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DEPARTMENT OF ACCOUNTING

ACCT90013 FINANCIAL ACCOUNTING THEORY & PRACTICE

Semester 1, 2023

Group Midterm Assignment

DUE DATE	Friday, 28 April 2023 11.59PM (before midnight, Melbourne time zone) This assignment represents 20% of your overall grade for this subject. This assignment is to be completed in a group of 3 to 4 students.
WORD LIMIT	No more than 4,000 words (excluding References and Appendix).
REFERENCE	References should be on a separate sheet(s). You are suggested to use the Harvard system of referencing your sources (see Giblin-Eunson Library Help sheets for a referencing resource). Please note that Wikipedia is not considered a reliable source.
ADMINISTRA-	Assignments must be typed, double-spaced with font size of at
TION	least 11 (Arial) or 12 (Times New Roman). All pages should be numbered.
SUBMISSION	Submission should be made on the LMS subject page. If you use excel worksheets, they should be added in the Appendix to your report. Please make sure that you only submit the final version of the assignment (as a pdf document) and that the file name includes the company name, followed by “_” and your group number (without spaces). An example is “Coles_45.pdf”.
FURTHER	For information relating to plagiarism/collusion, late submission,
INFORMATION	special consideration, referencing, penalties, teaching and learning unit, please refer to SUBJECT GUIDE.

Midterm Assignment

The midterm assignment is designed to further develop your understanding of the core materials from the first half of this course. The assignment is to be done in groups of three (3) or four (4) members.1 Each group is required to select one company from the following list:

Company	Industry	Country	Investor relations website
Pfizer	Pharmaceuticals	USA	https://investors.pfizer.com/Investors/Overview
Baidu	Tech	China	https://ir.baidu.com/
BHP	Resources	Australia	https://www.bhp.com/investors

You are an equity analyst team, who is tasked with providing fundamental insights about the followed company’s fundamentals and its financial reporting. Please provide an executive report on the firm’s business model, how recent issues have affected its financial position, its reliance on intangible assets, its use of non-GAAP reporting, and a preliminary relative valuation of the company. In your report, you should address the following questions by using as much information from the most recent audited annual report as possible. However, you can and sometimes must supplement your analysis by making use of additional disclosures from the company, such as its quarterly reports, semi-annual reports, press releases etc.

Section

Description of section requirement

Marks

Business

environment

(around 1000

words)

Provide a brief description of the company’s business model and environment, including its main operational activities, the key source of revenue, its strategy, and its competitive environment.

What are recent issues (trends, events, changes in the business environment, new product/services, investments) that have an impact on the firm’s business? How do they impact the firm’s

financials?

Asset recognition (around 1000 words)

a) What are the company’s most important intangible assets for value creation?

b) Does the mandated accounting treatment for these assets introduce asset-nonrecognition biases into the financial statements?

c) Are total net assets and net income of the company likely to be unbiased, under-, or overstated?

d) Is nonrecognition of intangible assets a big concern for the

company’s financial reporting quality?

Non-GAAP

earnings (around

1000 words)

a) Which non-GAAP financial measures does the company disclose in its annual or quarterly reports, press releases, or other disclosures?

b) What prominence relative to GAAP measures do the identified non-GAAP measures receive in the disclosures?

c) What are the most important exclusions that are made in deriving these measures? Are there any exclusions that are unique to the company? Are there exclusions that are commonly made in the company’s industry?