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ACC203 Advanced Financial Accounting Page 1 Assignment 3 Statement of Advice
Assessment 3 Information
Subject Code: ACC203
Subject Name: Advanced Financial Accounting
Assessment Title: Assessment 3
Assessment Type: Statement of Advice – Individual
Weighting: 40%
Total Marks: 40 marks
Submission: Individual Written Report submitted via Turnitin on MyKBS
Word limit: 1,500 words (max.+/- 10%)
Due Date: Tuesday of Week 13 at 3:55 pm AEST
Your Task
You must prepare a Statement of Advice (SoA) that addresses all the questions raised in the
letter on the following two pages of this document.
Assessment Description
Assume that you are a team of graduate accountants working for Pinnacle Pty Ltd, an independent
consulting & accounting firm located at 87 Islington Street Sydney, NSW 2000. Among other
things, your firm provides its clients with advice regarding accounting issues, including applying
the Australian Accounting Standards in preparing Financial Reports. You must prepare a
Statement of Advice (SoA) for Shine Ltd to address several accounting issues raised by Sonia
Duncan on behalf of the company’s directors. Sonia Duncan has raised these issues in a letter in
the following two pages.
The maximum length for the SoA is 1,500 words excluding calculations. You should address all
the technical issues in your advice, followed by a Reference List. Marks will be awarded based on
two components:
Technical component 30% – This includes the technical discussion in your SoA, the explanation
of each issue, and the sources used. You must analyse the information provided and recommend
the correct accounting treatment. You must justify your recommendations by referencing specific
paragraphs of relevant accounting standards. You must explain the rationale behind each
accounting standard requirement.
Communication Skills (Writing Skills) component 10% – marks will be awarded based on your
ability to gather information and effectively communicate strategies to the client as part of the SoA.
It will also cover the generic skill of writing, clear meaning, structure and organisation, appropriate
tone and grammar, spelling, and punctuation, etc., throughout the whole assignment.
ACC203 Advanced Financial Accounting Page 2 Assignment 3 Statement of Advice
Case Study
Assume that you are a graduate accountant working for Pinnacle Accountants & Co, a
public accounting firm located at 87 Islington Street Sydney, NSW 2000. The
manager of your firm, Mr. Peter Cliffe asked you to draft a statement of advice (see
the format in page 5) in response to an email received from Sonia Duncan, the
managing director of Shine Ltd in response to various key accounting issue.
The following is the email sent from Sonia Duncan to Peter Cliffe.
Re: Accounting Issues: Year Ending 30 June 2023
From: Sonia Duncan ([email protected])
Sent: 15 September 2023
To: Peter Cliffe ([email protected])
Dear Peter,
Thank you for your phone call this morning. As agreed, I am emailing you regarding
the two following accounting issues (listed below). As I do not have any accounting
experience, please explain the principles and concepts for me in simple language.
In order to assist our management team in the decision-making process, could you
please make sure you reference any relevant sources relating to your advice, for
example, AASBs, Corporations Act, and relevant websites?
Issue 1
On 1 December 2020, Shine Ltd places an order for a machine from a company in
Philippines. The machinery is delivered on 1 January 2021 and the invoice price is
$350,000 with a trade discount of 2%. The invoice was paid on 31st January. Import
duties and taxes amounted to $11,000.
The following costs are also additionally incurred.
Details $
Delivery and transport costs from Sydney port to the factory 3,500
Installation and commissioning costs 19,500
Administrative costs incurred in processing and inspection 4,000
Start-up and pre-production costs 10,000
Exchange translation loss of payable 7,000
General administrative costs allocated 18,500
ACC203 Advanced Financial Accounting Page 3 Assignment 3 Statement of Advice
- Shine Ltd depreciates machinery using a straight-line method over 10 years
based on historical cost with no residual value. After the 10th year, it is required
to dismantle the machinery at the cost of $5,000. - As at 30 June 2021, management decided to adopt the fair valuation model
and an independent professional valuer places a valuation of $470,000 for the
machinery. - During June 2023, the machinery was revalued by reference to a price index.
Based on revised estimates, the new fair value of the machinery is valued at
$220,000. - On 1 September, 2023 Shine Ltd sold the machine for $240,000.
Please clearly advise inclusion or exclusion of the above costs in the asset cost price
with relevant AASB and explanations. In addition, show journal entries from the
acquisition of the machine (from the year ending 2021) to disposal date (1st Sep
2023).
Issue 2
On 12 May 2023, the board of directors decided to close down a division making a
particular product. On 28 May 2023 a detailed plan for closing down the division was
agreed by the board; letters were sent to customers warning them to seek an
alternative source of supply and redundancy notices were sent to the staff of the
division. Some staff will be relocated and the company will pay for relocation costs to
relevant staff.
The lease on the old factory continues for the next four months until it is closed,
unfortunately the lease cannot be cancelled and the factory cannot be re-let to
another user.
The costs associated with this shutdown are expected to be as follows.
a) Payout of staff annual leave $450,000
b) Redundancy payout $800,000
c) For those staff who will be moving to another division, retraining will be
required at a cost of $500,000
ACC203 Advanced Financial Accounting Page 4 Assignment 3 Statement of Advice
d) As another division is located 200km from the soft furnishing division, Nation
Ltd agreed to pay for the costs of relocating those employees moving to
another division.
e) The lease on old factory has five years to run. The cost to terminating the
lease is expected to be $300,000
f) The financial and management information systems of soft furnishing need to
be reconfigured to be comparable with another system. This is estimated to
cost approximately $1 million.
g) Expected loss due to closing down $979,000
The above costs will be paid during August 2023. We are unsure how whether we
need to include the above costs in 2023 annual reports. Please explain any
disclosure requirements for such events by 30 June 2023.
.
I look forward to hearing from you shortly.
Regards
Sonia Duncan
Managing director,
Shine Ltd
Level 11, 147 Liverpool Street,
Camden NSW 2585
ACC203 Advanced Financial Accounting Page 5 Assignment 3 Statement of Advice
Additional Requirements
1) You must include the following in your Statement of Advice (SoA):
a) Cover Page should include: - name/logo of your accounting and consulting firm
- The words “Statement of Advice”
- Who the document is prepared by
- Who the document is prepared for
- Date
- Brief information on what the document is about
b) Table of Contents
c) Recommendations and explanations — include in-text referencing
d) Conclusion
e) Reference list
2) Any sources that you use need to be acknowledged in order to avoid plagiarism.
Information on referencing can be found under “Study Resources — Academic
Skills” on MyKBS at this link.
3) You must identify and refer to specific paragraphs of the relevant accounting
standards in your advice.
ACC203 Advanced Financial Accounting Page 6 Assignment 3 Statement of Advice
Important Study Information
Academic Integrity Policy
KBS values academic integrity. All students must understand the meaning and
consequences of cheating, plagiarism and other academic offences under the
Academic Integrity and Conduct Policy.
What is academic integrity and misconduct?
What are the penalties for academic misconduct?
What are the late penalties?
How can I appeal my grade?
Click here for answers to these questions: http://www.kbs.edu.au/current-
students/student-policies/.
Study Assistance
Students may seek study assistance from their local Academic Learning Advisor
or refer to the resources on the MyKBS Academic Success Centre page. Click
here for this information.
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