ACCT3102 EXTERNAL REPORTING Snow Protek Ltd CASE STUDY 代写
100%原创包过,高质代写&免费提供Turnitin报告--24小时客服QQ&微信：120591129
Snow Protek Ltd
ACCT3102 EXTERNAL REPORTING CASE STUDY 代写
ACCT3102 External Reporting - Semester 2, 2017
ACCT3102 EXTERNAL REPORTING CASE STUDY
This assignment information should be read in conjunction with the material provided in relation to
the lecture for Topic 6: Case Study Development and Communication.
Please note Section 5.5 of the ECP: Students must submit this assignment to achieve a passing grade in
ACCT3102. Failure to submit, even with a mark of more than 50% in the two examinations, will result
in a grade of 3.
CONSULTATION IN RELATION TO THE CASE STUDY
To ensure consistency of information, ALL questions relating to the case study must be submitted on
the Blackboard Discussion Board Case Study Thread. Questions will be answered promptly when using
this platform. We will not be answering content related questions in relation to this assessment item
in consult or via email. The only exception to this will be during the Case Study Lecture.
Case Study
LIMIT 3 pages (excludes Appendix and the Reference List)
WEIGHTING 20% (40 marks)
REQUIREMENTS:
You are required to individually prepare business advice to the directors of Snow Protek Ltd. The
following professional writing protocols have been adopted by your firm for correspondence with all
clients:
• All client correspondence is to be single line spaced on A4 paper with 2.5cm for all margins.
• Font to be used is Times New Roman font size 11.
• All calculations should be rounded to the nearest whole dollar amount/percentage.
Important notes relating to referencing:
• Harvard referencing is to be adopted for in-text reference, other than for accounting standards (see
note below), and for the reference list.
• Ensure you use the most recent version of AASB 138 Intangible Assets as issued in December 2015.
• For the in-text referencing from the accounting standards, you must cite the specific provisions
including paragraph from the relevant AASB. One of the following two examples should be adopted:
AASB 102:11 or AASB 102 para. 11. However, do not reproduce significant parts of the regulation as
this would not be appropriate when presenting your advice to a client. The focus should be on
interpretation and application of the standard, with a concise, well-structured analysis for your client
with key referencing to critical elements of the appropriate accounting standards.
• A ‘Formal Report’ structure with an Executive Summary and Table of Contents is NOT required given
the brevity of the required information.
• This assessment must be the sole work of the individual student and not done in collaboration with
other students. Students may discuss with one another the general principles of the Accounting
Standards; however, you may not collaborate/discuss on the specifics of the proposal or how the
Standards are relevant to the proposal.
ACCT3102 External Reporting - Semester 2, 2017
Case Study
The following business situation has been presented to your firm for advice.
Snow Protek Ltd is a small company. Because of a successful research project the company expects rapid
growth over the next five to ten years. As a reporting entity, Snow Protek Ltd is required to comply with
all accounting standards.
As shown in the following extract from its draft Statement of financial position as at 30 June 2016
prepared by the company, Snow Protek Ltd has two separate classes of intangible assets:
Intangible Assets as at 30 June 2016:
Brand name (at directors’ valuation June 2013) $800,000
Research and development asset at cost $1,710,000
Snow Protek Ltd has provided the following additional details relating to each item.
Brand Name
In January 2013, Snow Protek Ltd purchased a successful brand of sun hats for $500,000. The hats, called
Snowsafe, are specially designed for use in snowy conditions. Based on years of experience in the
industry, Snow Protek Ltd’s Managing Director (MD) valued the brand name conservatively at 80% of its
estimated value in use ($1,000,000) on 30 June 2013. The brand name has not been amortised because,
as the MD says, “there is no telling just how long these hats will sell”. Over the last two years, numerous
competing products have emerged under similar brand names and several of those brands have sold to
new owners.
In the 2015-2016 financial year, Snow Protek Ltd spent $300,000 on advertising and marketing of its
Snowsafe brand and sales have increased slightly. The MD wishes to increase the value of the brand
name by $300,000 to $1,100,000 because any decline in sales has been avoided.
Research and Development
The research and development asset relates to two projects:
Project 1: Face Cream – Research and Development asset - $1,260,000
Project 1 is concerned with a new form of face cream that, within 1 minute of application, provides an
effective barrier to wind burn for a period of 12 hours. There is great excitement about the potential of
this product. Snow Protek Ltd is currently building production facilities for the new face cream and
expects these facilities to be completed by 1 July 2016 at which time commercial production will
commence. Further details on these costs are as follows.
Costs incurred by Snow Protek Ltd in previous accounting periods - $800,000
The prior periods’ costs included:
• $100,000 related to research on the effect of UV rays on various skin types;
• $200,000 was spent on investigating methods to increase the effective protection time
of the face cream.
• $500,000 was spent on developing a face cream that could be easily applied and had a
pleasing smell and texture.
