Read the scenario carefully and answer the requirements given below.TaskIAS 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.The objective of IAS 37 is to ensure that appropriate recognition criteria and measurement bases are applied to provisions, contingent liabilities and contingent assets and that sufficient information is disclosed in the notes to the financial statements to enable users to understand their nature, timing and amount. The key principle established by the Standard is that a provision should be recognised only when there is a liability i.e. a present obligation resulting from past events. The Standard thus aims to ensure that only genuine obligations are dealt with in the financial statements – planned future expenditure, even where authorised by the board of directors or equivalent governing body, is excluded from recognition.In light of above discussion, you are required to analyse the IAS 37 with respect to its procedure and applicability in Provisions, Contingent Liabilities and Contingent Assets including examples. The activity will be tested in accordance with the following criteria.2000 words plagiarism freecheck the file below for all the requirementsFACULTY OF BUSINESS AND MANAGEMENT STUDIES
UNDERGRADUATE BUSINESS PROGRAMME
ACADEMIC YEAR 2020-2021, 1st Semester
January – 2021
WRIT1 – Mid Term
Programme Title: A&F
Module Title:Financial Reporting
Module Code:GAC5001
Assessment Method: Coursework
Level: 5
Module Credits: 20
DueDate:24-Nov-2020, 12:00 AM
Examiner(s):Abdul Samad Khan
Version: 1
Block: 1
Weighting: 50%
Word Count:2000
Gulf College – Faculty of Business and Management Studies – In
academic
Affiliation with CARDIFF SCHOOL OF MANAGEMENT
Assignment/coursework general submission requirements
A.
B.
Written work
Student name and identification number must be clearly stated at the top of each page of the
work. Where work is to be marked anonymously, only include the student number.
A signed declaration that the work is your own (apart from otherwise referenced
acknowledgements) must be included after the title page of your assignment
Each page must be numbered.
Where appropriate, a contents page, a list of tables/figures and a list of abbreviations should
precede your work.
All referencing must adhere to School/Institutional requirements.
A word count must be stated at the end of your work.
Your programme, year of study and the relevant module must be included as“footer” on each
page.
Appendices should be kept to the minimum and be of direct relevance to the content of your
work.
All tables and figures must be correctly numbered and labelled.
Your assignment/coursework should be submitted in one A4 transparent pocket unless it is
not appropriate to do so (in which case, specific instructions will be provided by your module
leader).
Other types of coursework/assignments
Where coursework involves oral presentations, discussions, poster presentations, etc.,
specific instructions will be provided by your module leader/team.
————————————————————————————————————————————-Rewrite below part just after the References of your assignment.
WORK DECLARATION
I, [Name of Student], hereby declare that the uploaded Coursework through Turnitin is my own work.
I affirm that this has been researched and completed in accordance with the college rules and
regulations on plagiarism.
I acknowledge the advice given by the module tutors on proper referencing to avoid plagiarism and
the rules on the academic unfair practice.
I acknowledge that I read and understand the plagiarism guide written at the end of this assessment.
Any academic misconduct will be handled according to the rules and regulations of the university.
[Name of Student]
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General instructions
Courseworkmust be submitted online through Turnitinbefore due date. An acknowledgement will be
given to you by your teacher upon presentation of the finance clearance. This is your receipt, keep
it.
The only circumstance in which assignments can be uploaded late via Turnitin is if a Mitigating
Circumstances (MC) form is submitted at the same time. In these circumstances work may be
submitted within five (5) working days. Make sure to secure MC form and submit the same to the
concerned staff.
Write the number of words used, excluding references, at the end of your assignment. Provide the
list of sources you used at the last page of your assignment with proper label ‘References’. You may
include diagrams, figures etc. without word penalty. The number of words will be + or – 10% of the
total words allowed.
A work declaration must be included just after the reference page of your assignment. This ensures
that you prepare your work in good faith. Any form of collusion and/or academic unfair practice will
be dealt with according to the pertinent rules and regulations of the partner university. Please read
carefully the plagiarism guide.
Assessment Details
This Courseworkcomprises 50% of the total assessments marks. This assignment will help the
students to develop their:
Evaluative skills: Students are reasoning on various financial matters and are answering the
questions
Decision making skills: are preparing various financial documents
In addition, the assessment will test the following learning outcomes:
Calculate and analyse the effect of applying different accounting policies (Assessed via both
methods).
Manipulate financial and other numerical data for both single entity and consolidated financial
statements (Assessed during exam-End term coursework).
