ACCT2011 Financial Accounting Assignment

ACCT2011 Financial Accounting Assignment
ACCT2011 Financial Accounting A
Semester 2 2021
Group Assignment Instructions and Guidelines
Completed Group Assignment: Due 5pm (Sydney time) Monday 18 October 2021
Draft Part A Response: Due 5pm (Sydney time) Friday 10 September 2021
A panel of practitioners from HLB Mann Judd will review and provide feedback on draft Part A
responses. As per assessment criteria and rubric included in Appendix 1 to this assignment, up to 2
marks of the total marks is for the Practitioner Review Part A response submission. This mark will
be awarded when the completed group assignment is graded.

ACCT2011 Financial Accounting Assignment

1. Background Information for Group Assignment
Blast Ltd (“Blast”) is a large public listed Australian energy company that owns several coal-fired and gas power
stations. The acquisition of these assets has been financed by loans from Australian banks. Blast has adopted
the AASB 116: Property, Plant and Equipment cost model for this class of asset. For many years Blast has
successfully sold energy produced by their coal-fired and gas power stations assets to commercial clients and
residential customers.
The findings of a recent Government Energy Industry in Crisis investigation released on 31 August 2021 states,
“due to lender’s fossil fuel loan restrictions, transition to low carbon economy challenges and rapidly declining
cost of and increasing consumer preference for alternative renewable energy, many coal and gas energy
companies’ present non renewable energy operations are at risk.” Blast’s current loan agreements contain strict
liquidity, solvency and debt to total assets and interest coverage ratio covenant requirements. Based on previous
year’s financial statements, Blast has satisfied these ratio requirements. Blast’s Directors want to maintain
current finance arrangements and its generous employee bonus scheme.
You are part of the Blast financial reporting team and have been assigned the responsibility of considering the
financial reporting and ethical implications of the Energy Industry in Crisis investigation findings on Blast’s
financial statements for the year ended 30 June 2022.
2. Assignment Questions
Responses to the following questions will be considered on their ability to present relevant information and
develop well supported arguments. Do not submit a series of dot points. Please note Part C requires your group
to prepare a persuasive extended essay response. Marks will be awarded for content as well as structure, and
quality of the communication.

ACCT2011 Financial Accounting Assignment

2
REQUIRED:
Your Part A and Part B responses are to be presented in a short answer format.
Part A (14 marks in total, 12 marks for final submission, 2 marks for Practitioner Review Part A submission)
From a financial reporting perspective, consider the Energy Industry in Crisis investigation findings on the
preparation of Blast’s financial statements for the year ended 30 June 2022.
(a) Identify and describe one (1) financial reporting issue arising from the investigation’s findings that
would affect Blast’s financial statements.
(b) Explain the anticipated impact of the identified issue in your Part A (a) answer on:
(i) a relevant account balance and respectively the total asset or liability amount presented in
Blast’s statement of financial position;
(ii) a related line item and the profit or loss before tax amount presented on Blast’s statement
of financial performance; and
(iii) additional information disclosed in the notes to Blast’s financial statements.
Specific paragraph references from appropriate accounting standards are required and calculations
are not required in your answer.
(c) Discuss how the identified issue in your Part A (a) and (b) answers could affect future decisions
lenders make in relation to their investment in Blast. Include a supporting example.
Part B (6 marks)

