Assume you are a summer vacation intern at the Melbourne office of an international accounting firm and have been assigned to produce a report for a partner of the firm. Specifically, the partner requires you download and read the 30th June 2017 and 2018 financial statements of AXSESSTODAY LIMITED, CROWN RESORTS LTD, and WISETECH GLOBAL LTD. The report must:
·the accounting policies adopted;
·the disclosure of changes in accounting policies (if any);
·the disclosure of changes in accounting estimates (if any);
·how errors have been treated (if any);
·how events after the reporting period have been treated (if any);
·the role of materiality.
ii.critically evaluate accounting quality by assessing accounting policies and estimates
a.consider the various pressures, many of which are political in nature, that influence the accounting standard-setting environment
b.consider the implications of entities making particular accounting disclosures, whether voluntarily or because of a requirement of an accounting standard or some other form of “regulation”
c.understand the possible implications of an entity making particular accounting choices and disclosures
iii.assess whether you find the provided information strengthens or weakens the usefulness of the financial statements.
iv.In an appendix, show a comparison of accounting policies and estimates used by Crown Resorts Ltd and a rival company Tabcorp Holdings Ltd (for 2018 only).
The report should include some background material about the three companies including any more recent information about the company, and as necessary refer to relevant sections of the Corporations Act 2001 Part 2M.3 FINANCIAL REPORTING and relevant accounting standards including paragraph numbers.
Section B requires you to submit a short piece titled “Reflecting and Improving”. Copy the table and questions below into your file and provide your response.
1.Rate your skills using the following rating scale:
I planned out time to complete this assignment effectively?
I used relevant resources to complete this assignment effectively?
I used prewriting strategies, for example brainstorming, to complete this assignment effectively?
a.In completing my assignment, I am good at … (use no more than 20 words)
b.In completing my assignment, I encountered these problems … (use no more than 20 words)
c.Next time I will try to be better at … (use no more than 20 words)
d.Suggest one change you could make to improve your performance (use no more than 20 words)