MAA363 2020 Assessment 1 PDF

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Download MAA363 2020 Assessment 1 PDF

Description

MAA363: Corporate Accounting Trimester 1 2020

Assessment 1 – Individual Written Reflection DUE DATE AND TIME: PERCENTAGE OF FINAL GRADE:

9 April 2020, before 11.59pm 10%

Learning Outcome Details Unit Learning Outcome (ULO)

ULO 1: Explain, discuss and integrate the technical and theoretical knowledge about the regulatory environment relating to Australian corporate accounting and reporting; and apply the relevant concepts to "real" situations. ULO 2: Identify, discuss, evaluate and apply the relevant accounting standards relating to definition, recognition, measurement and disclosure requirements of a reporting entity's assets, liabilities, equity, income and expenses. ULO 5: Critically reflect on professional issues related to the reporting of corporate performance.

Graduate Learning Outcome (GLO) GLO1

GLO5

GLO8

Assessment Feedback: Students who submit their work by the due date will receive their marks and feedback on CloudDeakin on 30/4/2020.

Submission Instructions Write the answer in a new word document (Please do not write the answer in this assessment document). Please submit your answer document to the relevant drop box in the unit site. You must keep a backup copy of every assignment you submit, until the marked assignment has been returned to you. In the unlikely event that one of your assignments is misplaced, you will need to submit your backup copy. Any work you submit may be checked by electronic or other means for the purposes of detecting collusion and/or plagiarism.

Deakin's Bachelor of Commerce and MBA are internationally EPAS accredited. Deakin Business School is accredited by AACSB and EQUIS.

When you are required to submit an assignment through your CloudDeakin unit site, you will receive an email to your Deakin email address confirming that it has been submitted. You should check that you can see your assignment in the Submissions view of the Assignment dropbox folder after upload, and check for, and keep, the email receipt for the submission.

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Penalties for late submission: The following marking penalties will apply if you submit an assessment task after the due date without an approved extension: 5% will be deducted from available marks for each day up to five days, and work that is submitted more than five days after the due date will not be marked. You will receive 0% for the task. 'Day' means working day for paper submissions and calendar day for electronic submissions. The Unit Chair may refuse to accept a late submission where it is unreasonable or impracticable to assess the task after the due date. For more information about academic misconduct, special consideration, extensions, and assessment feedback, please refer to the document Your rights and responsibilities as a student in this Unit in the first folder next to the Unit Guide of the Resources area in the CloudDeakin unit site. Building evidence of your experiences, skills and knowledge (Portfolio) - Building a portfolio that evidences your skills, knowledge and experience will provide you with a valuable tool to help you prepare for interviews and to showcase to potential employers. There are a number of tools that you can use to build a portfolio. You are provided with cloud space through OneDrive, or through the Portfolio tool in the Cloud Unit Site, but you can use any storage repository system that you like. Remember that a Portfolio is YOUR tool. You should be able to store your assessment work, reflections, achievements and artefacts in YOUR Portfolio. Once you have completed this assessment piece, add it to your personal Portfolio to use and showcase your learning later, when applying for jobs, or further studies. Curate your work by adding meaningful tags to your artefacts that describe what the artefact represents.

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Description / Requirements Wage Theft Revelations (Quoted from: Financial Review, Feb 19 2020)

It was revealed on Tuesday that Coles has underpaid staff $20 million over a six-year period, months after its competitor, Woolworths, admitted to $300 million in underpayments. The underpayment at Target involves 1600 workers and dates back seven years. Officeworks is still trying to ascertain the extent of its problem. The fresh revelations come just one day after supermarket giant Coles was outed for underpaying its workers by a collective $20 million. Industrial Relations Minister Christian Porter, who is finalising legislation to crack down on wage theft, said underpayments had become "endemic" in corporate Australia and new punishments, including "naming and shaming" notices and director disqualification, would make penalties unavoidable. "With organisations like Coles or Woolworths or Qantas, when this process is complete, penalties will be inescapable, whether they are civil, criminal or of the type that we are now proposing with respect to directorships: banning and publicity," he said. …. “These organisations, large sophisticated Australian organisations, where wage underpayment seems to have been endemic”. “I don’t think it’s intentional but it’s hopeless, it’s not good enough!” SDA urges action The national secretary of the Shop Distributive and Allied (SDA) Employees Association secretary Gerard Dwyer said if Mr Porter was serious about ending the "epidemic" in underpaid wages he should give unions access to company books. "The fact is there were very few cases of systemic wage theft a decade ago when unions had ready access to company payrolls. It is well and good for Christian Porter to talk about criminalising underpayments, but as he admits that sets the bar very high," Mr Dwyer said. "We'll know if he's fair dinkum if he restores rights for unions to have ready access to company payrolls. Do that and what is now an epidemic will largely disappear."

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Required: Conduct an extensive research on the wages scandal discussed above and answer following questions. Questions 1.

Discuss the impact of the above issue on the financial reporting quality and the earnings quality of respective companies. Discuss the implications of repayment requirement of past wages to those companies. (7 marks)

2.

Discuss the mechanisms that may discipline the accuracy of financial reporting in Australian companies in the future. (6 marks)

3.

Critically reflect on the above wage scandal. (Hint: broadly analyse the facts of the subject matter, explore multiple perspectives, and form a judgement, or conclude). (7 marks) (Total 20 marks will be converted to 10%)

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Students are strongly recommended to regular access to the online discussion forum and clarify issues, if any.

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Students must correctly use the Harvard style of referencing.

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