Assessment 2
Assessment Type: Individual
Weighting: 30% (Report 20% + Presentation 10%)
Learning Outcomes Assessed: ULO 2, 3 and 4
Word Limit: 2,000 words
Due Date: 31st May 2025 (Sunday) 11:59 pm (AEST)
All submissions must be submitted with a signed Oxford Institute of Higher Education Cover Sheet via Moodle. Late submissions will attract a penalty of 5% of the assessment weighting for each calendar day late unless the lecturer grants an extension.
Select any two listed Australian companies from any industry and analyse their financial statements on the accounting treatments for Provisions, Contingent Liabilities, and Contingent Assets. Your report should address the following requirements:
Your report should consist of the following components:
Part 1: Written Report — Weighting: 20%
Part 2: Presentation — Weighting: 10% Duration: 10–15 minutes Due Date: 1st June 2025 (Sunday) 11:59 pm (AEST)
Presentation Guidelines:
| Criteria | High Distinction (80–100%) | Distinction (70–79%) | Credit (60–69%) | Pass (50–59%) | Fail (0–49%) |
|---|---|---|---|---|---|
| Introduction to the selected companies. / 2 | A comprehensive introduction to the selected companies | A very good introduction to the selected companies | A good introduction to the selected companies | Reasonable introduction to the selected companies | No introduction to the selected companies |
| Explain how to identify and record provisions, contingent liabilities, and contingent assets and demonstrate with examples obtained from their respective annual reports. / 6 | A comprehensive explanation of how to identify and record provisions, contingent liabilities, and contingent assets and excellent demonstration with examples obtained from their respective annual reports. | Very good explanation of how to identify and record provisions, contingent liabilities, and contingent assets and a very good demonstration with examples obtained from their respective annual reports. | Good explanation of how to identify and record provisions, contingent liabilities, and contingent assets and a good demonstration with examples obtained from their respective annual reports. | A reasonable explanation of how to identify and record provisions, contingent liabilities, and contingent assets and a reasonable demonstration with examples obtained from their respective annual reports. | No explanation of how to identify and record provisions, contingent liabilities, and contingent assets and no demonstration with examples obtained from their respective annual reports. |
| Identify the provisions, contingent liabilities, and contingent assets identified by each company, and highlight similarities and differences between them. / 6 | Comprehensive Identification of provisions, contingent liabilities, and contingent assets identified by each company and a comprehensive comparison | Very good Identification of provisions, contingent liabilities, and contingent assets identified by each company and a very good comparison | Good Identification of provisions, contingent liabilities, and contingent assets identified by each company and a good comparison. | Reasonable Identification of provisions, contingent liabilities, and contingent assets identified by each company and a reasonable comparison. | No Identification of provisions, contingent liabilities, and contingent assets identified by each company and no comparison. |
| Briefly identify the importance and challenges that companies face with provisions, contingent liabilities, and contingent assets. / 4 | A comprehensive identification of the importance and challenges that companies face with provisions, contingent liabilities, and contingent assets. | Very good identification of the importance and challenges that companies face with provisions, contingent liabilities, and contingent assets. | Good identification of the importance and challenges that companies face with provisions, contingent liabilities, and contingent assets. | A reasonable identification of the importance and challenges that companies face with provisions, contingent liabilities, and contingent assets. | No identification of the importance and challenges that companies face with provisions, contingent liabilities, and contingent assets. |
| Report structure and referencing. / 2 | The structure of the report is complete, and all references are properly cited and provided in the reference list. | The structure of the report is complete and almost all references are properly cited and provided in the reference list. | The structure of the report is almost complete, and most references are properly cited and provided in the reference list. | The structure of the report is acceptable, and most references are properly cited and provided in the reference list. | The report is incomplete and/or poorly structured, and most references are not properly cited and provided in the reference list. |
| Presentation / 10 | Excellent delivery showed extensive practice and development. All speakers engaged with the audience. Displayed clear pronunciation, measured pace, varied intonation and appropriate use of pausing. Audio synched perfectly with visuals. Presentation enhanced by use of body language, including eye contact, gestures, movement and emphasis. No reading of notes. All Speakers demonstrated confidence in the material being presented. Signposting directed the presentation. Clear signaling, seamless transitions and timing within guidelines. | Very good delivery showed practice and development. Most speakers demonstrated clear pronunciation, measured pace, varied intonation or appropriate use of pausing. Audio mostly synched with visuals. Effectiveness mostly enhanced by body language, including lack of eye contact, gestures, movement and emphasis. Most speakers demonstrated confidence in the material being presented. Very good signposting and transitions between speakers. Timing within guidelines. | Good delivery showed practice and development. Most speakers demonstrated clear pronunciation, measured pace, varied intonation or appropriate use of pausing. Audio mostly synched with visuals. Effectiveness mostly enhanced by body language, including lack of eye contact, gestures, movement and emphasis. Most speakers demonstrated confidence in the material being presented. Good signposting and transitions between speakers. Timing within guidelines. | Reasonable delivery showed some practice and development. Some speakers demonstrated clear pronunciation, measured pace, varied intonation or appropriate use of pausing. Audio sometimes synched with visuals. Effectiveness sometimes reduced by distracting body language, including lack of eye contact, gestures, movement and emphasis. Some speakers demonstrated lack of confidence in the material being presented. Reasonable signposting, transitions between speakers. Timing slightly outside guidelines. | Poor delivery showed little practice and development. Most speakers did not demonstrate clear pronunciation, measured pace, varied intonation or appropriate use of pausing. Audio did not synch with visuals. Effectiveness often reduced by distracting body language, including lack of eye contact, gestures, movement and emphasis. All or most speakers demonstrated lack of confidence in the material being presented. |
| Total Marks / 30 |
Note: This report is provided as a sample for reference purposes only. For further guidance, detailed solutions, or personalized assignment support, please contact us directly.
Topic: Analysis of Provisions, Contingent Liabilities, and Contingent Assets
Companies Selected: BHP Group Limited & Woolworths Group Limited
Financial reporting plays a critical role in ensuring transparency and accountability in business operations. This report analyses the accounting treatment of provisions, contingent liabilities, and contingent assets in two major Australian companies: BHP Group Limited and Woolworths Group Limited. Both companies are recognised for their strong sustainability practices and detailed financial disclosures.
The report also evaluates how these companies apply relevant accounting standards, particularly AASB 137 Provisions, Contingent Liabilities and Contingent Assets, and compares their reporting practices.
BHP Group Limited is a leading global resources company operating in the mining and natural resources industry. It focuses on extracting and processing minerals such as iron ore, copper, and coal. BHP is known for its commitment to environmental sustainability and responsible resource management.
Woolworths Group Limited operates in the retail industry, primarily in supermarkets and consumer goods. It is one of Australia’s largest retailers and focuses heavily on sustainability, including waste reduction and ethical sourcing.
Both companies were selected based on:
A provision is a liability of uncertain timing or amount. According to AASB 137, a provision is recognised when:
Example: Environmental restoration costs.
A contingent liability is:
These are not recorded in financial statements but disclosed in notes.
Example: Legal disputes.
A contingent asset is:
Otherwise, it is disclosed but not recorded.
BHP recognises significant provisions due to environmental responsibilities.
Both companies:
Example:
BHP particularly faces challenges due to long-term environmental liabilities.
This report highlights how BHP and Woolworths apply accounting standards for provisions, contingent liabilities, and contingent assets. While both companies comply with AASB 137, their industry differences significantly impact the type and scale of disclosures. Proper recognition and disclosure of these elements are essential for transparency and effective financial reporting.
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