ACCT2011 Financial Accounting Assignment

From an ethical perspective, consider the Energy Industry in Crisis investigation findings on the preparation of
Blast’s financial statements for the year ended 30 June 2022.
(a) Identity and describe in your own words one (1) key fundamental ethical principle from APES 110
Code of Ethics for Professional Accountants that could be at risk for members when preparing
Blast’s financial statements for the year ended 30 June 2022. Include specific paragraph
reference(s) from APES 110; and
(b) Referring to specific background information facts, explain why the principle would be at risk.
Part C (20 marks)
Your Part C response is to be presented in an essay format.
“Under the 2019 Conceptual Framework, meeting the objective of a reporting entity’s general purpose financial
reports is highly dependent upon financial statement preparers making ethical decisions.”
Discuss this statement. Your persuasive response should include:
• an introduction;
• one (1) for argument point supporting this statement;
• one (1) alternative argument point that explains another factor which also contributes to a reporting
entity meeting the objective of general purpose financial reports; and
• a conclusion that includes a final opinion and valid reason(s).
Both argument points are to be accompanied by supporting example(s) developed from your Part A (including
draft Part A response and feedback) and Part B responses, evidence and/or academic reference(s)*#.
*Supporting examples from your Part A and Part B responses must explain in detail how and why it supports the argument point.
#Your references should be from papers published in peer reviewed academic journals. Not internet sources such as Wikipedia, not
ACCT2011 course materials such as the Semester 2 2021 slides and tutorial materials, and not textbook chapter references, such as
the Henderson et al textbook. Please look at the library resources for assignment link on the Group Assignment Canvas page for
guidance.
Including all footnotes and references, total word limit for Part A, Part B and Part C is 1,500 words.

ACCT2011 Financial Accounting Assignment

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3. Assessment Criteria
The group assignment represents 20% of your total mark for ACCT2011 and is compulsory. To provide students
with feedback, group assignments will be graded against the assessment criteria and rubric included in
Appendix 1 to this assignment. Note the group assignment will be marked out of 40 marks and converted to a
mark that contributes to 20% of your total mark for ACCT2011.
You are expected to use original words rather than copying and pasting information from sources.
Academic Honesty
As a student of the University, you are responsible for taking part in your education in an honest and authentic
manner. It is, therefore, expected that you take extra care to ensure that there are no breaches of academic
honesty. All assignments will be manually and electronically checked for plagiarism (copying). Any perceived
breaches of academic honesty will be referred to the Office of Educational Integrity for further investigation and
penalised if verified. You can read more information on what plagiarism is and how to avoid plagiarism from the
University link:

ACCT2011 Financial Accounting Assignment

http://sydney.edu.au/students/academic-dishonesty-and-plagiarism.html
Students are reminded all sources of support for the group assignment must be acknowledged and failure to
acknowledge such support may potentially breach the University’s academic honesty requirements.
Each group member is expected to be involved in the preparation, drafting, proofing and checking of all aspects
of this group assignment including ensuring no breaches of academic honesty. Group members will be held
jointly responsible for the entire submission and awarded the same merit mark. In the event of a breach of
academic honesty the penalty will apply to all members irrespective of which member(s) caused the breach.
4. Group assignment plus group work report
The group assignment is to be completed in groups of three or four students. Each student must be enrolled
in the same tutorial and sign-up to a group via Canvas. Each student will sign-up to a group via Canvas. Students
will sign-up to groups during their tutorial in Week 3 (Topic 2 Tutorial), in the week commencing 23 August.
If your group has less than 3 members or you do not sign-up to a group during the sign-up period you will be
placed in a group by teaching staff. Students who are placed in a group by teaching staff will receive their group
details via email. Once you have signed up to a group you can see which group you are enrolled in by clicking
the Groups link on the Global Navigation menu in Canvas. The following link provides detailed instructions on
how to do this: https://community.canvaslms.com/docs/DOC-10661-421255565.
In addition to submitting the group assignment, each group is required to prepare and submit a group work
report to demonstrate effective working within your group. Two reports must be submitted, a group assignment,
and a group work report.
The group work report is not included in the word limit for the assignment.
Although this report is not graded or weighted in the marking, non-completion will result in a penalty of
20% of the maximum marks attainable.