ACCT3102 External Reporting - Semester 2, 2017
In the prior periods no market research was conducted but the MD of Snow Protek Ltd was
confident of obtaining large sales in Australia and New Zealand.
Cost incurred by Snow Protek Ltd in the current accounting period (2015/2016) - $460,000
The $460,000 costs incurred during the current period relate to the successful development of
techniques to produce the face cream in large, economically viable quantities. During the
current period, an external consultant undertook the first market research of the face cream’s
potential sales. The research results conclusively confirmed that there is a large, highly profitable
market for the cream in both Australia and New Zealand.
Project 2: New Fabric - Research and Development asset - $450,000
Project 2 relates to the design of a new fabric for ski jackets that Snow Protek Ltd has been investigating
for a number of years. Costs incurred in prior periods of $300,000 relate to research on different types of
technologies potentially available to make a highly insulating but non-sweaty material. In the current
period, an additional $150,000 has been incurred. However, due to economic constraints faced by the
company, project 2 was abandoned on the 1 June 2016.
Required:
You represent the accounting firm advising Snow Protek Ltd as to its compliance with AASB 138
Intangible Assets. Comment on all matters relating to the past and current accounting treatment of the
intangible assets described above, providing clear explanations to support your answers. This should
include comment on the appropriate value of each intangible asset at 30 June 2016 based on the
appropriate basis of measurement (cost model, revaluation model or recoverable amount) and
discussion on amortization. Your discussion should include comments on any past accounting treatment
described above that are not consistent with AASB 138, with the appropriate treatment that should have
been adopted.
You recommendations should provide a clear explanation of:
a) how the accounts would need to be adjusted at 30 June 2016 to reflect your analysis and
recommendations; and
b) the determination of the carrying amount of the intangible assets recognised in the Statement of
financial position of Snow Protek Ltd as at 30 June 2016.
ACCT3102 External Reporting - Semester 2, 2017
Case Study Marking Criteria and Rubric
LG 1: Be knowledgeable within field of accounting;
• Analysis Brand: Problem is analysed with integration of relevant research of accounting
standards and data.
• Analysis R&D: Problem is analysed with integration of relevant research of accounting standards
and data.
LG2: Have professional and effective writing skills
• Structure: Written work is logically sequenced with sound paragraph structure, clear and easy to
read.
• Clarity of expression: Writing is free of spelling, punctuation and grammatical errors.
• Research and Referencing: Written work is referenced and demonstrates an ability to undertake
independent research.
LG 3: Be creative analytical thinkers
• Identification Problem is identified and discussed within relevant context
• Analysis Brand: Problem is analysed with integration of relevant research of accounting
standards and data.
• Analysis R&D: Problem is analysed with integration of relevant research of accounting standards
and data.
• Conclusion: Consequences are considered, discussed, and conclusion reached.
• Recommendation: Solutions are proposed and justified.
ACCT3102 External Reporting - Semester 2, 2017 Page | 5
Case Study Marking Criteria and Rubric
Task Mark
Outstanding
5
Very Good
4
Meets Expectations
3
Below Expectations
2
Well Below Expectations
1
Not
attempted
0
Identification
Problem is identified and
discussed within relevant
context
5 All key concepts clearly
identified and summarised
appropriately.
Most key concepts
identified. Only the
occasional minor error
evident.
Identifies some key
concepts. Some minor, and
the occasional major, error
evident.
Few key concepts
identified. Major errors
evident throughout.
Fails to identify key concepts.
Little or no evidence of
understanding.
Not
attempted
Brand Analysis
Problem is analysed with
integration of relevant
research of accounting
standards and data.
5 Evidence of rigorous
research of the relevant
accounting standards and
application of the case
details, demonstrated by
correct application of all of
the relevant sections of the
accounting standards with
supporting calculations
correct.
Evidence of rigorous
research of the relevant
accounting standards and
application of the case
details, demonstrated by
the correct application of
most of the relevant
sections of the accounting
standards with supporting
calculations correct.
Evidence of sound research
of the relevant accounting
standards and application
of the case details,
demonstrated by the
correct application of some
of the relevant sections of
the accounting standards
with supporting
calculations mostly correct.
Limited evidence of
research of the relevant
accounting standards and
application of the case
details, demonstrated by
the correct application of
few of the relevant sections
of the accounting
standards. Errors evident in
calculations.
Inappropriate and/or
insufficient research of the
relevant accounting
standards and application to
the case details. Major errors
evident in calculations.
Not
attempted
R&D Analysis
Problem is analysed with
integration of relevant
research of accounting
standards and data.
5 Evidence of rigorous
research of the relevant
accounting standards and
application of the case
details, demonstrated by
correct application of all of
the relevant sections of the
accounting standards with
supporting calculations
correct.
Evidence of rigorous
research of the relevant
accounting standards and
application of the case
details, demonstrated by
the correct application of
most of the relevant
sections of the accounting
standards with supporting
calculations correct.
