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时间：2022-04-28
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ACCT2011 Financial Accounting A
Semester 1 2022
Group Assignment Instructions and Guidelines
Completed Group Assignment: Due 5pm (Sydney time) Monday 2 May 2022
Draft Part A Response: Due 5pm (Sydney time) Monday 4 April 2022
A panel of practitioners from HLB Mann Judd will review and provide feedback on draft Part A
responses. As per assessment criteria and rubric included in Appendix 1 to this assignment, up to 2
marks of the total marks is for the Practitioner Review Part A response submission. This mark will
be awarded when the completed group assignment is graded.
1. Background Information for Group Assignment
NewCare Ltd (NewCare) is a listed carbon technology company that provides low carbon consultancy services
to clients. NewCare is planning to internally develop “Project InfoCare”, a unique information technology platform
that will monitor, calculate, and report a client’s carbon output according to prescribed environmental
sustainability metrics. NewCare’s Information Technology Division (ITD) will be responsible for the research and
development phases of Project InfoCare. While NewCare has not undertaken any targeted InfoCare market
research, the directors believe the information technology platform will provide significant strategic benefits and
have given ITD an unlimited budget for Project InfoCare.
According to the Project InfoCare timeline, ITD will commence work on 1 January 2022 and the proposed
information technology platform will be available for client use from 1 February 2023. NewCare is expecting two
(2) revenue streams from the InfoCare information technology platform, a separate single use stream and a low
carbon competitiveness package stream that will also include revenue from ongoing consultancy services.
NewCare anticipates client contractual arrangements for both revenue streams will be established from 1
December 2022 with a service start date of 1 February 2023.
NewCare uses a 31 December year-end balance date and has adopted AASB 138:Intangible Assets and AASB
15: Revenue from Contracts with Customers.
NewCare has recently onboarded you as graduate financial accountant reporting directly to the Financial
Controller. On your first day, you receive the following email from the Financial Controller:
“Hi, welcome to the team. Have assigned the financial reporting implications of Project InfoCare task to you.
Please focus on the recognition issues for the anticipated costs of each phase and expected revenue streams.
Looking forward to working with you.”
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2. Assignment Questions
Responses to the following questions will be considered on their ability to present relevant information and
develop well supported arguments. Do not submit a series of dot points. Please note Part C requires your group
to prepare a persuasive extended essay response. Marks will be awarded for content as well as structure, and
quality of the communication.
REQUIRED:
Your Part A and Part B responses are to be presented in a short answer format.
(Hint: You may wish to present some of your Part A responses in a table with headings. Below is a suggested
form of presentation. This can be adapted to a landscape page orientation.)
Part A (b)(i) Part A (b)(ii)
Part A (14 marks in total, 12 marks for final submission, 2 marks for Practitioner Review Part A submission)
(a) Identify and describe, in your own words, one (1) key financial reporting issue for the recognition of
Project InfoCare costs in NewCare’s financial statements for the year ended 31 December 2022.
(b) Using information from the background to this assignment, explain why this is a key financial
reporting issue from the perspective of:
(i) the AASB Conceptual Framework 2019 definitions of the elements of the financial
statements. Relevant paragraph reference(s) from the Conceptual Framework are required in
your answer; and
(ii) NewCare’s shareholders.
(c) Discuss how:
(i) AASB 138: Intangible Assets addresses the key financial reporting issue identified in your
Part A (a) answer. Include references to appropriate paragraph(s) from AASB 138; and
(ii) NewCare should apply AASB 138 to the Project InfoCare costs recognised in its 31
December 2022 financial statements. Include at least one (1) anticipated Project InfoCare
transaction as an example.
Part B (6 marks)
(Hint: You may wish to present your Part B responses in a table with headings. Below is a suggested form of
presentation. This can be adapted to a landscape page orientation.)
Revenue stream Part B (a) Part B (b)
Consider AASB 15:Revenue from Contracts with Customers and the two (2) expected revenue streams from
Project InfoCare. For each expected revenue stream:
(a) Identify and describe one (1) transaction specific professional judgment that would be required when
recognising the revenue stream in NewCare’s financial statements; and
(b) Explain how the AASB 15 requirement(s) will assist with the transaction specific professional
judgment.
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Part C (20 marks)
Your Part C response is to be presented in an essay format.
“In regard to guidance for recognition of transactions in entities financial statements, principle-based
accounting standards are not always perfect”.
Discuss this statement. Your persuasive response should include:
• an introduction;
• one (1) for argument point supporting this statement;
• one (1) alternative argument point that refutes this statement; and
• a conclusion that includes a final opinion and valid reason(s).
Both argument points are to be accompanied by supporting example(s) developed from your Part A (including
draft Part A response and feedback) and Part B responses, evidence and/or academic reference(s)*#.
*Supporting examples from your Part A and Part B responses must explain in detail how and why they support the argument point.
#Your references should be from papers published in peer reviewed academic journals. Not internet sources such as Wikipedia, not
ACCT2011 course materials such as the Semester 1 2022 slides and tutorial materials, and not textbook chapter references, such as
the Henderson et al textbook. Please look at the library resources for assignment link on the Group Assignment Canvas page for
guidance.
Including all footnotes, images and intext references, total word limit for Part A, Part B and Part C is
1,500 words.
3. Assessment Criteria
The group assignment represents 20% of your total mark for ACCT2011 and is compulsory. To provide students
with feedback, group assignments will be graded against the assessment criteria and rubric included in
Appendix 1 to this assignment. Note the group assignment will be marked out of 40 marks and converted to a
mark that contributes to 20% of your total mark for ACCT2011.
You are expected to use original words rather than copying and pasting information from sources.
Academic Honesty
As a student of the University, you are responsible for taking part in your education in an honest and authentic
manner. It is, therefore, expected that you take extra care to ensure that there are no breaches of academic
honesty. All assignments will be manually and electronically checked for plagiarism (copying). Any perceived
breaches of academic honesty will be referred to the Office of Educational Integrity for further investigation and
penalised if verified. You can read more information on what plagiarism is and how to avoid plagiarism from the
University link:
http://sydney.edu.au/students/academic-dishonesty-and-plagiarism.html
Students are reminded all sources of support for the group assignment must be acknowledged and failure to
acknowledge such support may potentially breach the University’s academic honesty requirements.