ACCT2011 Financial Accounting Assignment

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In the group work report:
1. Prepare an account of participation and contribution of each member of the team. It is assumed that all
members contribute equally and any non-trivial departure from equal contribution should be identified (See
example 1 below). In the event of significant, non-trivial departure from equal contribution, marks may be
deducted from under-contributing group members.
Example 1: An account of participation and contribution by team members
Name and
Student No.
Date
Joined
Brief description of role or
responsibility (if applicable)
% of
contribution
Explanation if not
equal
contribution
1) J Smith 25/M/0Y Took minutes of all meetings;
presented outline of key issues and
draft answer to Part A for group to
discuss. Final cold read of all parts
and word count check, submitted
group assignment and report to
Turnitin.
25%
2) A Ng 25/M/0Y Researched source material and
prepared draft answer for Part C.
Proof read Part A draft answer,
checked referencing.
25%
3) L Zhang 25/M/0Y Reviewed Part A answer. Prepared
alternative answer to Part C for group
meeting. Assisted with final review to
ensure group assignment was within
the word count.
25%
4) N Chand 25/M/0Y Reviewed Part B answer and
redrafted response to Part B for all
group members to discuss. Prepared
group report.
25%
2. Prepare a summary of meetings, showing when each meeting was held, who attended and what was
decided. Minutes should be kept for each meeting to enable your group to prepare the summary. If
meetings are being conducted by email circulation/instant messaging etc., the group should agree a time
(e.g. Thursday 8 p.m. – midnight) within which responses are considered as participation in the meeting
(See example 2).
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Example 2: A summary of meetings
Time, date, and
meeting forum
Attendees Discussions and decisions Other comments
5 – 6 p.m.
XX/XX/XX
Zoom meeting
J Smith
A Ng
L Zhang
N Chand
Agreed to read documents and bring
ideas to next meeting; agreed on who
will record minutes of each group
meeting.
12 – 1 p.m.
XX/XX/XX
Group chat
J Smith
A Ng
L Zhang
Discussed approaches and develop
plan; JS and LZ to draft answer to Part
A. AN and NC to draft answer to Part B.
First drafts to be circulated by Thursday
for review/discussion at next meeting.
N Chand absent
(unexpected work
commitments).
Emailed ideas in
advance
5 – 6 p.m.
XX/XX/XX
Zoom meeting
J Smith
A Ng
L Zhang
N Chand
Comments on first draft; discussed all
suggested ideas for Part C and agreed
on ideas to develop. AN and NC to
prepare second draft to Part C and
circulate by Friday for review/discussion
next meeting.
3. The submitted work report must be signed by all group members (See example 3)
Example 3:
Student name SID Signature Date
J Smith XXXXXXXXX XX/XX/XX
A Ng XXXXXXXXX XX/XX/XX
L Zhang XXXXXXXXX XX/XX/XX
N Chand XXXXXXXXX XX/XX/XX