Evidence of sound research
of the relevant accounting
standards and application
of the case details,
demonstrated by the
correct application of some
of the relevant sections of
the accounting standards
with supporting
calculations mostly correct.
Limited evidence of
research of the relevant
accounting standards and
application of the case
details, demonstrated by
the correct application of
few of the relevant sections
of the accounting
standards. Errors evident in
calculations.
Inappropriate and/or
insufficient research of the
relevant accounting
standards and application to
the case details. Major errors
evident in calculations.
Not
attempted
Conclusion
Consequences are
considered, discussed,
and conclusion reached.
5 Conclusion/s clearly
demonstrated with all
correct decisions and
relevant calculations
carried forward from
decisions made in previous
sections.
Conclusion/s clearly
demonstrated with mostly
correct calculations carried
forward from decisions
made in previous sections.
Conclusion/s demonstrated
with some correct
calculations carried forward
from decisions made in
previous sections.
Analysis demonstrated but
with major calculation
errors and/or inconsistent
with decisions made in
previous section.
Analysis not demonstrated
with calculations incorrect.
Not
attempted
ACCT3102 External Reporting - Semester 2, 2017 Page | 6
Task Mark
Outstanding
5
Very Good
4
Meets Expectations
3
Below Expectations
2
Well Below Expectations
1
Not
attempted
0
Recommendation
Solutions are proposed
and justified
5 Proposed solutions are
comprehensively justified.
Highly relevant and correct
recommendations drawn,
with all relevant
assumptions, data and
evidence considered.
Proposed solutions are well
justified. Correct
recommendations drawn,
with useful assumptions,
data and evidence
considered. May have some
minor exclusions.
Some useful solutions
proposed. Correct
recommendations, with
minor errors in
consideration and use of
assumptions, data and/or
evidence.
Though not always relevant
or justified, some proposed
solution/s have been made.
Recommendations tend to
be incorrect due to major
errors in consideration of
assumptions, data and/or
evidence.
Proposed solutions and
justification for these are
inappropriate. Incorrect or
absent recommendations
with little if any reference
to relevant assumptions,
data and evidence.
Not
attempted
Structure
Written work is logically
sequenced with sound
paragraph structure, clear
and easy to read
5 Written advice is very well
structured, logically
sequenced and presented in
a highly professional
manner that clearly
communicates the intended
advice to the client. Full
compliance with page limit
and formatting instructions.
Written advice is well
structured and logically
sequenced with only the
occasional minor formatting
error. Presented in a
professional manner that
communicates the intended
advice to the client.
Compliance with page limit
and formatting instructions.
Written advice is
adequately structured and
sequenced, though it
occasionally lacks a degree
of professionalism (such as
minor formatting errors
and/or inappropriate use
of headings). Provision of
advice mostly takes into
account the needs of the
client. May have some
non-compliance with page
limit and/or formatting
instructions.
Written advice is
adequately structured in
part, though it lacks a
degree of professionalism
and/or lacks consideration
regarding provision of
advice suitable for the
needs of a client. There is
some non-compliance with
page limit and formatting
instructions.
Presentation and lack of
structure detracts from the
professionalism of the
report. Very little concern
regarding provision of
advice suitable for the
needs of a client.
Compliance with page limits
and formatting instructions
has largely been ignored.
Not
attempted
Clarity of expression
Writing is free of spelling,
punctuation and
grammatical errors.
5 Fluent writing style with
expression highly suited to
set task. Grammar, spelling
and punctuation are
accurate.
Mostly fluent writing style
with expression appropriate
to set task. Grammar,
spelling and punctuation are
mostly accurate with only
minor errors evident.
Writing style sometimes
lacks the clarity of
expression but meaning is
still apparent. Grammar,
spelling and/or
punctuation contain more
persistent errors.
ACCT3102 EXTERNAL REPORTING CASE STUDY 代写
Writing style often lacks
clarity of expression, which
impacts on the readability
of your work. There are
some serious grammar,
spelling and/or punctuation
errors which impact on the
readability of some parts of
the written advice.
Writing style is not suited to
the set task. There are
numerous grammar,
spelling and/or punctuation
errors which significantly
impact on the readability of
the written advice.
Not
attempted
Research and Referencing
Written work is
referenced and
demonstrates an ability to
undertake independent
research.
5 In-text referencing and the
reference list are complete
and accurate.
In-text referencing and the
reference list are mostly
complete and accurate with
one or two minor errors
Snow Protek Ltd
evident in either in-text
referencing or reference list.
In-text referencing and the
reference list are usually
complete with several
minor errors evident in
either in-text referencing
or reference list.
Some attempt at
referencing but details are
either missing or contain
more frequent errors.
Referencing is absent
and/or unsystematic and
contains more frequent
errors.
Not
attempted
ACCT3102 EXTERNAL REPORTING CASE STUDY 代写
Snow Protek Ltd
