Higher Colleges of Technology

Assessment 3: Group Project_30% and Presentation 5%

Fall 2019/2020

Names
Student ID
Topic/Project:
Date:
Assessor:
Overall Grade:

Assessment 3: Group Project_30% and Presentation 5% Due Date: Week 13 Weight:

35%

Description of Assessment 3

Students in groups will study the accounting treatment for selected issues on financial reporting
and make necessary recommendations to improve financial reporting
(Outcomes: 1,2,3& 4)

CLO 1: Explain the relevance of IFRS in the current financial reporting environment
CLO 2: Apply IFRS principles to selected items of the balance sheet
CLO 3: Analyze selected issues on financial reporting of listed companies
CLO 4: Recommend an accounting treatment for selected issues on financial reporting

Requirment 1 Requirment 2 Total Weight Presentation Weight Total

Marks allocated 70 30 100 30% 15 5% 35%

Marks earned

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Requirement 1) Students form groups of three at maximum. They should select three companies
from one industry sector (list of industry sectors and companies are attached in the guide)

For each company selected, the comparative financial statements for the 2017/2018 is to be
examined for this project purposes.

Each group to submit a report includes answers for the following questions:

Answer the following questions based on the selected companies:

1. When the company has adopted the application of IFRS

2. What is IFRS standard the company use to present its financial statements?
3. Select three standards that are applied by the company, your selection should be from the
following standards and depends on what standard is used by the selected companies.
Leases IFRS 16
Accounting Policies _IAS 8
Non-Current Assets Held For Sale_IFRS5
Revenue from contracts with customers_IFRS 15
Share Based Payment_ IFRS 2
Earnings Per Share_IAS 33
Financial Instruments Presentation_IAS 32
Compare the three annual reports of the selected companies for the following points

A. List your selected standards in the selected companies.

B. What is the revenue amount for each company?
C. Where is the numbers related to the selected standards are presented? (Balance sheet,
income statement, or equity statement)
D. What are the disclosures points that have been listed in the companies’ notes?
E. What are major shortcomings in the disclosure notes for your selected companies
(indicate if there are any missing disclosure requirement based on the IFRS requirements
for the selected standard)?
F. Based on your answers above what is your recommendation regarding the level of details
in the two different countries?

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Rubric
Q# Marks
1 Student should find the year of IFRS adoption for each 4 Marks, each company 1
company and justify why the company is enforced at mark, justification will be
that date to adopt IFRS. same for all so 1 mark
2 From the notes, students should report the IFRS 3 Marks, each company 1
standard the company use to present its financial mark
statements
3-A List of selected standards in the selected companies. 3 Marks, each company 1
Selected standards should have details in the notes mark

3-B Revenue amount for each company to be presented 3 Marks, each company 1
mark
3-C Student should identify the statement that each selected 3 Marks, each company 1
standard is presented in? (Balance sheet, income mark
statement, or equity statement). Three standards, three
companies
3-D The disclosures points that have been listed in the 18 Marks, each company 6
companies’ notes for each standard, student should mark
select disclosures that are specifically related to the
company and explained by numbers, any general listing
of disclosure should not be highlighted.
3-E Students should list major shortcomings in the 18 Marks, each company 6
disclosure notes for their selected companies (at least mark
two shortcomings for each standard should be listed).
3-F Students should list at least two recommendations 18 Marks, each company 6
regarding the level of details in the three different mark
companies, based on the listed shortcomings above.
TOTAL 70

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Requirement 2) each group will select three articles belonging to one group of the following. The
group that would be selected should match one standard of those selected in requirement 1
above

Read the articles together and prepare a summary of 500 words, insure that your summary
includes the paper’s objectives, methodology, findings and implications. The summary should
not be copy paste of the article’s abstract.

Then prepare a table similar to the following, compare the three articles from the following
points:

Article title Objectives Sample Methodology Variables Findings

Group 1 Revenue from contracts with customers_IFRS 15

Davern, M., Gyles, N., Potter, B., & Yang, V. (2019). Implementing AASB 15 revenue from
contracts with customers: the preparer perspective. Accounting Research Journal, (just-
accepted), 00-00.

Rutledge, R. W., Karim, K. E., & Kim, T. (2016). The FASB's and IASB's New Revenue Recognition
Standard: What Will Be the Effects on Earnings Quality, Deferred Taxes, Management
Compensation, and on Industry‐Specific Reporting?. Journal of Corporate Accounting & Finance,
27(6), 43-48.

Trabelsi, N. S. (2018). IFRS 15 early adoption and accounting information: Case of real estate
companies in dubai. Academy of Accounting and Financial Studies Journal, 22(1), 1-12.

Group 2 Share Based Payment_ IFRS 2

Alhaj-Ismail, A., Adwan, S., & Stittle, J. (2019). Share-option based compensation expense,
shareholder returns and financial crisis. Journal of Contemporary Accounting &
Economics, 15(1), 20-35.

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Steenkamp, G., & Wesson, N. (2018). Changes in South African executive share-based
remuneration. Journal of Economic and Financial Sciences, 11(1), 1-12.

Subramaniam, C., & Tsay, J. (2012). Mandated Recognition of Employee Stock Option Expense–
The Case of C anada. Journal of International Financial Management & Accounting, 23(1), 62-
91.

Group 3 Earnings Per Share_IAS 33

Afrin, K. H., & Islam, M. S. (2019). Earnings per Share: Do We Get Relevant
Information?. Chinese Business Review, 18(2), 68-75.

Kiss, A., & Dékán, I. O. M. T. (2015). THE‟ EPS‟ OF THE IFRS AS A BENCHMARK OF CORPORATE
PERFORMANCE. THE ANNALS OF THE UNIVERSITY OF ORADEA, 944.

Robbetze, N., de Villiers, R., & Harmse, L. (2017). The effect of earnings per share categories on
share price behavior: Some south african evidence. Journal of Applied Business Research, 33(1),
141-152.

Rubric:

Each group of articles worth 10 marks, 2 marks for each title as below

Article # Objectives Sample Methodology Variables Findings Marks Marks

Allocated Obtained
1 2 Marks 2 Marks 2 Marks 2 Marks 2 Marks 10 Marks
2 2 Marks 2 Marks 2 Marks 2 Marks 2 Marks 10 Marks
3 2 Marks 2 Marks 2 Marks 2 Marks 2 Marks 10 Marks
TOATAL 30

Report format:
Format: Times new roman, 12 points, 1.5 line spacing
Margins: Normal margins
Submission Mode: Hard Copy

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PRESENTATION MARKING GUIDE/RUBRIC (5%)

Student name
Student ID

Time: 10-12 minutes (including questions and answers), power point presentation, and the
group to present together, each student talk about one part.

Score
Criteria

1 Content
Student adequately summarizes all key items included in their projects: /6
• Companies information
• Annual reports are presented
• List of standards selected
• Comparison between required and given disclosures
• Recommendation
• Summary of each article
2 Delivery
• Body language and confidence /3
• Speed of delivery, volume etc.
• General understanding about the project.

3 Visual effects
Presentation visuals are: /2
• Appealing and relevant
• Incorporated smoothly into the presentation
4 Language
• Appropriate use of language /4
• Fluent and clear speech
• Student can understand questions and answer correctly
TOTAL
/15
Weight
5%

Date--------------------------- Faculty name -------------------------------------

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