Corporate Accounting Level 2 Sep 2016-Jan 2017 MAJAN UNIVERSITY COLLEGE FACULTY OF BUSINESS MANAGEMENT STUDENT ASSIGNMENT COVER SHEET Module Name and Level Corporate Accounting (Level 2) Module Code AC 09-2 Assessment No. One Assessment Type & weighting: Individual Assignment.(50 % ) STUDENT MCUC NUMBER: Please note that a grade will only be given to those whose student number is noted on this form. Please ensure that the student numbers from all group members are recorded accurately. Submission Date: 17-11-2016 MODULE TUTOR: Umar Farooq Awan DECLARATION  The work contained in this assignment is my own and that all materials and sources used have been acknowledged.  I/We have not copied or colluded in part or in whole, or otherwise plagiarised the work of other students.  This assignment has not been submitted for previous assessment in any other subject or to a substantial extent has been accepted for the award of any other unit, module, degree or diploma of a university or any other institute, except where due acknowledgement is made in the text.  I/We confirm that I/we have read, understood and followed the guidelines for assignment submission and presentation provided by the lecturer.  I/We understand that this assignment may be retained on the database and used to make comparisons with other assignments in future.  I/We have made a copy of my assignment  This work may be photocopied and/or communicated for the purpose of identifying plagiarism.  I/We give permission for a copy of this marked assignment to be retained by the faculty of Business Management for the purpose of course reviews by external examiners and to be used as a resource by Majan College.  I/We understand that unauthorized late submission without a valid written extension will be marked as per the college policy mentioned in the students handbook page 18 section 18.5. Majan University College Page 1 Corporate Accounting Level 2 Sep 2016-Jan 2017 Corporate Accounting (Code: AC 09-2) Individual Assignment. 50 % weighting Assessment one (Report) “IAS 37 Provisions, Contingent Liabilities and Contingent Assets outlines the accounting for provisions (liabilities of uncertain timing or amount), together with contingent assets (possible assets) and contingent liabilities (possible obligations and present obligations that are not probable or not reliably measurable). Provisions are measured at the best estimate (including risks and uncertainties) of the expenditure required to settle the present obligation, and reflects the present value of expenditures required to settle the obligation where the time value of money is material. IAS 37 was issued in September 1998 and is operative for periods beginning on or after 1 July 1999”. Required: Write a report of 2500 Words (+/- 10%) covering following: a) Introduction, objective and recognition criteria of IAS 37 Provisions, Contingent assets and contingent liabilities. b) Study the financial statements of different companies and select Ten (10) companies which have either created provision or had to deal with contingent asset/liability. then explain each company in one paragraph Table Requirements: 1) name of company 2) the year 3) Provision or Continuing liability " The pic number 33 explain if Provision what we should write and if Continuing liability what we should write" 4) Then came Amount should write how much the amount that take company if it was Provision or Continuing liability. 5) The purpose of the allocation of the amount that was in point "4". c) A Discussion on the nature of such provisions/contingencies and reasoning behind their creation. Analyse the impact of provisions on the financial performance and position of these companies. d) Major issues in current standard on provisions and how is IASB trying to address these issues? Majan University College Page 2 Corporate Accounting Sr No 1 Level 2 Area / Topic Grasp of concepts Understanding of relevant concepts.  Objective of IAS37 Provisions, Contingent assets and Sep 2016-Jan 2017 % age. 30 % contingent liabilities  Nature and reasons behind creating Provisions and Contingent liabilities / Contingent Assets. The paper will be grade d taking into accou nt the follow ing points. Majan University College Page 3 Corporate Accounting  2 3 4 5 6 Level 2 Sep 2016-Jan 2017 Disclosure requirements. Argument/Analysis : Development of Argument / Analysis , Detailed discussion on the tasks involved, Critical awareness / interpretation  Amount of Provision and Contingent liabilities in selected companies.  Effect of Provisions and Contingent liabilities on financial reports.  Issues or limitations of IAS 37 and how IFRS deals with those issues. Conclusion Structure Logical flow, Cohesion, Completion and focus of task/s Language Information, Research & Referencing: 40% 5% 10% 5% 10 % Variety of sources used, relevance of sources used INSTRUCTIONS Your work will be graded on the following aspects: 1. This is an individual Assignment. Majan University College Page 4 Corporate Accounting Level 2 Sep 2016-Jan 2017 2. The assignment MUST be submitted on-line (through MOVE) on or before the due date (i.e.17th November 2016 ) 3. Your assignment shall reflect the depth and breadth of your original analyses in a clear and coherent manner. 4. Use of the relevant academic literature to support ideas and issues discussed. The range of academic sources such as texts and journals to support your arguments and comments. 5. Any reference to authors and other writers shall be quoted with due acknowledgement in your assignment report using the Harvard Referencing System. For details of Harvard referencing style refer the student’s hand book page 40-42 section 7.2. 6. This is an individual assignment and carries a 50 % weighting of the module grade. 