Category: Accounting

Accounting Reporting Entity and Society Word limit: 2,000 words maximum (excluding references and the executive summary). In-text

citations, the introduction, body and conclusion of the report are included in the

word count.

Accounting Reporting Entity and Society Description/Requirements

Background:

The IASB issued a revised Conceptual Framework for Financial Reporting (RCF) in March 2018. There is an inconsistency between the definition of ‘reporting entity’ in the RCF and the Australian ‘reporting entity concept’ in SAC1 Definition of a Reporting Entity.

To maintain IFRS adoption in Australia, the AASB must adopt the RCF and withdraw SAC1. As the reporting entity decision affects the choice of financial statements a company can prepare and lodge with ASIC, the new RCF could specifically impact public companies that are not listed on the Australian Securities Exchange and large proprietary companies.

Accounting Reporting Entity and Society Required

Assume you are a business consultant, reporting to the board of directors of KiMy Ltd, a large

Australian public company which is not listed on the Australian Securities Exchange. KiMY is a family owned company with ten major shareholders, five of which are board member. KiMy provides software services to the Victorian government. Over a number of years, it received over $10,000,000

to develop and operate the Victorian public transport ticketing system. On a continuing basis, KiMy receives significant business from the Victorian Government to maintain and update the ticketing system. KiMy also has a number of other large customers. There were problems and delays with the development and implementation of the ticketing system which attracted much media attention.

Most Victorians have an opinion and interest in the ticketing system. KiMy is required to lodge annual reports with ASIC and currently prepares Special Purpose Financial Statements (SPFS), having decided it is not a reporting entity which is required to lodge General Purpose Financial Statements (GPFS).

You have been contracted to provide a report to KiMy’s Board of Directors which:

1. Explains the difference between the SAC1 reporting entity definition and the RCF definition. (suggested 150 words)

2. Explains the distinction in the current requirements for GPFS Tier 1 and GPFS Tier 2 under the current reporting framework. (Suggested 100 words)
3. Explains the differences between the GPFS Reduced Disclosure Regime (RDR) and the proposed GPFS – Specified Disclosure Requirements (SDR) and the potential impact of each of these differences on shareholders’ ability to make investment decisions about the company.(suggested 150 words)

4. Explains whether KiMy will be required to prepare GPFS Tier 1 under RCF. (suggested 150 words)\

5. Evaluates, taking an agency theory lens, whether GPFS Tier 1 would provide better quality information for decision making for KiMy’s shareholders than GPFS Tier 2 (SDR). (suggested 500 words) continued over the page

6. Evaluates, taking a stakeholder theory lens, whether GPFS Tier 1 would provide better quality information for decision making for the Victorian Government than the current SPFS that is issues. (suggested 400 words)

7. Identifies the challenges that KiMy will face when it is required to prepare GFRS Tier 1 following the AASB’s adoption of the RCF, and provides suggestions on how the company could meet the challenges. (suggested 350 words)

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Payroll Calculation Program Project A local small business has hired you to write a payroll calculation program. The program only needs to calculate gross pay for an employee and display the results.

Your program will accept the employee’s name, hours worked, and the employee’s pay rate. The program will need to calculate overtime as well.

Payroll Calculation Program Project

Overtime is defined as anything over 40 hours is paid at 1.5 times the regular pay. The program should print the employee’s name, the gross pay amount, and only if there was overtime, print the overtime pay amount as well. Finally, the program should repeat as necessary until the user enters a sentinel value.

Payroll Calculation Program Project For this Project

You will submit your python code in either the original .py file, or copied into a .txt file.

A screenshot of your code having been executed (run). How to Take a Screenshot

Tips: Remember to keep track of input data types when comparing values. input() formats the user’s data as a string, so comparing string data to a number without quotes would produce an error.

Payroll Calculation Program Project

Do not worry about security, it is irrelevant here. Just focus on the functionality discussed above.

Remember to follow the guidelines of good program design. Make sure to use meaningful variable names, include comments as needed, and provide thoughtful output.

Payroll Calculation Program Project Example output:

C:\>python week2.py

ABC Inc., Gross Pay Calculator!

Enter employee’s name or 0 to quit: Nathan

Enter hours worked: 35

Enter employee’s pay rate: 10.00

Employee Name: Nathan

Gross Pay: 350.0

Enter next employee’s name or 0 to quit: Toby

Enter hours worked: 45

Enter employee’s pay rate: 10

Employee Name: Toby

Gross Pay: 475.0

(overtime pay: 75.0 )

Enter next employee’s name or 0 to quit: 0

Exiting program…

Grading Criteria Assignments            Maximum Points

Payroll Calculation Program Project Instructions

Program accomplishes requested operations per instructions.            40

Demonstrates proper use of the decision structure and program loops until user chooses to quit.    40

Meaning of the output is clear to the user (i.e. instructions for input and labels for output data are provided), and prints the gross pay, and only print the overtime is there is overtime.            20 Your payroll expenses have implications for your small business beyond deducting them from your taxable income.

Payroll Calculation Program Project

You need to know how to allocate payroll to find out how much labor on project costs, how much each department is spending on payroll and how much you are paying in payroll taxes. If you have a specific project you have completed, you need to know how much the labor on that job cost you. Examine all the employees that worked on that project and allocate their wages, plus payroll taxes, to that job. You can do this by entering all of the employee names under a “class” in your accounting software.

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