Each group member is expected to be involved in the preparation, drafting, proofing and checking of all aspects
of this group assignment including ensuring no breaches of academic honesty. Group members will be held
jointly responsible for the entire submission and awarded the same merit mark. In the event of a breach of
academic honesty the penalty will apply to all members irrespective of which member(s) caused the breach.
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4. Group assignment plus group work report
The group assignment is to be completed in groups of three or four students. Each student must be enrolled
in the same tutorial and signed-up to a group via Canvas.
If your group has less than 3 members or you do not sign-up to a group during the sign-up period you will be
placed in a group by teaching staff. Students who are placed in a group by teaching staff will receive their group
details via email. Once you have signed up to a group you can see which group you are enrolled in by clicking
the Groups link on the Global Navigation menu in Canvas. The following link provides detailed instructions on
how to do this: https://community.canvaslms.com/docs/DOC-10661-421255565.
In addition to submitting the group assignment, each group is required to prepare and submit a group work
report to demonstrate effective working within your group. Two reports must be submitted, a group assignment,
and a group work report.
The group work report is not included in the word limit for the assignment.
Although this report is not graded or weighted in the marking, non-completion will result in a penalty of
20% of the maximum marks attainable.
In the group work report:
1. Prepare an account of participation and contribution of each member of the team. It is assumed that all
members contribute equally and any non-trivial departure from equal contribution should be identified (See
example 1 below). In the event of significant, non-trivial departure from equal contribution, marks may be
deducted from under-contributing group members.
Example 1: An account of participation and contribution by team members
Name and
Student No.
Date
Joined
Brief description of role or
responsibility (if applicable)
% of
contribution
Explanation if not
equal
contribution
1) J Smith 25/M/0Y Took minutes of all meetings;
presented outline of key issues and
draft answer to Part A for group to
discuss. Final cold read of all parts
and word count check, submitted
group assignment and report to
Turnitin.
25%
2) A Ng 25/M/0Y Researched source material and
prepared draft answer for Part C.
Proof read Part A draft answer,
checked referencing.
25%
3) L Zhang 25/M/0Y Reviewed Part A answer. Prepared
alternative answer to Part C for group
meeting. Assisted with final review to
ensure group assignment was within
the word count.
25%
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4) N Chand 25/M/0Y Reviewed Part B answer and
redrafted response to Part B for all
group members to discuss. Prepared
group report.
25%
2. Prepare a summary of meetings, showing when each meeting was held, who attended and what was
decided. Minutes should be kept for each meeting to enable your group to prepare the summary. If
meetings are being conducted by email circulation/instant messaging etc., the group should agree a time
(e.g. Thursday 8 p.m. – midnight) within which responses are considered as participation in the meeting
(See example 2).
Example 2: A summary of meetings
Time, date, and
meeting forum
Attendees Discussions and decisions Other comments
5 – 6 p.m.
XX/XX/XX
Zoom meeting
J Smith
A Ng
L Zhang
N Chand
Agreed to read documents and bring
ideas to next meeting; agreed on who
will record minutes of each group
meeting.
12 – 1 p.m.
XX/XX/XX
Group chat
J Smith
A Ng
L Zhang
Discussed approaches and develop
plan; JS and LZ to draft answer to Part
A. AN and NC to draft answer to Part B.
First drafts to be circulated by Thursday
for review/discussion at next meeting.
N Chand absent
(unexpected work
commitments).
Emailed ideas in
advance
5 – 6 p.m.
XX/XX/XX
Zoom meeting
J Smith
A Ng
L Zhang
N Chand
Comments on first draft; discussed all
suggested ideas for Part C and agreed
on ideas to develop. AN and NC to
prepare second draft to Part C and
circulate by Friday for review/discussion
next meeting.
3. The submitted work report must be signed by all group members (See example 3)
Example 3:
Student name SID Signature Date
J Smith XXXXXXXXX XX/XX/XX
A Ng XXXXXXXXX XX/XX/XX
L Zhang XXXXXXXXX XX/XX/XX
N Chand XXXXXXXXX XX/XX/XX
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5. Formatting requirements
• The group assignment and the group work report are to be presented in 12 point font (either Times
New Roman or Arial) and paragraphs formatted with 1 or 1.5 line spacing and with margins not less
than 2.5cm.
• You are required to save and submit the group assignment and the group work report as Microsoft word
files, using the cohort_tutorial number_GXX filename format. For example, if your group is enrolled
in the CC cohort, tutorial number 01 and allocated group number 03 in this tutorial group, the filename
for the group assignment will be CC_T01_G03_assignment.doc, and for the group work report the
filename will be CC_T01_G03_workreport.doc.
• The cohort, tutorial number, group number and SID of all group members must be included on the first
page of the group assignment and the group work report.
• The cohort, tutorial number and group number must appear in the header section of every page for both
the group assignment and the group work report.
• Your group assignment should not exceed 1,500 words including all intext referencing, footnotes
and images and excluding the reference list and any appendices. The word count is based on the word
count information as presented in Turnitin based on the Microsoft word document submitted and this
will be checked. It is each group’s responsibility to ensure the submitted Microsoft word document
through Turnitin does not exceed 1,500 words in total. For guidance on words in excess of the word
limit, students are advised to refer to the Business School’s Policies at:
https://business.sydney.edu.au/students/policy
As a suggestion, you can use the following procedure to assist you to track the word count of the
Microsoft Word version of your assignment:
▪ Open your assignment Microsoft Word document.
▪ Use Ctrl+Shift+G to open the Word Count dialog box and insert a tick in the “Include textboxes,
footnotes and endnotes”. This function is also available under Review/Word Count.
• Your assignment must be appropriately and properly referenced using the American Psychological
Association referencing style (or APA as it is more commonly known). The University of Sydney library
provides helpful guidance on using APA style referencing. Please refer to the library resources for your
assignment module on Canvas. You can also refer https://libguides.library.usyd.edu.au/citation/apa7
6. Submission requirements
• The deadline for submission is 5pm (Sydney time) on Monday 2 May 2022. Please ensure you submit
well before the deadline in case there are problems.
