ACT204 Economic Reporting Implications of Coronavirus Pandemic

ACT204 Economic Reporting Implications of Coronavirus Pandemic

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Instructions:

ACT204 Economic Reporting Implications of Coronavirus Pandemic

Length: Maximum of 2000 words.

Assessment Criteria:

This task will generally be assessed in terms of the following criteria:

1. Effectiveness of communication: readability, grammar, spelling, neatness, completeness and presentation.
2. Demonstrated competency and understanding: This will be evidenced by the student’s ability to be dialectical in the discussion of contentious issues. The marker will pay attention to the accuracy of the content, coverage of relevant issues, structure of argument, English expressions, absence of plagiarism, concise writing style, and referencing style.
3. Evidence of research – This will be evidenced by the references used and the inclusion of a bibliography. (At least 5 different references to be used).
4. The assignment is marked out of 20 marks. A mark is assigned to each question as indicated below. Also, 2 marks are assigned for the overall submission requirements, presentation, references and language expressions.

Assignment Requirements:

The coronavirus (COVID-19) pandemic has significantly affected businesses around the globe. This includes interruption of production, businesses closures, reduced demands, and disruption to supply chains and to financial markets. These effects will have some impacts on financial reporting especially in the application of some IFRS/IAS/AASP standards.

In this assignment you are required to answer the following questions:

1. List Eight accounting considerations that are impacted by the Coronavirus 2019 disease. (2 marks)
2. Choose Five of the Eight you listed above and provide a brief explanation for each of these Five considerations (One paragraph for each). (Limit those Five to those that are discussed in our unit ACT 204. This means that you are not allowed to discuss those that were not covered in our unit). (5 marks)
3. Choose Two of these Five and discuss them in detail as they relate to a public company of your choice. This means, you are to choose a public company and go through its financial report to understand its operations. Then, discuss the coronavirus impact on these two accounting considerations as they apply in the chosen company. (11 marks)

For example:

Accounting for inventories: (Not to be used in your answers)

Accounting standards (IAS 2/ AASB 102) sets the guidelines for accounting for inventory. So, by explaining initially how the standards apply to inventory, you then need to discuss the impact of COVID-19 on accounting for inventories for example on writing-down inventories due to lower prices, or inventory obsolescence due to lower sales of the company of choice… etc.…

You need to remember, that each company will be in a different situation than others depending on the different risks assessment as this vary based on locations, industry, and future evaluation of the economic lockdown and performance. Hence, your explanation needs to consider the risk assessment for your chosen company and its specific operating market. In this, you may consider, the location of your company, its suppliers, its customers, prices, shipment, etc.….

For Question number 2 five accounting considerations would be:

1. Impairment of asset.
2. Employee benefits.
3. Leases.
4. Financial Instruments
5. Statement of cash flows.

ACT204 Economic Reporting Implications of Coronavirus Pandemic

RUBRIC
Excellent Quality 95-100%	Introduction 45-41 points The background and significance of the problem and a clear statement of the research purpose is provided. The search history is mentioned.		Literature Support 91-84  points The background and significance of the problem and a clear statement of the research purpose is provided. The search history is mentioned.			Methodology 58-53 points Content is well-organized with headings for each slide and bulleted lists to group related material as needed. Use of font, color, graphics, effects, etc. to enhance readability and presentation content is excellent. Length requirements of 10 slides/pages or less is met.
Average Score 50-85%	40-38 points More depth/detail for the background and significance is needed, or the research detail is not clear. No search history information is provided.		83-76  points Review of relevant theoretical literature is evident, but there is little integration of studies into concepts related to problem. Review is partially focused and organized. Supporting and opposing research are included. Summary of information presented is included. Conclusion may not contain a biblical integration.			52-49  points Content is somewhat organized, but no structure is apparent. The use of font, color, graphics, effects, etc. is occasionally detracting to the presentation content. Length requirements may not be met.
Poor Quality 0-45%	37-1 points The background and/or significance are missing. No search history information is provided.		75-1 points Review of relevant theoretical literature is evident, but there is no integration of studies into concepts related to problem. Review is partially focused and organized. Supporting and opposing research are not included in the summary of information presented. Conclusion does not contain a biblical integration.			48-1 points There is no clear or logical organizational structure. No logical sequence is apparent. The use of font, color, graphics, effects etc. is often detracting to the presentation content. Length requirements may not be met
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