ACCT2011 Financial Accounting Assignment

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5. Formatting requirements
• The group assignment and the group work report are to be presented in 12 point font (either Times
New Roman or Arial) and paragraphs formatted with 1 or 1.5 line spacing and with margins not less
than 2.5cm.
• You are required to save and submit the group assignment and the group work report as Microsoft word
files, using the cohort_tutorial number_GXX filename format. For example, if your group is enrolled
in the CC cohort, tutorial number 01 and allocated group number 03 in this tutorial group, the filename
for the group assignment will be CC_T01_G03_assignment.doc, and for the group work report the
filename will be CC_T01_G03_workreport.doc.
• The cohort, tutorial number, group number and SID of all group members must be included on the first
page of the group assignment and the group work report.
• The cohort, tutorial number and group number must appear in the header section of every page for both
the group assignment and the group work report.
• Your group assignment should not exceed 1,500 words including any footnotes, appendices, images
and a reference list. The word count is based on the word count information as presented in Turnitin
based on the Microsoft word document submitted and this will be checked. It is each group’s
responsibility to ensure the submitted Microsoft word document through Turnitin does not exceed 1,500
words in total. For guidance on words in excess of the word limit, students are advised to refer to the
Business School’s Policies at: https://business.sydney.edu.au/students/policy
As a suggestion, you can use the following procedure to assist you to track the word count of the
Microsoft Word version of your assignment:
▪ Open your assignment Microsoft Word document.
▪ Use Ctrl+Shift+G to open the Word Count dialog box and insert a tick in the “Include textboxes,
footnotes and endnotes”. This function is also available under Review/Word Count.
• Your assignment must be appropriately and properly referenced using the American Psychological
Association referencing style (or APA as it is more commonly known). The University of Sydney library
provides helpful guidance on using APA style referencing. Please refer to the library resources for your
assignment module on Canvas. You can also refer https://libguides.library.usyd.edu.au/citation/apa7
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6. Submission requirements
• The deadline for submission is 5pm (Sydney time) on Monday 18 October 2021. Please ensure you
submit well before the deadline in case there are problems.
• Both the group assignment and the group work report must be submitted in electronic form. No
submissions will be accepted via email.
• One group member is to submit the assignment on behalf of the group. Consider multiple reworkings
to tighten and to check your group’s assignment satisfies the 1,500 Turnitin word count. Turnitin in
Canvas does not automatically email a digital receipt. Once you have successfully submitted your
group’s assignment, take a screenshot of the submission details. We strongly recommend that you
save this screenshot as proof of your group’s submission. Should submission problems arise, you
should contact the University’s ICT Service Desk on 02 9351 2000 (option 2 for ICT) or email
ict.support@sydney.edu.au
• If you submit after the due date, a late penalty of 5% per day, or part thereof, including weekends, will
be applied. Furthermore, as noted in your unit of study outline, any group assignment submitted beyond
the closing date of 5pm (Sydney time) on 28 October 2021, will result in a mark of zero.
• Under the Canvas ‘Assignment” link in the left toolbar on the Homepage you will find the link to the
Turnitin submission portals under the Group assignment section. One portal is called “Group
assignment” and the other “Group work report.” Before you submit work to each of these folders,
please ensure that you have saved the group assignment and the group work report under the correct
filename format (i.e. filename format cohort_tutorial number_GXX_group assignment.doc for the
group assignment and filename format cohort_tutorial number_GXX_workreport.doc for the group
work report). Please ensure your group submits the correct document to the correct submission
portal.
• For each of the two files to be submitted, there is only one (1) submission allowed for the group. If
multiple group members submit, only the first group member’s submission will be marked. The other
submissions will be discarded. Turnitin will allow a second submission for the group before the due
date, provided it is submitted by the same person who originally submitted it. In that case, the last
version submitted will be marked.
7. Support
• You can post questions relating to the requirements of the group assignment on the Group assignment
Discussion Forum on Canvas. This would ensure all students have access to the same information. It
is assumed each student will read the queries and comments in the Group assignment Discussion
Forum (Note: Unit of Study teaching staff will not answer individual questions and no questions
will be answered during tutorials and student drop in sessions).
• You can obtain guidance on working in groups from the University website:
https://www.sydney.edu.au/students/group-work.html For technical support during your submission,
contact the University’s Service Desk on 02 9351 2000 (option 2 for ICT) or ict.support@sydney.edu.au.