• Both the group assignment and the group work report must be submitted in electronic form. No
submissions will be accepted via email.
• One group member is to submit the assignment on behalf of the group. Consider multiple reworkings
to tighten and to check your group’s assignment satisfies the 1,500 Turnitin word count. Turnitin in
Canvas does not automatically email a digital receipt. Once you have successfully submitted your
group’s assignment, take a screenshot of the submission details. We strongly recommend that you
save this screenshot as proof of your group’s submission. Should submission problems arise, you
should contact the University’s ICT Service Desk on 02 9351 2000 (option 2 for ICT) or email
ict.support@sydney.edu.au
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• If you submit after the due date, a late penalty of 5% per day, or part thereof, including weekends, will
be applied. Furthermore, as noted in your unit of study outline, any group assignment submitted beyond
the closing date of 5pm (Sydney time) on 11 May 2022, will result in a mark of zero.
• Under the Canvas ‘Assignment” link in the left toolbar on the Homepage you will find the link to the
Turnitin submission portals under the Group assignment section. One portal is called “Group
assignment” and the other “Group work report.” Before you submit work to each of these folders,
please ensure that you have saved the group assignment and the group work report under the correct
filename format (i.e. filename format cohort_tutorial number_GXX_group assignment.doc for the
group assignment and filename format cohort_tutorial number_GXX_workreport.doc for the group
work report). Please ensure your group submits the correct document to the correct submission
portal.
• For each of the two files to be submitted, there is only one (1) submission allowed for the group. If
multiple group members submit, only the first group member’s submission will be marked. The other
submissions will be discarded. Turnitin will allow a second submission for the group before the due
date, provided it is submitted by the same person who originally submitted it. In that case, the last
version submitted will be marked.
7. Support
• You can post questions relating to the requirements of the group assignment on the Group assignment
Discussion Forum on Canvas. This would ensure all students have access to the same information. It
is assumed each student will read the queries and comments in the Group assignment Discussion
Forum (Note: Unit of Study teaching staff will not answer individual questions and no questions
will be answered during tutorials and student drop in sessions).
• You can obtain guidance on working in groups from the University website:
https://www.sydney.edu.au/students/group-work.html For technical support during your submission,
contact the University’s Service Desk on 02 9351 2000 (option 2 for ICT) or ict.support@sydney.edu.au.
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Appendix 1 Assessment Criteria
Part A (14 marks in total)
Criteria Marks Scale
Practitioners Review
Draft Part A
submission
2 marks 0 to 0.5 mark
Below expectations
Reasonable attempt for 1 of the 3
Part A questions.
Or
Not attempted.
1.0 mark
Reasonable
Reasonable draft attempt for 2 of
the 3 Part A questions.
1.5 marks
Good
Reasonable draft attempt for Part A
questions.
2.0 marks
Very good
Comprehensive draft attempt for all
Part A questions.
Part A (a)
Final submission
2 marks 0 to 0.5 marks
Below expectations
Limited original description of one
(1) key financial reporting issue for
the recognition of Project InfoCare
costs in NewCare’s financial
statements
Or
Not attempted.
1.0 mark
Reasonable
Reasonable original description of
one (1) key financial reporting issue
for the recognition of Project
InfoCare costs in NewCare’s
financial statements.
1.5 marks
Good
Good original description of one (1)
key financial reporting issue for the
recognition of Project InfoCare costs
in NewCare’s financial statements.
.
2.0 marks
Very good
Very good original description of
one (1) key financial reporting issue
for the recognition of Project
InfoCare costs in NewCare’s
financial statements.
Part A (b) (i)
Final submission
Part A (b) (ii)
Final submission
2 marks
0 to 0.5 mark
Below expectations
Limited or poor explanation of key
financial reporting issue from the
perspective of the element’s
definitions in the AASB Conceptual
Framework 2019.
No or incorrect paragraph
reference(s) from the Conceptual
Framework included.
Or
Not attempted.
1.0 mark
Reasonable
Reasonable explanation of key
financial reporting issue from the
perspective of the element’s
definitions in the AASB Conceptual
Framework 2019.
Correct and relevant paragraph
reference(s) from the Conceptual
Framework are included.
1.5 marks
Good
Good explanation of key financial
reporting issue from the perspective
of the element’s definitions in the
AASB Conceptual Framework 2019.
Correct and relevant paragraph
reference(s) from the Conceptual
Framework are included.
2.0 marks
Very Good
Very good explanation of key
financial reporting issue from the
perspective of the element’s
definitions in the AASB Conceptual
Framework 2019.
Correct and relevant paragraph
reference(s) from the Conceptual
Framework are included.
2 marks
0 to 0.5 mark
Below expectations
Limited or poor explanation of key
financial reporting issue from the
perspective of NewCare’s
shareholders.
1.0 mark
Reasonable
Reasonable explanation of key
financial reporting issue from the
perspective of NewCare’s
shareholders.
1.5 marks
Good
Good explanation of key financial
reporting issue from the perspective
of NewCare’s shareholders.
2.0 marks
Very Good
Very good explanation of key
financial reporting issue from the
perspective of NewCare’s
shareholders.
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Part A (c) (i)
Final submission
Or
Not attempted.
3 marks 0 to 1 mark
Below expectations
Limited or poor explanation of how
AASB 138 addresses the key
financial reporting issue.
No or incorrect AASB 138 references
included.
Or
Not attempted.
1.5 to 2.0 mark
Reasonable
Reasonable explanation of how
AASB 138 addresses the key
financial reporting issue.
Appropriate paragraph(s) from
AASB 138 included.
2.5 marks
Good
Good explanation of how AASB 138
addresses the key financial
reporting issue.
Appropriate paragraph(s) from
AASB 138 included.
3.0 marks
Very Good
Very good discussion of how AASB
138 addresses the key financial
reporting issue.
Appropriate paragraph(s) from
AASB 138 included.
Part A (c) (ii)
Final submission
3 marks 0 to 1 mark
Below expectations
Limited discussion of how NewCare
should apply AASB 138 to the
Project InfoCare costs recognised in
its financial statements.