Present quantitative and qualitative information with appropriate analysis and commentary
(Assessed during exam- End term coursework).
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Gulf College – Faculty of Business and Management Studies – In academic
Affiliation with CARDIFF SCHOOL OF MANAGEMENT
Assessment Task
•
Read the scenario carefully and answer the requirements given below.
•
The total number of words of the coursework should be approximately 2000 words.
•
The number of words for task should be according to the marks allocated in the marks
scheme.
Task
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.
The objective of IAS 37 is to ensure that appropriate recognition criteria and measurement bases are applied
to provisions, contingent liabilities and contingent assets and that sufficient information is disclosed in the
notes to the financial statements to enable users to understand their nature, timing and amount. The key
principle established by the Standard is that a provision should be recognised only when there is a liability i.e.
a present obligation resulting from past events. The Standard thus aims to ensure that only genuine obligations
are dealt with in the financial statements – planned future expenditure, even where authorised by the board
of directors or equivalent governing body, is excluded from recognition.
In light of above discussion, you are required to analyse the IAS 37 with respect to its procedure
and applicability in Provisions, Contingent Liabilities and Contingent Assets including examples.
The activity will be tested in accordance with the following criteria.
Pg.4 Version1
Introduction:
200 words
Structure and contents:
Scope of IAS 37
Provisions
Contingent Liabilities
Contigents Assets
1350 words
Disclosures requirements:
IAS 37 guidelines for;
Provisions
Contingent Liabilities
Contigents Assets
300 words
Conclusion / Recommendation:
150 words
References
Harvard Referencing System
(Total 100%)
Instructions to students:
This assessment word count is 2000
Your student identification number must be clearly stated at the top of each page of your work.
Each page must be numbered.
Use a minimum font size of 12
Times new Roman Font Style
1.5 line spacing and justify alignment
All referencing must adhere to Institutional requirements.(Harvard Referencing Style)
A word count must be stated at the end of your work.
All tables and figures must be correctly numbered and labeled.
Structure for assignment
Pg.5 Version1
GAC5001 – Financial Reporting
AY:2020-2021/ 1st Semester
Marking Scheme
Description
Introduction IAS 37
Task
Structure and contents :
Scope of IAS 37
10%
Provisions, Measurement of provisions and uses
20%
Contingent Liabilities, Treatment
15%
Contigents Assets, Types and treatment
15%
Disclosure requirements under IAS 37
20%
Provisions, Contingent Liabilities and Contigents Assets
Marks
Allocated
10%
80%
Conclusion
10%
Total Marks
100%
Pg.6 Version1
Plagiarism
1. Plagiarism, which can be defined as using without acknowledgement another person’s words or ideas
and submitting them for assessment as though it were one’s own work, for instance by copying,
translating from one language to another or unacknowledged paraphrasing. Further examples of
plagiarism are given below:
Use of any quotation(s) from the published or unpublished work of other persons, whether published
in textbooks, articles, the Web, or in any other format, which quotations have not been clearly
identified as such by being placed in quotation marks and acknowledged.
Use of another person’s words or ideas that have been slightly changed or paraphrased to make it
look differentfrom the original.
Summarising another person’s ideas, judgments, diagrams, figures, or computer programmes without
reference to that person in the text and the source in a bibliography or reference list.
Use of services of essay banks and/or any other agencies.
Use of unacknowledged material downloaded from the Internet.
Re-use of one’s own material except as authorised by the department.
2. Collusion, which can be defined as when work that has been undertaken by or with others is submitted
and passed off as solely as the work of one person. This also applies where the work of one candidate
is submitted in the name of another. Where this is done with the knowledge of the originator both
parties can be considered to be at fault.
3. Fabrication of data, making false claims to have carried out experiments, observations, interviews or
other forms of data collection and analysis, or acting dishonestly in any other way.
Plagiarism Detection Software (PDS)
As part of its commitment to quality and the maintenance of academic standards, the University reserves the
right to use Plagiarism Detection Software (PDS), including Turnitin. Such software makes no judgment as to
whether a piece of work has been plagiarised; it simply highlights sections of text that have been found in
other sources.
The use of plagiarism detection software fulfills two functions. The first is to enhance student learning (i.e. as
a developmental tool); the second is to guard against and identify unfair practice in assessment.
Further information and guidance can be found in the University’s policy on the Use of Plagiarism Detection
Software.
Pg.7 Version1
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