Develop information gathering (research) and communication strategies to enable the provision of professional advice to a client.
Objective: The objective of this assignment is to learn to effectively research a technical aspect of accounting and communicate professional advice to a client, via a business letter.
Assume that you are a graduate accountant working for Montana and Associates a public accounting firm situated at 696 George Street, Brisbane, QLD 4000. The manager of your firm, Ms Margaret Montana has asked you to draft a letter in response to an email received from a client – Mr Peter Pepper, the Managing Director of Pepper Limited, raising a key accounting issue regarding his company.
The assignment is designed to test the following skills:
Re: Accounting Issues: Year Ending 30 June 2018
From: Peter Pepper ([email protected])
Sent: 5 July 2018
To: Margaret Montana ([email protected])
Thank you for your phone call this morning, as agreed I am emailing you regarding the accounting issues we briefly discussed. By the way to assist the accounting team in our decision-making process could you please make sure you reference any relevant sources relating to your advice, for example, AASBs, Corporations Act, and other relevant articles or websites.
As you know, a new management accountant has been appointed to Pepper Ltd and he has implemented major changes in the calculation of depreciation. As a result, some parts of the factory have much larger depreciation charges. The change in reporting has angered some operations managers who believe that, as they take particular care with the maintenance of their machines, their machines should not attract large depreciation charges that reduce the profitability of their operations and reflect badly on their management skills.
He has also indicated that more of our assets should be tested for impairment. The operations managers are also concerned about the impact of more charges against their divisions’ assets. Previously, impairment has only been carried out against assets carried under the cost model. For assets carried under the revaluation model, adjustments have been made using changes in fair value, resulting in revaluation gains or losses.
The operations managers plan to meet with myself and the accountant and ask for change.
Can you please explain the following before I meet with the operations managers:
Please respond by letter (not email) as I would like to present this to the Board. I look forward to hearing from you shortly.
Managing Director, Pepper Limited
Level 5, 49 William Street,
Brisbane QLD 4000
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