Inappropriate or no attempt to
explain Project InfoCare transaction
example.
Or
Not attempted.
1.5 to 2.0 marks
Reasonable
Reasonable discussion of how
NewCare should apply AASB 138 to
the Project InfoCare costs
recognised in its financial
statements.
Anticipated Project InfoCare
transaction example is somewhat
explained.
2.5 marks
Good
Good discussion of how NewCare
should apply AASB 138 to the
Project InfoCare costs recognised in
its financial statements.
Anticipated Project InfoCare
transaction example is reasonably
explained.
3.0 marks
Very good
Very good discussion of how
NewCare should apply AASB 138 to
the Project InfoCare costs
recognised in its financial
statements.
Anticipated Project InfoCare
transaction example is well
explained.
Part B (6 marks in total)
Criteria Marks Scale
Part B (a)
3
marks
0 to 1 mark
Below expectations
Limited description of one (1)
transaction specific professional
judgment for the revenue stream.
Or
Not attempted.
1.5 to 2.0 marks
Reasonable
Reasonable description of one (1)
transaction specific professional
judgment for the revenue stream.
2.5 marks
Good
Good description of one (1)
transaction specific professional
judgment for the revenue stream.
3.0 marks
Very good
Very good description of one (1)
transaction specific professional
judgment for the revenue stream.
Part B (b)
3
marks
0 to 1 mark
Below expectations
1.5 to 2.0 mark
Reasonable
2.5 marks
Good
3.0 marks
Very good
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Limited explanation of how the
AASB 15 requirement(s) will assist
with the transaction specific
professional judgment.
Or
Not attempted.
Reasonable explanation of how the
AASB 15 requirement(s) will assist
with the transaction specific
professional judgment.
Good explanation of how the AASB
15 requirement(s) will assist with
the transaction specific professional
judgment.
Very good explanation of how the
AASB 15 requirement(s) will assist
with the transaction specific
professional judgment.
Part C (20 marks in total)
Criteria Marks Scale
Part C
Valid discussion in a
persuasive essay that
demonstrates critical
thinking/reasoning and
is supported with
examples developed
from Part A and Part B
responses, evidence
and/or academic
reference(s)
2 marks 0 to 0.5 mark
Below expectations
Poor introduction.
Or
Not attempted.
1.0 mark
Meets expectations
Reasonable introduction.
1.5 marks
Above expectations
Good introduction.
2.0 marks
Very good
Very good introduction.
5 marks 0 to 2.0 marks
Below expectations
Poor attempt to develop an
argument that supports the
statement “In regard to guidance
for recognition of transactions in
entities financial statements,
principle-based accounting
standards are not always perfect”.
Or
Not attempted.
2.5 to 3.0 marks
Reasonable
Reasonable attempt to develop an
argument that supports the
statement “In regard to guidance
for recognition of transactions in
entities financial statements,
principle-based accounting
standards are not always perfect”.
3.5 to 4.0 marks
Good
Well-developed argument that
supports the statement “In regard
to guidance for recognition of
transactions in entities financial
statements, principle-based
accounting standards are not
always perfect”.
4.5 to 5.0 marks
Very good
Very well-developed argument that
supports the statement “In regard
to guidance for recognition of
transactions in entities financial
statements, principle-based
accounting standards are not
always perfect”.
5 marks 0 to 2.0 mark
Below expectations
Poor attempt to develop an
alternative argument point that
refutes the statement “In regard to
guidance for recognition of
transactions in entities financial
statements, principle-based
accounting standards are not
always perfect”.
2.5 to 3.0 marks
Reasonable
Reasonable attempt to develop an
alternative argument point that
refutes the statement “In regard to
guidance for recognition of
transactions in entities financial
statements, principle-based
accounting standards are not
always perfect”.
3.5 to 4.0 marks
Good
Well-developed alternative
argument point that refutes the
statement “In regard to guidance
for recognition of transactions in
entities financial statements,
principle-based accounting
standards are not always perfect”.
4.5 to 5.0 marks
Very good
Very well-developed alternative
argument point that refutes the
statement “In regard to guidance
for recognition of transactions in
entities financial statements,
principle-based accounting
standards are not always perfect”.
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Or
Not attempted.
4 marks 0 to 1.5 marks
Below expectations
Limited critical thinking/reasoning is
evident.
Little attempt to link supporting
examples developed from Parts A
and Part B answers and/or other
sources.
Or
Not attempted.
2.0 to 2.5 marks
Reasonable
Some critical thinking/reasoning is
evident.
Some attempt to link supporting
examples developed from Parts A
and Part B answers and/or other
sources.
3.0 to 3.5 marks
Good
Reasonable critical
thinking/reasoning is evident.
Linked to supporting examples
developed from Parts A and Part B
answers and/or other sources.
4.0 marks
Very good
Good critical thinking/reasoning is
evident.
Well explained links to supporting
examples developed from Parts A
and Part B answers and/or other
sources.
2 marks 0 to 0.5 mark
Unsatisfactory
Poor conclusion and invalid
reason(s) provided.
Or
Not attempted.
1.0 mark
Reasonable
Reasonable conclusion and valid
reason(s) provided.
1.5 marks
Good
Good conclusion and valid reason(s)
provided.
2.0 marks
Very good
Very good conclusion and highly
valid reason(s) provided.
Communication
Communication, style,
clarity of expression
including spelling,
grammar, punctuation
and proper referencing
using APA style
2 marks
0 to 0.5 mark
Unsatisfactory
Poorly written and incoherent, few
developed responses.
Poor or no use of APA referencing.
1.0 mark
Reasonable
Reasonably well written with some
coherent and developed responses.
Some correct application of APA
style and/or evidence of missing in-
text referencing and/or evidence of
indiscriminate or inappropriate use
of references.
1.5 marks
Good
Well written with coherent and
developed responses.
Mostly correct use of APA style and
reasonable application of both in-
text references and reference list.
2.0 marks
Very good
Very well written with coherent and
developed responses.
Mostly correct use of APA style and
reasonable application of both in-
text references and reference list.