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Appendix 1 Assessment Criteria
Part A (14 marks in total)
Criteria Marks Scale
Practitioners Review
Draft Part A
submission
2 marks 0 to 0.5 mark
Below expectations
Reasonable attempt for 1 of the 3
Part A questions.
Or
Not attempted.
1.0 mark
Reasonable
Reasonable draft attempt for 2 of
the 3 Part A questions.
1.5 marks
Good
Reasonable draft attempt for Part A
questions.
2.0 marks
Very good
Comprehensive draft attempt for all
Part A questions.
Part A (a)
Final submission
2 marks 0 to .5 marks
Below expectations
Limited description of one (1)
financial reporting issue affecting
Blast’s financial statements.
Or
Not attempted.
1.0 mark
Reasonable
Reasonable description of one (1)
financial reporting issue affecting
Blast’s financial statements.
1.5 marks
Good
Good description of one (1) financial
reporting issue affecting Blast’s
financial statements.
2.0 marks
Very good
Very good description of one (1)
financial reporting issue affecting
Blast’s financial statements.
Part A (b) (i)
Final submission
Part A (b) (ii)
Final submission
2 marks 0 to 0.5 mark
Below expectations
Limited or poor explanation of the
impact on an account balance and
total amount recognised on Blast’s
statement of financial position.
No or incorrect technical references
included.
Or
Not attempted.
1.0 mark
Reasonable
Reasonable explanation of the
impact on a relevant account
balance and total amount
recognised on Blast’s statement of
financial position.
One correct paragraph from a
relevant accounting standard
included.
1.5 marks
Good
Good explanation of the impact on a
relevant account balance and total
amount recognised on Blast’s
statement of financial position.
One correct paragraph from
relevant accounting standards
included.
2.0 marks
Very Good
Well good explanation of the impact
on a relevant account balance and
total amount recognised on Blast’s
statement of financial position.
Correct paragraphs from relevant
accounting standards included.
2 marks 0 to 0.5 mark
Below expectations
Limited or poor explanation of the
impact on a related line item and
profit or loss before tax amount
presented in Blast’s statement of
financial performance.
No or incorrect technical references
included.
1.0 mark
Reasonable
Reasonable explanation of the
impact on a related line item and
profit or loss before tax amount
presented in Blast’s statement of
financial performance.
1.5 marks
Good
Good explanation of the impact on a
related line item and profit or loss
before tax amount presented in
Blast’s statement of financial
performance.
2.0 marks
Very Good
Well good explanation of the impact
on a related line item and profit or
loss before tax amount presented in
Blast’s statement of financial
performance.
Correct paragraphs from relevant
accounting standards included.
9
Part A (b) (iii)
Final submission
Or
Not attempted.
One correct paragraph from a
relevant accounting standard
included.
One correct paragraph from
relevant accounting standards
included.
2 marks 0 to 0.5 mark
Below expectations
Limited or poor explanation of the
impact on additional information
disclosed in the notes to Blast’s
financial statements.
No or incorrect technical references
included.
Or
Not attempted.
1.0 mark
Reasonable
Reasonable explanation of the
impact on additional information
disclosed in the notes to Blast’s
financial statements.
One correct paragraph from
relevant accounting standards
included.
1.5 marks
Good
Good explanation of the impact on
additional information disclosed in
the notes to Blast’s financial
statements.
One correct paragraph from
relevant accounting standards
included.
2.0 marks
Very Good
Well good explanation of the impact
on additional information disclosed
in the notes to Blast’s financial
statements.
Correct paragraphs from relevant
accounting standards included.
Part A (c)
Final submission
4 marks 0 to 1.5 marks
Below expectations
Limited discussion of how issue
could affect future decisions lenders
make for their investment in Blast.
Inappropriate example or no
attempt to explain supporting
example.
Or
Not attempted.
2.0 to 2.5 marks
Reasonable
Reasonable discussion of how issue
could affect future decisions lenders
make for their investment in Blast.
Supporting example is somewhat
explained.
3.0 to 3.5 marks
Good
Good discussion of how issue could
affect future decisions lenders make
for their investment in Blast.
Supporting example is reasonably
explained.
4.0 marks
Very good
Very good discussion of how issue
could affect future decisions lenders
make for their investment in Blast.
Supporting example is well
explained
Part B (6 marks in total)
Criteria Marks Scale
Part B (a) 3
marks
0 to 1 mark
Below expectations
Limited description of one (1) key
fundamental principle that could be
at risk.
No or incorrect APES references
included.
Or
Not attempted.
1.5 to 2.0 marks
Reasonable
Reasonable original attempt to
describe one (1) key fundamental
principle that could be at risk.
Correct paragraph(s) from APES
included.
2.5 marks
Good
Good original description of one (1)
key fundamental principle that
could be at risk.
Correct paragraph(s) from APES
included.
3.0 marks
Very good
Very good original description of
one (1) key fundamental principle
that could be at risk.
Correct paragraph(s) from APES
included.
10
Part B (b) 3
marks
0 to 1 mark
Below expectations
Limited explanation why principle
would be at risk.
Limited application of background
information facts.

