief conclusion provided but not particularly clear or relevant Well summarised but not totally relevant to context Well summarized clear, relevant and concise conclusion Exceptional conclusion

– clear, concise and insightful

 

Report Structure, writing style & grammar

 

 

15%

0-1 2 3 4 5
Very poor structure, grammatical expression and spelling errors Some evidence of desired structure with low levels of writing ability evident, simple expression with many spelling and grammatical errors Structured report with average levels of writing ability with some spelling and grammatical errors Good structured report with high level of writing ability– clear concise

expression with few grammatical or spelling inaccuracies

Very good structured with very high level of writing ability with no grammatical or spelling errors.
Referencing  

 

10%

0-1 2 3 4 5
None or few references, citations or appendices Some references but lacking in accuracy or proper use of a referencing style Appropriate but some inaccuracies in the use of a referencing style Appropriate references, very few inaccuracies in the use of a referencing style References fully accurate and go well beyond suggested by lecturer