ACCT2011 Financial Accounting A
Semester 1 2022
Group Assignment Instructions and Guidelines
Completed Group Assignment: Due 5pm (Sydney time) Monday 2 May 2022
Draft Part A Response: Due 5pm (Sydney time) Monday 4 April 2022
A panel of practitioners from HLB Mann Judd will review and provide feedback on draft Part A
responses. As per assessment criteria and rubric included in Appendix 1 to this assignment, up to 2
marks of the total marks is for the Practitioner Review Part A response submission. This mark will
be awarded when the completed group assignment is graded.
1. Background Information for Group Assignment
NewCare Ltd (NewCare) is a listed carbon technology company that provides low carbon consultancy services
to clients. NewCare is planning to internally develop “Project InfoCare”, a unique information technology platform
that will monitor, calculate, and report a client’s carbon output according to prescribed environmental
sustainability metrics. NewCare’s Information Technology Division (ITD) will be responsible for the research and
development phases of Project InfoCare. While NewCare has not undertaken any targeted InfoCare market
research, the directors believe the information technology platform will provide significant strategic benefits and
have given ITD an unlimited budget for Project InfoCare.
According to the Project InfoCare timeline, ITD will commence work on 1 January 2022 and the proposed
information technology platform will be available for client use from 1 February 2023. NewCare is expecting two
(2) revenue streams from the InfoCare information technology platform, a separate single use stream and a low
carbon competitiveness package stream that will also include revenue from ongoing consultancy services.
NewCare anticipates client contractual arrangements for both revenue streams will be established from 1
December 2022 with a service start date of 1 February 2023.
NewCare uses a 31 December year-end balance date and has adopted AASB 138:Intangible Assets and AASB
15: Revenue from Contracts with Customers.
NewCare has recently onboarded you as graduate financial accountant reporting directly to the Financial
Controller. On your first day, you receive the following email from the Financial Controller:
“Hi, welcome to the team. Have assigned the financial reporting implications of Project InfoCare task to you.
Please focus on the recognition issues for the anticipated costs of each phase and expected revenue streams.
Looking forward to working with you.”
2
2. Assignment Questions
Responses to the following questions will be considered on their ability to present relevant information and
develop well supported arguments. Do not submit a series of dot points. Please note Part C requires your group
to prepare a persuasive extended essay response. Marks will be awarded for content as well as structure, and
quality of the communication.
REQUIRED:
Your Part A and Part B responses are to be presented in a short answer format.
(Hint: You may wish to present some of your Part A responses in a table with headings. Below is a suggested
form of presentation. This can be adapted to a landscape page orientation.)
Part A (b)(i) Part A (b)(ii)
Part A (14 marks in total, 12 marks for final submission, 2 marks for Practitioner Review Part A submission)
(a) Identify and describe, in your own words, one (1) key financial reporting issue for the recognition of
Project InfoCare costs in NewCare’s financial statements for the year ended 31 December 2022.
(b) Using information from the background to this assignment, explain why this is a key financial
reporting issue from the perspective of:
(i) the AASB Conceptual Framework 2019 definitions of the elements of the financial
statements. Relevant paragraph reference(s) from the Conceptual Framework are required in
your answer; and
(ii) NewCare’s shareholders.
(c) Discuss how:
(i) AASB 138: Intangible Assets addresses the key financial reporting issue identified in your
Part A (a) answer. Include references to appropriate paragraph(s) from AASB 138; and
(ii) NewCare should apply AASB 138 to the Project InfoCare costs recognised in its 31
December 2022 financial statements. Include at least one (1) anticipated Project InfoCare
transaction as an example.
Part B (6 marks)
(Hint: You may wish to present your Part B responses in a table with headings. Below is a suggested form of
presentation. This can be adapted to a landscape page orientation.)
Revenue stream Part B (a) Part B (b)
Consider AASB 15:Revenue from Contracts with Customers and the two (2) expected revenue streams from
Project InfoCare. For each expected revenue stream:
(a) Identify and describe one (1) transaction specific professional judgment that would be required when
recognising the revenue stream in NewCare’s financial statements; and
(b) Explain how the AASB 15 requirement(s) will assist with the transaction specific professional
judgment.
3
Part C (20 marks)
Your Part C response is to be presented in an essay format.
“In regard to guidance for recognition of transactions in entities financial statements, principle-based
accounting standards are not always perfect”.
Discuss this statement. Your persuasive response should include:
• an introduction;
• one (1) for argument point supporting this statement;
• one (1) alternative argument point that refutes this statement; and
• a conclusion that includes a final opinion and valid reason(s).
Both argument points are to be accompanied by supporting example(s) developed from your Part A (including
draft Part A response and feedback) and Part B responses, evidence and/or academic reference(s)*#.
*Supporting examples from your Part A and Part B responses must explain in detail how and why they support the argument point.
#Your references should be from papers published in peer reviewed academic journals. Not internet sources such as Wikipedia, not
ACCT2011 course materials such as the Semester 1 2022 slides and tutorial materials, and not textbook chapter references, such as
the Henderson et al textbook. Please look at the library resources for assignment link on the Group Assignment Canvas page for
guidance.
Including all footnotes, images and intext references, total word limit for Part A, Part B and Part C is
1,500 words.
3. Assessment Criteria
The group assignment represents 20% of your total mark for ACCT2011 and is compulsory. To provide students
with feedback, group assignments will be graded against the assessment criteria and rubric included in
Appendix 1 to this assignment. Note the group assignment will be marked out of 40 marks and converted to a
mark that contributes to 20% of your total mark for ACCT2011.
You are expected to use original words rather than copying and pasting information from sources.
Academic Honesty
As a student of the University, you are responsible for taking part in your education in an honest and authentic
manner. It is, therefore, expected that you take extra care to ensure that there are no breaches of academic
honesty. All assignments will be manually and electronically checked for plagiarism (copying). Any perceived
breaches of academic honesty will be referred to the Office of Educational Integrity for further investigation and
penalised if verified. You can read more information on what plagiarism is and how to avoid plagiarism from the
University link:
http://sydney.edu.au/students/academic-dishonesty-and-plagiarism.html
Students are reminded all sources of support for the group assignment must be acknowledged and failure to
acknowledge such support may potentially breach the University’s academic honesty requirements.