7. This assignment follows areport format and must be original and creative. An analytical piece of work is required. The use of ‘cut and paste’ approach will be penalized. It must be presented in a structured manner, with appropriate cover page, content page, introduction, body (with appropriate heading / sub-headings), conclusion, references, page numbered and any required appendices. 8. Your report should be word processed and professionally presented. The length of your report should be of 2500 words (+/- 10%), presented in text of font size 12 with 1.5 line spacing. Please state the exact word count at the end of the assignment. 9. The cover page should be attached with the assignment and uploaded through MOVE (on-line. Name of the student, The Programme, Module Title, Assignment Title and number of words must be reflected on the cover sheet. 10. All assignments must be adhered strictly to the deadlines specified by Majan College. Failure to hand in the assignment for any reason and without prior approval and a valid written extension from the module tutor will not be marked and will be awarded a grade G (0) irrespective of the quality of the work. See students handbook page 18-19 section 4.7 11. Unacknowledged use of work of others (plagiarism) is regarded as a dishonest practice and will be will be penalized. See the penalties in the student’s handbook page 30-31 section 5.6 . Additional Guidelines  The Assignment Submission link on MOVE will be open, a week ahead of the submission date. Majan University College Page 5 Corporate Accounting         Level 2 Sep 2016-Jan 2017 You can submit your assignment multiple times, till the submission deadline. Note that Turnitin could take up-to 24 hours to produce similarity reports for submissions. The last submission, within the deadline, will be considered as your final submission. Assignments should be submitted by 6pm on the day of the deadline. There is a grace period until midnight to allow for any technical difficulties, but any assignments submitted after this will be counted as late. Technical problems will not be accepted as an excuse for submitting after the day of the deadline. The similarity percentage of your final submission will be one of the factors considered, for assessing the originality of your assignment. However, the decision to report an assignment for plagiarism is taken by the Lecturers, who mark your assignment. The Lecturers will consider a number of factors such as Assignment type, Part of the assignment where similarity occurs, Nature of similarity etc., along with the similarity percentage of your assignment, to assess the originality of your assignment. Therefore, similarity percentage would not be accepted as a basis for disputing academic judgments regarding plagiarism. Note that the similarity percentage of your submission can change till the submission deadline, if the submissions of other students have similarity to your assignment. Therefore, the similarity percentages are not final, till the assignment submission is closed. You are required to tick to confirm the statement: “I confirm that this assignment is my own and all sources have been acknowledged. I understand that the use of other people’s work or ideas without acknowledgement is plagiarism and could result in failing the assignment”. You will not be able to submit the assignment without ticking this box. In a case of group work, it is recommended that the group should identify a leader who can be responsible for uploading the assignment on Turnitin and to share the feedback received from lecturers with the group members. GRADING SYSTEM Although grades may be awarded on the basis of marks in some assessments, students should note that both marks and grades will be awarded on the basis of the assessment criteria for each grade. GRAD E GRADE POINT GENERAL ASSESSMENT CRITERIA DESCRIPTION Majan University College Page 6 Corporate Accounting Level 2     Sep 2016-Jan 2017 D- 5 E 4 F 2 F- 1  An outstanding piece of work. Shows evidence of wider reading and originality Strongly analytical. All important points are covered. Arguments should be supported by examples and evidence, objectively presented and evaluated, Well structured and well written, without noticeable grammatical or other errors. Correctly referenced Very good work. All main points will have been covered, though minor issues may have been omitted. The work will be analytical, balanced and soundly based. Examples and supporting evidence should have been included. The writing should be essentially correct, without major grammatical or other errors. Generally referenced correctly. Generally good work. Most points will have been covered, but many finer points will generally have been missed. Shows limited reading. Arguments/analysis should be basically well structured and balanced with relevant examples, but with errors and gaps. The writing is clear, but has errors that nevertheless do not obscure the meaning. Referencing will be present but may at times be inaccurate or insufficient. Satisfactory. Shows sufficient grasp of the subject to be acceptable. Tends to be descriptive. Examples and evidence is likely to be weak and limited. Shows limited reading. Referencing is likely to be absent or very poorly carried out. Unsatisfactory/ Compensatable fail. Serious errors and omissions. Very little analysis Work of a very poor standard with little relevant information and/or serious errors. Work containing little of merit G 0  No work submitted A+ 16 A 15 Excellent 14  B+ 13    B 12 A- Very Good B- 11 C+ 10 C 9         Good C- 8   D+ 7 D 6 Pass Refer           Fail Old grading System (before Feb 2015) GRADE A+ A GRADING SLAB GRADE POINT 16 15 Majan University College Range of Marks in % 86 to 100 76 to 85.9 Page 7 Corporate Accounting AB+ B BC+ C CD+ D DE F FG Majan University College Level 2 14 13 12 11 10 9 8 7 6 5 4 2 1 0 Sep 2016-Jan 2017 70 to 75.9 67 to 69.9 63 to 66.9 60 to 62.9 57 to 59.9 53 to 56.9 50 to 52.9 47 to 49.9 43 to 46.9 40 to 42.9 35 TO 39.9 20 TO 34.9 0 TO 19.9 NA Page 8