Corporate Reporting (ACC2CRE)
 
Case Study (5 Marks)
Presentation of Financial Statements Part I
Group Assignment
Group Members (Max 4)
 
 
Due date: Friday (5.00pm), 25 March, 2016
 
 
 

1. The assignment is a compulsory group assignment and is worth 5% of the total marks of the subject.

2.      The group should be comprised of four (4) students. It is the responsibility of students to form the groups. Only one copy of the group assignment must be submitted on behalf of the group by one of the group members. Students must make sure that the completed Assignment Declaration form is attached including students’ details (students’ names and IDs) with the assignment.
3.      You must keep a copy of your assignment (in hard copy form) until you receive the marked original back. If your assignment is lost and you fail to provide us with a copy of the assignment when requested, we will assume the assignment was not written and the penalties for late assignment will be applied.
4.      The assignment must be presented in a professional manner (word processed).
5.      Submissions must be properly referenced (refer to the University Style Guide).
6.      Plagiarism is a serious matter; all students involved will be referred to the University’s appropriate authority.
7.      Late submission will incur a penalty of one mark per day including the weekend. Late submission must be lodged with Course Coordinator only.
8.      Application for extensions must be lodged with the Course Coordinator before due date in writing for granting an extension (medical problems etc.).
9.      Assignment must be submitted through the LMS.
Note 1: Word limit for Question 1 is 500.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The summarised general ledger trial balance of Allura Ltd, a spare parts manufacturer, for the year ended 30 June 2016 is detailed below.
 

Additional information
(a) Employee share plan loans receivable include $50 000 due within 1 year.
(b) $25 000 of bank loans is repayable within 1 year.
(c) $400 000 of other loans is repayable within 1 year.
(d) Provision for employee benefits includes $110 000 payable within 1 year.
(e) The planned restructuring is intended to be fully implemented within 1 year.
(f) Provision for warranty is in respect of a 6-month warranty on certain goods sold.
(g) The available-for-sale investments were acquired during the current year and were revalued by $23 000 at the end of the reporting period. The related income tax was $8000.
(h) The available-for-sale investments are held as part of a long-term investment strategy.
(i) Allura Ltd uses the single statement format for the statement of profit or loss and other comprehensive income and presents an analysis of expenses by function in the statement.
 
Required:
 
1)      Prepare the statement of financial position and statement of profit or loss and other comprehensive income of Allura Ltd for the year ended 30 June 2016 in accordance with AASB 101/IAS 1, using statement captions that a listed company is likely to use.
 
2) Prepare at notes to the financial statements according to comply with relevant accounting standards.