Each group member is expected to be involved in the preparation, drafting, proofing and checking of all aspects
of this group assignment including ensuring no breaches of academic honesty. Group members will be held
jointly responsible for the entire submission and awarded the same merit mark. In the event of a breach of
academic honesty the penalty will apply to all members irrespective of which member(s) caused the breach.
4
4. Group assignment plus group work report
The group assignment is to be completed in groups of three or four students. Each student must be enrolled
in the same tutorial and signed-up to a group via Canvas.
If your group has less than 3 members or you do not sign-up to a group during the sign-up period you will be
placed in a group by teaching staff. Students who are placed in a group by teaching staff will receive their group
details via email. Once you have signed up to a group you can see which group you are enrolled in by clicking
the Groups link on the Global Navigation menu in Canvas. The following link provides detailed instructions on
how to do this: https://community.canvaslms.com/docs/DOC-10661-421255565.
In addition to submitting the group assignment, each group is required to prepare and submit a group work
report to demonstrate effective working within your group. Two reports must be submitted, a group assignment,
and a group work report.
The group work report is not included in the word limit for the assignment.
Although this report is not graded or weighted in the marking, non-completion will result in a penalty of
20% of the maximum marks attainable.
In the group work report:
1. Prepare an account of participation and contribution of each member of the team. It is assumed that all
members contribute equally and any non-trivial departure from equal contribution should be identified (See
example 1 below). In the event of significant, non-trivial departure from equal contribution, marks may be
deducted from under-contributing group members.
Example 1: An account of participation and contribution by team members
Name and
Student No.
Date
Joined
Brief description of role or
responsibility (if applicable)
% of
contribution
Explanation if not
equal
contribution
1) J Smith 25/M/0Y Took minutes of all meetings;
presented outline of key issues and
draft answer to Part A for group to
discuss. Final cold read of all parts
and word count check, submitted
group assignment and report to
Turnitin.
25%
2) A Ng 25/M/0Y Researched source material and
prepared draft answer for Part C.
Proof read Part A draft answer,
checked referencing.
25%
3) L Zhang 25/M/0Y Reviewed Part A answer. Prepared
alternative answer to Part C for group
meeting. Assisted with final review to
ensure group assignment was within
the word count.
25%
5
4) N Chand 25/M/0Y Reviewed Part B answer and
redrafted response to Part B for all
group members to discuss. Prepared
group report.
25%
2. Prepare a summary of meetings, showing when each meeting was held, who attended and what was
decided. Minutes should be kept for each meeting to enable your group to prepare the summary. If
meetings are being conducted by email circulation/instant messaging etc., the group should agree a time
(e.g. Thursday 8 p.m. – midnight) within which responses are considered as participation in the meeting
(See example 2).
Example 2: A summary of meetings
Time, date, and
meeting forum
Attendees Discussions and decisions Other comments
5 – 6 p.m.
XX/XX/XX
Zoom meeting
J Smith
A Ng
L Zhang
N Chand
Agreed to read documents and bring
ideas to next meeting; agreed on who
will record minutes of each group
meeting.
12 – 1 p.m.
XX/XX/XX
Group chat
J Smith
A Ng
L Zhang
Discussed approaches and develop
plan; JS and LZ to draft answer to Part
A. AN and NC to draft answer to Part B.
First drafts to be circulated by Thursday
for review/discussion at next meeting.
N Chand absent
(unexpected work
commitments).
Emailed ideas in
advance
5 – 6 p.m.
XX/XX/XX
Zoom meeting
J Smith
A Ng
L Zhang
N Chand
Comments on first draft; discussed all
suggested ideas for Part C and agreed
on ideas to develop. AN and NC to
prepare second draft to Part C and
circulate by Friday for review/discussion
next meeting.
3. The submitted work report must be signed by all group members (See example 3)
Example 3:
Student name SID Signature Date
J Smith XXXXXXXXX XX/XX/XX
A Ng XXXXXXXXX XX/XX/XX
L Zhang XXXXXXXXX XX/XX/XX
N Chand XXXXXXXXX XX/XX/XX
6
5. Formatting requirements
• The group assignment and the group work report are to be presented in 12 point font (either Times
New Roman or Arial) and paragraphs formatted with 1 or 1.5 line spacing and with margins not less
than 2.5cm.
• You are required to save and submit the group assignment and the group work report as Microsoft word
files, using the cohort_tutorial number_GXX filename format. For example, if your group is enrolled
in the CC cohort, tutorial number 01 and allocated group number 03 in this tutorial group, the filename
for the group assignment will be CC_T01_G03_assignment.doc, and for the group work report the
filename will be CC_T01_G03_workreport.doc.
• The cohort, tutorial number, group number and SID of all group members must be included on the first
page of the group assignment and the group work report.
• The cohort, tutorial number and group number must appear in the header section of every page for both
the group assignment and the group work report.
• Your group assignment should not exceed 1,500 words including all intext referencing, footnotes
and images and excluding the reference list and any appendices. The word count is based on the word
count information as presented in Turnitin based on the Microsoft word document submitted and this
will be checked. It is each group’s responsibility to ensure the submitted Microsoft word document
through Turnitin does not exceed 1,500 words in total. For guidance on words in excess of the word
limit, students are advised to refer to the Business School’s Policies at:
https://business.sydney.edu.au/students/policy
As a suggestion, you can use the following procedure to assist you to track the word count of the
Microsoft Word version of your assignment:
▪ Open your assignment Microsoft Word document.
▪ Use Ctrl+Shift+G to open the Word Count dialog box and insert a tick in the “Include textboxes,
footnotes and endnotes”. This function is also available under Review/Word Count.
• Your assignment must be appropriately and properly referenced using the American Psychological
Association referencing style (or APA as it is more commonly known). The University of Sydney library
provides helpful guidance on using APA style referencing. Please refer to the library resources for your
assignment module on Canvas. You can also refer https://libguides.library.usyd.edu.au/citation/apa7
6. Submission requirements
• The deadline for submission is 5pm (Sydney time) on Monday 2 May 2022. Please ensure you submit
well before the deadline in case there are problems.
