Assignment
Weighting: 25%
Objective: Critically evaluate and apply the requirements of the following:
AASB 101 Presentation of Financial Statements .
AASB 107 Statement of Cash Flows .
AASB 116 Property, Plant and Equipment .
AASB 138 Intangible Assets.
AASB 136 Impairment of Assets .
AASB 112 Income Taxes.
AASB 110 Events after the Reporting Period.
AASB 137 Provisions, Contingent Liabilities and Contingent Assets
Access the 2008 and 2009 annual report of the following company listed on the Australian Stock
Exchange:
• Early Learning Services Limited (ELY)
Prepare a report incorporating the following points (2000–2500 words). Your report should outline each
of the main points below. Please do not copy paragraphs from the standards. Instead you may quote the
standard and the specific paragraph number in your report.
• AASB 101 Presentation of Financial Statements. AASB 101 was revised for reporting periods
commencing 1 January 2009 with some significant changes. Explain some of the major changes
and how the Early Learning Services Limited 2009 report compares with the company’s 2008
report presentation. (2 marks)

• AASB 107 Statement of Cash flows. Review the statement of cash flows for 2009. How does
the cash received from operating activities relate to the operating profit of this company? You
may wish to review the previous years’ reports to see whether the company is reporting similar
earnings to operating cash flows. Explain any differences between earnings and cashflows? Briefly
discuss the cashflows from investing activities and financing activities. What can this tell you
about this company? (3 marks)

• AASB 116 Property, Plant and Equipment. Discuss the components of Property, Plant and
Equipment for 2009. Hint – you should not simply quote the balances, but analyse factors such as
methods of depreciation chosen, useful life, impairment and other choices made by management in
measurement and revaluation, if any. How does the disclosure of Fixed Assets/Property Plant and
Equipment compare with the requirements of the relevant accounting standards? (2 marks)

• AASB 138 Intangible Assets. Identify the intangible assets, in particular those intangible assets
that are material to total asset value. Does the disclosure of intangibles and valuations comply with
the requirements of the relevant accounting standards? Why or why not? (3 marks)

• AASB 136 Impairment of Assets. Were any impairment expenses recorded against property,
plant and equipment or intangible assets in either 2008 or 2009? Provide possible explanations for
impairment losses. (3 marks)

• AASB 137 Provisions, Contingent Liabilities and Contingent Assets. What type of contingent
liabilities or provisions exist in the financial report for 2009? Has this changed since reporting#p#分頁標題#e#
date? (Hint: You may need to refer to the financial press and the company’s media section of their
website to see if any further news has been disclosed.) (2 marks)

• AASB 112 Income Taxes. Comment on the provision for income tax figure, deferred tax assets/
liabilities for 2009. (2 marks)

• AASB 110 Events after the Reporting Period. Are there any after balance date events disclosed
in the 2009 annual report? Discuss. (Hint: You may also need to refer to the financial press and the
company’s media section of their website to see if any further news has been disclosed.) (2 marks)

• Overall evaluation and objectives of General Purpose Financial Reporting. Do you feel
that the company has achieved the objective of providing information that is useful for decision
making? Has the company satisfied the provisions of the relevant accounting standards? Or are
there areas where there may have been a breach or insufficient information supplied? Explain with
specific examples. (3 marks)

• Executive Summary and table of contents. (1 mark)

• Referencing, spelling and grammar. (2 marks)
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