Solve both paarts of financial accounting

2101AFE International Accounting
Individual Assignment II
GRIFFITH BUSINESS SCHOOL
DEPARTMENT OF ACCOUNTING, FINANCE AND ECONOMICS
2101AFE INTERNATIONAL ACCOUNTING
INDIVIDUAL ASSIGNMENT II
(Weighting 30%)
DUE 4:59pm Friday, 24th May 2024
Question 1
(20%)
Select two countries (or jurisdictions) from the list of countries (jurisdictions) provided below. The
two countries (jurisdictions) must be chosen from two different country groups listed below. You
are required to discuss and compare the accounting systems and practices of the chosen countries in
terms of professionalism vs. statutory control, uniformity vs. flexibility, conservatism vs. optimism,
secrecy vs. transparency, and long-term vs. short-term focus. Then identify for each country the key
environmental factors and analyse how these factors have shaped and influenced the accounting systems
and practices in the countries.
LIST OF COUNTRIES (JURISDICTIONS)*
Group 1 (Anglo-American Accounting): United Kingdom, United States, Australia
Group 2 (Asian Accounting): Japan, South Korea
Group 3 (Asian Accounting): Hong Kong, Malaysia, Singapore, Indonesia, The Philippines
Group 4 (Germanic Accounting): Germany, Switzerland
Group 5 (Nordic Accounting): the Netherlands, Denmark, Norway, Sweden
Group 6 (Latin Accounting): Belgium, France, Spain, Italy
TITLE OF ASSIGNMENT
The title of your assignment is: A Comparative Study of Accounting and the Environmental Factors
Influencing Accounting in … (Insert the names of the countries or jurisdictions you have selected.)
INSTRUCTIONS
(1)
Your assignment should contain, among other things, a cover page (showing the course code and
title, title of the assignment, student name and number, approximate number of words of the main
body, the average match score from SafeAssign check, due date, and date of submission), table
of content, synopsis, the main body, list of references, appendix (if any).
(2)
The synopsis is a one-page (maximum), double-spaced version of the assignment preceding the
main body.
(3)
The main body of your answer to this part is set to be 1,000 words with 10% variation in length.
In other words, the word limit does not apply to synopsis, list of references and appendix (if any).
(4)
The main body should be organised into sections (sub-sections) and each section (sub-section)
should have a heading (sub-heading).
2101AFE International Accounting Individual Assignment II
(5)
The main body should be double-spaced with sufficient margins. Citation and referencing formats
should conform to the GBS guidelines both in the body and the reference list (i.e., APA, American
Psychological Association or Harvard). Please check with your convenor to confirm the required
style or refer to the online Referencing tool for correct referencing format. A general bibliography
is not acceptable.
(6)
You should use at least 5 references to support your work. Suitable references include books,
journal articles and internet sources.
Question 2 (10% — 5% for creating the table of changes in fair values and 5% for journal entries)
On November l, Year l, Alexandria Company sold merchandise to a foreign customer for
100,000 FC units with payment to be received on April 30, Year 2. At the date of sale,
Alexandria Company entered into a six-month forward contract to sell 100,000 FC. The
forward contract is properly designated as a cash flow hedge of a foreign currency receivable.
Relevant exchange rates for the FC are:
Use an incremental borrowing rate of 12 percent per annum. (1 percent per month).
Required:
Prepare all journal entries, including December 31 adjusting entries, to record the sale and
forward contract. What is the impact on net income in Year 1?
Note: You will first need to compute the fair values of the hedged item and the hedging
item, compute the changes in those fair value (as in the table we did in the class) and then
record the transactions. Use the solutions to the questions in the class as well as in the
workshop (for accounting for hedged transactions) as a model and construct your answer
according to that model.
Submission guidelines
(1) You should name your assignment file using the following format: Surname_Initial_student
number (e.g., Smith_J_s123456).
(2) Before you submit the final version of your assignment, you should subject your work for a
SafeAssign check for proper attribution of any borrowed content. Generally, the average
match score from SafeAssign check (which should be reported on the cover page) should not
exceed 30%. Then, submit the final version of your assignment.
(3) Other forms of submission (e.g., by email or fax) will NOT be accepted. Students must be
able to produce an electronic copy of the assignment submitted and be able to resubmit if
requested by the Convenor. Students are expected to retain a copy of the assessment
submitted until the final grade for the course has been awarded. Creating a backup of your
computer file is highly recommended.
(4) The assignment will be assessed against the International Accounting Assessment Rubric for
written communication performance, which is available on the course website
learning@griffith.
(5) Late submission will be penalized by 10% of the allocated assessment a day.
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