• Both the group assignment and the group work report must be submitted in electronic form. No
submissions will be accepted via email.
• One group member is to submit the assignment on behalf of the group. Consider multiple reworkings
to tighten and to check your group’s assignment satisfies the 1,500 Turnitin word count. Turnitin in
Canvas does not automatically email a digital receipt. Once you have successfully submitted your
group’s assignment, take a screenshot of the submission details. We strongly recommend that you
save this screenshot as proof of your group’s submission. Should submission problems arise, you
should contact the University’s ICT Service Desk on 02 9351 2000 (option 2 for ICT) or email
ict.support@sydney.edu.au
7
• If you submit after the due date, a late penalty of 5% per day, or part thereof, including weekends, will
be applied. Furthermore, as noted in your unit of study outline, any group assignment submitted beyond
the closing date of 5pm (Sydney time) on 11 May 2022, will result in a mark of zero.
• Under the Canvas ‘Assignment” link in the left toolbar on the Homepage you will find the link to the
Turnitin submission portals under the Group assignment section. One portal is called “Group
assignment” and the other “Group work report.” Before you submit work to each of these folders,
please ensure that you have saved the group assignment and the group work report under the correct
filename format (i.e. filename format cohort_tutorial number_GXX_group assignment.doc for the
group assignment and filename format cohort_tutorial number_GXX_workreport.doc for the group
work report). Please ensure your group submits the correct document to the correct submission
portal.
• For each of the two files to be submitted, there is only one (1) submission allowed for the group. If
multiple group members submit, only the first group member’s submission will be marked. The other
submissions will be discarded. Turnitin will allow a second submission for the group before the due
date, provided it is submitted by the same person who originally submitted it. In that case, the last
version submitted will be marked.
7. Support
• You can post questions relating to the requirements of the group assignment on the Group assignment
Discussion Forum on Canvas. This would ensure all students have access to the same information. It
is assumed each student will read the queries and comments in the Group assignment Discussion
Forum (Note: Unit of Study teaching staff will not answer individual questions and no questions
will be answered during tutorials and student drop in sessions).
• You can obtain guidance on working in groups from the University website:
https://www.sydney.edu.au/students/group-work.html For technical support during your submission,
contact the University’s Service Desk on 02 9351 2000 (option 2 for ICT) or ict.support@sydney.edu.au.
8
Appendix 1 Assessment Criteria
Part A (14 marks in total)
Criteria Marks Scale
Practitioners Review
Draft Part A
submission
2 marks 0 to 0.5 mark
Below expectations
Reasonable attempt for 1 of the 3
Part A questions.
Or
Not attempted.
1.0 mark
Reasonable
Reasonable draft attempt for 2 of
the 3 Part A questions.
1.5 marks
Good
Reasonable draft attempt for Part A
questions.
2.0 marks
Very good
Comprehensive draft attempt for all
Part A questions.
Part A (a)
Final submission
2 marks 0 to 0.5 marks
Below expectations
Limited original description of one
(1) key financial reporting issue for
the recognition of Project InfoCare
costs in NewCare’s financial
statements
Or
Not attempted.
1.0 mark
Reasonable
Reasonable original description of
one (1) key financial reporting issue
for the recognition of Project
InfoCare costs in NewCare’s
financial statements.
1.5 marks
Good
Good original description of one (1)
key financial reporting issue for the
recognition of Project InfoCare costs
in NewCare’s financial statements.
.
2.0 marks
Very good
Very good original description of
one (1) key financial reporting issue
for the recognition of Project
InfoCare costs in NewCare’s
financial statements.
Part A (b) (i)
Final submission
Part A (b) (ii)
Final submission
2 marks
0 to 0.5 mark
Below expectations
Limited or poor explanation of key
financial reporting issue from the
perspective of the element’s
definitions in the AASB Conceptual
Framework 2019.
No or incorrect paragraph
reference(s) from the Conceptual
Framework included.
Or
Not attempted.
1.0 mark
Reasonable
Reasonable explanation of key
financial reporting issue from the
perspective of the element’s
definitions in the AASB Conceptual
Framework 2019.
Correct and relevant paragraph
reference(s) from the Conceptual
Framework are included.
1.5 marks
Good
Good explanation of key financial
reporting issue from the perspective
of the element’s definitions in the
AASB Conceptual Framework 2019.
Correct and relevant paragraph
reference(s) from the Conceptual
Framework are included.
2.0 marks
Very Good
Very good explanation of key
financial reporting issue from the
perspective of the element’s
definitions in the AASB Conceptual
Framework 2019.
Correct and relevant paragraph
reference(s) from the Conceptual
Framework are included.
2 marks
0 to 0.5 mark
Below expectations
Limited or poor explanation of key
financial reporting issue from the
perspective of NewCare’s
shareholders.
1.0 mark
Reasonable
Reasonable explanation of key
financial reporting issue from the
perspective of NewCare’s
shareholders.
1.5 marks
Good
Good explanation of key financial
reporting issue from the perspective
of NewCare’s shareholders.
2.0 marks
Very Good
Very good explanation of key
financial reporting issue from the
perspective of NewCare’s
shareholders.
9
Part A (c) (i)
Final submission
Or
Not attempted.
3 marks 0 to 1 mark
Below expectations
Limited or poor explanation of how
AASB 138 addresses the key
financial reporting issue.
No or incorrect AASB 138 references
included.
Or
Not attempted.
1.5 to 2.0 mark
Reasonable
Reasonable explanation of how
AASB 138 addresses the key
financial reporting issue.
Appropriate paragraph(s) from
AASB 138 included.
2.5 marks
Good
Good explanation of how AASB 138
addresses the key financial
reporting issue.
Appropriate paragraph(s) from
AASB 138 included.
3.0 marks
Very Good
Very good discussion of how AASB
138 addresses the key financial
reporting issue.
Appropriate paragraph(s) from
AASB 138 included.
Part A (c) (ii)
Final submission
3 marks 0 to 1 mark
Below expectations
Limited discussion of how NewCare
should apply AASB 138 to the
Project InfoCare costs recognised in
its financial statements.