ACCT2011 Financial Accounting Assignment

Or
Not attempted.
1.5 to 2.0 mark
Reasonable
Reasonable explanation of why
principle would be at risk.
Reasonable application of
background information facts.
2.5 marks
Good
Good explanation of why principle
would be at risk.
Good application of background
information facts.
3.0 marks
Very good
Very good explanation of why
principle would be at risk.
Very good application of
background information facts.
Part C (20 marks in total)
Criteria Marks Scale
Part C
Valid discussion in a
persuasive essay that
demonstrates critical
thinking/reasoning and
is supported with
examples developed
from Part A and Part B
responses, evidence
and/or academic
reference(s)
2 marks 0 to .5 mark
Below expectations
Poor introduction.
Or

ACCT2011 Financial Accounting Assignment

Not attempted.
1.0 mark
Reasonable
Reasonable introduction.
1.5 marks
Good
Good introduction.
2.0 marks
Very good
Very good introduction.
5 marks 0 to 2.0 marks
Below expectations
Poor attempt to develop an
argument that supports the
objective of a reporting entity’s
general purpose financial reports is
highly dependent upon financial
statement preparers making ethical
decisions.
Or
Not attempted.
2.5 to 3.0 marks
Reasonable
Reasonable attempt to develop an
argument that supports the
objective of a reporting entity’s
general purpose financial reports is
highly dependent upon financial
statement preparers making ethical
decisions.
3.5 to 4.0 marks
Good
Well-developed argument that
supports the objective of a
reporting entity’s general purpose
financial reports is highly
dependent upon financial
statement preparers making ethical
decisions.
4.5 to 5.0 marks
Very good
Very well-developed argument that
supports the objective of a
reporting entity’s general purpose
financial reports is highly
dependent upon financial
statement preparers making ethical
decisions.
5 marks 0 to 2.0 marks
Below expectations
Poor attempt to develop argument
point that explains another factor
which also contributes to a
reporting entity meeting the
objective of general purpose
financial reports.
2.5 to 3.0 marks
Reasonable
Reasonable attempt to develop an
alternative argument point that
explains another factor which also
contributes to a reporting entity
meeting the objective of general
purpose financial reports.
3.5 to 4.0 marks

ACCT2011 Financial Accounting Assignment

Good
Well-developed alternative
argument point that explains
another factor which also
contributes to a reporting entity
meeting the objective of general
purpose financial reports.
4.5 to 5.0 marks
Very good
Very well-developed alternative
argument point that explains
another factor which also
contributes to a reporting entity
meeting the objective of general
purpose financial reports.
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Or
Not attempted.
4 marks 0 to 1.5 marks
Below expectations
Limited critical thinking/reasoning is
evident.
Little attempt to link supporting
examples developed from Parts A
and Part B answers and/or other
sources.

ACCT2011 Financial Accounting Assignment

Or
Not attempted.
2.0 to 2.5 marks
Reasonable
Some critical thinking/reasoning is
evident.
Some attempt to link supporting
examples developed from Parts A
and Part B answers and/or other
sources.
3.0 to 3.5 marks
Good
Reasonable critical
thinking/reasoning is evident.
Linked to supporting examples
developed from Parts A and Part B
answers and/or other sources.
4.0 marks
Very good
Good critical thinking/reasoning is
evident.
Well explained links to supporting
examples developed from Parts A
and Part B answers and/or other
sources.
2 marks 0 to .5 mark
Below expectations
Poor conclusion and invalid
supporting reason(s) provided.
Or
Not attempted.
1.0 mark

ACCT2011 Financial Accounting Assignment

Reasonable
Reasonable conclusion and
appropriate valid reason(s)
provided.
1.5 marks
Good
Good conclusion and appropriate
valid reason(s) provided.
2.0 marks
Very good
Very good conclusion and highly
appropriate valid reason(s)
provided.
Communication
Communication, style,
clarity of expression
including spelling,
grammar, punctuation
and proper referencing
using APA style
2 marks 0 to .5 mark
Below expectations
Poorly written and incoherent, few
developed responses.
Poor or no use of APA referencing.

ACCT2011 Financial Accounting Assignment

1.0 mark
Reasonable
Reasonably well written with some
coherent and developed responses.
Some correct application of APA
style and/or evidence of missing intext referencing and/or evidence of
indiscriminate or inappropriate use
of references.
1.5 marks
Good
Well written with coherent and
developed responses.
Mostly correct use of APA style and
reasonable application of both intext references and reference list.
2.0 marks
Very good
Very well written with coherent and
developed responses.
Mostly correct use of APA style and
reasonable application of both intext references and reference list.

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