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    Commonwealth Bank

    Objective: This task requires you to prepare a report to evaluate information provided in the
    annual report of a chosen company listed on the Australian Stock Exchange (ASX). Your
    comments or evaluation should comply with the requirements of relevant Australian
    accounting standards (AASBs). The report should address the points outlined below:
    1) Events after the Reporting Period: You should use the requirements of AASB 110 Events
    after the Reporting Period as the guidelines for your comments.
    • According to your knowledge, provide the types of ‘events after the reporting period’.
    Provide at least one example for each type of events after the reporting period (2
    marks)
    • How will events after the reporting period be reported in the annual report? (1 mark)
    • Provide at least one example of each type of after reporting period events disclosed
    in the annual report of the chosen company (2 marks)
    • Discuss whether the disclosures are sufficient for investors (1 mark)
    2) Provisions, Contingent Liabilities and Contingent Assets: you should refer to the
    requirements of AASB 137 Provisions, Contingent Liabilities and Contingent Assets as the
    guidelines for your discussions and comments.
    • Discuss the recognition and measurement of provisions and contingent liabilities or
    continent assets. (2 marks)
    • What are the differences between contingent liability and provision? (1 mark)
    • Provide at least one example of contingent liability and provision reported in the
    annual report of the chosen company and discuss (2 marks)
    • Have contingent liabilities and provisions changed during the reported financial year?
    (1 mark)
    • Are there any contingent liabilities and contingent assets that are not presented in the
    annual report of the chosen company? Discuss whether information presented in the
    annual report regarding provisions, contingent liabilities and contingent assets are
    sufficient to investors (1 mark)
    3) Related Party Disclosures: you should use AASB 2 Share-based Payment [for for-profit
    entities] and AASB 124 Related Party Disclosures [for for-profit entities] as the guidelines
    as your discussions.
    • Discuss what is related party (1 mark)
    • State what is related party transaction and give at least one example of related party
    transaction reported in the chosen company (1 marks)
    • Do you think that related party disclosures are important to investors? Discuss. (1
    mark)
    • Briefly outline the components of CEO and key personnel remuneration in the
    chosen company (1 mark)
    • Evaluate whether the amount of CEO and key personnel remuneration is associated
    with the performance of the chosen company (1 mark)
    4) 2 marks will be awarded to effective communication and referencing.
    The report that you prepare should include an executive summary, a body of contents
    covering points listed above, and a reference list. The word limit of this report is 2000 words
    (excluding executive summary, references and appendix). The references should be done
    using Harvard Style or ARA style. The reference list should provide all materials supporting
    the report. Sections extracted from the annual report or AASB to support your report should
    be included in the appendix. Remember to attach a link/copy of the financial report/statement
    with your assignment. Also, provide specific page numbers of the annual report and
    paragraph numbers of AASBs as in-text reference in your assignment. If you choose to
    ignore this instruction, then you will lose marks.
    Each student should choose a company that is listed on the Australian Stock Exchange (ASX)
    and find an annual report for the 2013/2014 financial year. Remember to pick a complete
    annual report, not a concise financial report or a half-year financial report.
    To ensure your choice of a company does not duplicate one already chosen by other student,
    they will be allocated on a first come, first served basis. You may reserve a company by
    adding a post on ‘Discussion Board’ under ‘Reserve a company here’. Write the name of the
    chosen company in the description line of your post. If you add the company name in the
    message and NOT in the description line, then the reservation is void because it will not be
    readily visible to others.
    Unless otherwise indicated, all assignments are to be submitted online via the link for Turnitin
    assignment submission provided on the BB site. You must use the electronic Assignment Cover
    Sheet provided, fill in details and then make this sheet the first page of your assignment. Do not
    send it as a separate document. The file name should include (in order) your surname, your
    student number and the name of the company you chose for your assignment. For example:
    ‘Parker1235456xyz'. Your assignments must be submitted as Word documents. If you wish to
    submit in any other file format please discuss this with your lecturer before the assignment
    submission date.
    ACC00145 2014 s3 Report

Answer Detail

  1. Executive Summary A financial report of an organization includes various important points over a pe
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