Inappropriate or no attempt to
explain Project InfoCare transaction
example.
Or
Not attempted.
1.5 to 2.0 marks
Reasonable
Reasonable discussion of how
NewCare should apply AASB 138 to
the Project InfoCare costs
recognised in its financial
statements.
Anticipated Project InfoCare
transaction example is somewhat
explained.
2.5 marks
Good
Good discussion of how NewCare
should apply AASB 138 to the
Project InfoCare costs recognised in
its financial statements.
Anticipated Project InfoCare
transaction example is reasonably
explained.
3.0 marks
Very good
Very good discussion of how
NewCare should apply AASB 138 to
the Project InfoCare costs
recognised in its financial
statements.
Anticipated Project InfoCare
transaction example is well
explained.
Part B (6 marks in total)
Criteria Marks Scale
Part B (a)
3
marks
0 to 1 mark
Below expectations
Limited description of one (1)
transaction specific professional
judgment for the revenue stream.
Or
Not attempted.
1.5 to 2.0 marks
Reasonable
Reasonable description of one (1)
transaction specific professional
judgment for the revenue stream.
2.5 marks
Good
Good description of one (1)
transaction specific professional
judgment for the revenue stream.
3.0 marks
Very good
Very good description of one (1)
transaction specific professional
judgment for the revenue stream.
Part B (b)
3
marks
0 to 1 mark
Below expectations
1.5 to 2.0 mark
Reasonable
2.5 marks
Good
3.0 marks
Very good
10
Limited explanation of how the
AASB 15 requirement(s) will assist
with the transaction specific
professional judgment.
Or
Not attempted.
Reasonable explanation of how the
AASB 15 requirement(s) will assist
with the transaction specific
professional judgment.
Good explanation of how the AASB
15 requirement(s) will assist with
the transaction specific professional
judgment.
Very good explanation of how the
AASB 15 requirement(s) will assist
with the transaction specific
professional judgment.
Part C (20 marks in total)
Criteria Marks Scale
Part C
Valid discussion in a
persuasive essay that
demonstrates critical
thinking/reasoning and
is supported with
examples developed
from Part A and Part B
responses, evidence
and/or academic
reference(s)
2 marks 0 to 0.5 mark
Below expectations
Poor introduction.
Or
Not attempted.
1.0 mark
Meets expectations
Reasonable introduction.
1.5 marks
Above expectations
Good introduction.
2.0 marks
Very good
Very good introduction.
5 marks 0 to 2.0 marks
Below expectations
Poor attempt to develop an
argument that supports the
statement “In regard to guidance
for recognition of transactions in
entities financial statements,
principle-based accounting
standards are not always perfect”.
Or
Not attempted.
2.5 to 3.0 marks
Reasonable
Reasonable attempt to develop an
argument that supports the
statement “In regard to guidance
for recognition of transactions in
entities financial statements,
principle-based accounting
standards are not always perfect”.
3.5 to 4.0 marks
Good
Well-developed argument that
supports the statement “In regard
to guidance for recognition of
transactions in entities financial
statements, principle-based
accounting standards are not
always perfect”.
4.5 to 5.0 marks
Very good
Very well-developed argument that
supports the statement “In regard
to guidance for recognition of
transactions in entities financial
statements, principle-based
accounting standards are not
always perfect”.
5 marks 0 to 2.0 mark
Below expectations
Poor attempt to develop an
alternative argument point that
refutes the statement “In regard to
guidance for recognition of
transactions in entities financial
statements, principle-based
accounting standards are not
always perfect”.
2.5 to 3.0 marks
Reasonable
Reasonable attempt to develop an
alternative argument point that
refutes the statement “In regard to
guidance for recognition of
transactions in entities financial
statements, principle-based
accounting standards are not
always perfect”.
3.5 to 4.0 marks
Good
Well-developed alternative
argument point that refutes the
statement “In regard to guidance
for recognition of transactions in
entities financial statements,
principle-based accounting
standards are not always perfect”.
4.5 to 5.0 marks
Very good
Very well-developed alternative
argument point that refutes the
statement “In regard to guidance
for recognition of transactions in
entities financial statements,
principle-based accounting
standards are not always perfect”.
11
Or
Not attempted.
4 marks 0 to 1.5 marks
Below expectations
Limited critical thinking/reasoning is
evident.
Little attempt to link supporting
examples developed from Parts A
and Part B answers and/or other
sources.
Or
Not attempted.
2.0 to 2.5 marks
Reasonable
Some critical thinking/reasoning is
evident.
Some attempt to link supporting
examples developed from Parts A
and Part B answers and/or other
sources.
3.0 to 3.5 marks
Good
Reasonable critical
thinking/reasoning is evident.
Linked to supporting examples
developed from Parts A and Part B
answers and/or other sources.
4.0 marks
Very good
Good critical thinking/reasoning is
evident.
Well explained links to supporting
examples developed from Parts A
and Part B answers and/or other
sources.
2 marks 0 to 0.5 mark
Unsatisfactory
Poor conclusion and invalid
reason(s) provided.
Or
Not attempted.
1.0 mark
Reasonable
Reasonable conclusion and valid
reason(s) provided.
1.5 marks
Good
Good conclusion and valid reason(s)
provided.
2.0 marks
Very good
Very good conclusion and highly
valid reason(s) provided.
Communication
Communication, style,
clarity of expression
including spelling,
grammar, punctuation
and proper referencing
using APA style
2 marks
0 to 0.5 mark
Unsatisfactory
Poorly written and incoherent, few
developed responses.
Poor or no use of APA referencing.
1.0 mark
Reasonable
Reasonably well written with some
coherent and developed responses.
Some correct application of APA
style and/or evidence of missing in-
text referencing and/or evidence of
indiscriminate or inappropriate use
of references.
1.5 marks
Good
Well written with coherent and
developed responses.
Mostly correct use of APA style and
reasonable application of both in-
text references and reference list.
2.0 marks
Very good
Very well written with coherent and
developed responses.
Mostly correct use of APA style and
reasonable application of both in-
text references and reference list.
