Impairment in the Energy and Extractive Industry
Part I – Research Based Report (15%)
Word limit: 1,200 words
Part II – Video Oral Presentation (5%)
Time limit: 4 minutes
ACCG224: Financial Accounting and Reporting Session 1, 2018 Individual Assignment Impairment in the Energy and Extractive Industry Part I – Research Based Report (15%) Due: Monday 30 April, 5pm Word limit: 1,200 words Part II – Video Oral Presentation (5%) Due: Monday 7 May, 5pm Time limit: 4 minutes S1 2018 ACCG224 Page 1 Part I – Research based report (15%) As a new accounting graduate you have recently joined the accounting department of an ASX listed company operating in the energy and extractive industry. To complete this assignment you will need to select a suitable company yourself that meets the following criteria: ???The company must be a constituent of the S&P/ASX 300 index (www.asx300list.com); ???The company must be in the ‘Materials or Energy’ sector – you can identify all companies in this sector by sorting the list based on the third column of the table in the above website; ???The company must publish audited annual financial reports in English, fully complying with IFRS or AASB standards; ???The company must have a 30 June year end; and Your manager, the CFO, has sent you an email containing a Media Release (MR) from the Australian Securities & Investment Commission (ASIC). A link to the MR is provided below: http://asic.gov.au/about-asic/media-centre/find-a-media-release/2017-releases/17-437mr-findings-from- 30-june-2017-financial-reports/ The Audit Committee is aware that as well as the 20 identified companies, numerous other companies in the same industry may not have provided the appropriate accounting treatments relating to asset valuations and impairment. The Audit Committee is also aware that ASIC Commissioner, John Price, was quoted as saying the following when announcing the focus areas for 30 June 2017 financial reports: “The largest number of our findings continue to relate to impairment of non-financial assets and inappropriate accounting treatments. Directors and auditors should continue to focus on values of…
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