7154AFE Financial Reporting Assignment Trimester 1, 2021 DUE DATE: Friday 28 May 2021 DUE TIME: 11.30PM WEIGHTING: 40% (40 marks) REQUIREMENTS: Students are required to complete the project individually.The assignment is marked according to the attached rubric criteria: Written Communication Students are required to: Writea report based on selected financial reporting issues in the context of Woolworths Group Limited. This assignment uses the financial statements for Woolworths Group Limited for the financial year ended 2020.Use relevant references to the 7154AFE Study Modules, the Conceptual Framework, International Accounting Standards (IASs) and Australian Accounting Standards (AASBs), International Financial Reporting Standards (IFRS), peer-reviewed journal articlesor other textbooks.Provide a reference list.In text referencing. For items referred to in the annual report you must include the page number and Note number in the annual report that your discussion pertains to. Submission: The assignmentmustbe submitted via the SafeAssigndraft and final submission points in Learning@Griffith/Assessment folder. A Griffith University assignment coversheet MUST be submitted indicating that you acknowledge all of the statements in the Academic Integrity Declaration. Your submission of this coversheet will be taken as the equivalent of your signature on a hard copy version of the document. Where this is not submitted the assignment will not be marked and a grade of zero awarded. WORD LENGTH:1500 2000 words BACKGROUND Stakeholders are entitled to information about the financial performance and state of affairs of the listed company that they are interested in. The company annual report is a primary source of that information and is one means by which directors of the company advise stakeholders of how the business has performed during the period. It is however only useful to those who can understand and interpret what is reported. A knowledge of IFRS is one means of interpreting the financial statements contained within the annual report. REQUIRED Write a report addressed to the stakeholders of Woolworths Group Limitedon the overall performance of Woolworths Group Limited.You are required to address each of the following in your report:Provide a summary of the environment in which Woolworths Group Limited. operated during the period covered bythe financial statements and the proposed future direction of the company. (5 marks) Consider the Consolidated Income Statement (and Consolidated Statement of Comprehensive Income), Consolidated Statement of Financial Position and the Consolidation Cash Flow Statement financial statements for the 2020 annual report. Discuss two specific items in each of the three financial statementswhich you consider are important in assessing the performance and position of the company with particular reference to the areas covered in modules 1-7 of the 7154AFE Financial Reporting course. Why are these items important for the company? (20 marks) Provide a report to shareholders on the accounting policies of your company that are used for THREEitems of the seven topics that you have covered in 7154AFE. (15marks) End of Assignment RUBRIC Tri 1 2021 1.3 Written CommunicationDemonstrate an expert level of professional written communication skills in a (discipline context).MarksCriteriaExcellentVery GoodGoodSatisfactoryUnsatisfactory/5Summary of environment
Excellent summary of the operating environment of company and future direction.Good summary of the operating environment of company and future direction.Fair summary, of the operating environment of company and future direction.Poor summary of the operating environment of company and future direction; addresses limited points, and lacks detail.Very poor or non-existent summary of operating environment of company and future direction./20Content Knowledge discussion of five items from financial statementsDemonstrates a balanced and very high level of detailed knowledge of core concepts by providing a very high level of analysis. Student provides significant insight into the area of interest.Demonstrates a balanced and high level of knowledge of core concepts by providing a high level of analysis. Student provides good insight into the area of interest.Demonstrates a good level of knowledge of some of the core concepts by providing some level of analysis. Student provides some insight into the area of interest.Demonstrates limited knowledge of core concepts by providing a limited level of analysis. Student provides few insights into the area of interest.Demonstrates little, if any, knowledge of the core concepts with extremely limited, if any, analysis. Student provides misinformed/ misguided insight into the area of interest./5Organisation or structure discussion of five accounting policiesThe ideas are arranged in an extremely logical, structured and coherent manner.The ideas are arranged in a fairly logical, structured and coherent manner.The ideas are arranged in a logical, some-what structured and coherent manner.The ideas appear less logical, structured and presents in fairly incoherent manner.There is little, if any, coherent structure to the document. The document appears very confusing./10Written communicationQuality of writing at a very high standard (i.e., use of a clear and well thought-out introduction providing clear guidance to the document including linked and cohesive paragraphs and a clear and concise concluding summary of the area of interest). Correct grammar, spelling and punctuation.Quality of writing is of a high standard (i.e., a mostly well thought-out introduction although some minor inconsistencies from the actual document, providing mostly clear guidance through linked and cohesive paragraphs and a mostly clear and concise concluding summary of the area of interest). Few grammar, spelling and punctuation mistakes.Quality of writing is of a good standard (i.e., an introduction is provided however some areas omitted which are included in the document, providing guidance to the document however some minor inconsistencies in relation to linked paragraphs, a mostly clear and concise concluding summary of the area of interest). Few grammar, spelling and punctuation mistakes.Some problems with sentence structure and presentation (i.e., an introduction is included however brief and at times irrelevant to the subject matter, frequent inconsistencies from one paragraph to the next, a summary provide although lacks detail and/or reflects information irrelevant to the actual document) . Frequent grammar, punctuation and spelling mistakes. Use of inappropriate language.Quality of writing is at a very poor standard so barely understandable (i.e., limited or no introduction included, paragraphs not linked or are poorly structured). Many spelling mistakes. Little or no evidence of proof reading.OVERALL COMMENTSTOTAL = /40