Posted: March 26th, 2015

WIL Report

WIL Report

Order Description

company is Benevite Ltd
Question:
(a) how Brazil’s societal and cultural values have influenced the development of its accounting system (i.e. financial reporting and disclosure practices);
(b) any differences in financial reporting and disclosure practices between Brazil and Australia resulting from the values identified in (a) above; and
(c) whether these differences are likely to pose difficulties for Benevite Ltd in terms of reconciling the financial reporting and disclosure practices of a Brazilian subsidiary with those of its Australian parent.

ACCT 1077 Financial Accounting Theory
WIL Report A (Semester 1, 2015)

The following assessment involves Work Integrated Learning (WIL) activities.  The focus of RMIT’s WIL policy is for you to ‘learn by doing in context and with feedback’ in realistic contexts.  This assessed WIL experience makes a significant contribution to development of your work-readiness capabilities by deepening your knowledge of, and skills at, core accountancy practices concerning the practical application of contemporary financial accounting regulation in the workplace.
Background Information and Reporting Task
Benevite Ltd is a company listed on the Australian Stock Exchange (ASX), and is a client of Mozmarr Accounting (MA). Benevite Ltd is globally involved in the manufacture and distribution of vitamins and dietary supplements. MA has been providing both audit and non-audit services to Benevite Ltd for the past several years.
Benevite Ltd is currently seeking expansion opportunities and has already completed extensive marketing research seeking new opportunities for the international placement of a subsidiary. As a result of this research the company has identified that Brazil would potentially be a suitable site for the formation of a publicly listed subsidiary.
Benevite Ltd has not made a final decision regarding whether this expansion project will go ahead and has asked MA to investigate the financial reporting and disclosure issues that might arise if they decided to list their new subsidiary on the Brazilian Stock Exchange (BM&F BOVESPA).
Your supervisor at MA, Ms Anderssen, has requested that you provide her with detailed information, in the form of a written report, identifying how the cultural dimensions of Brazil might impact upon financial reporting and disclosure practices in that country.
You have identified bodies of research by Geert Hofstede and by Sidney Gray, that discuss the societal dimensions that can be used to classify a country’s culture and proposed relationships between a country’s cultural characteristics and the development of its accounting system, which you expect will be useful to you in preparing your report.
Your specific task is to prepare a written report (incorporating relevant theories) for your supervisor, Ms Anderssen, outlining:
(a)    how Brazil’s societal and cultural values have influenced the development of its accounting system (i.e. financial reporting and disclosure practices);
(b)    any differences in financial reporting and disclosure practices between Brazil and Australia resulting from the values identified in (a) above; and
(c)    whether these differences are likely to pose difficulties for Benevite Ltd in terms of reconciling the financial reporting and disclosure practices of a Brazilian subsidiary with those of its Australian parent.

Report Requirements:
Referencing:    Your report must be fully referenced in text and also include a list of references.
Word Limit:    800 words (not including tables, diagrams or reference list)
Weighting:    12.5%
Marking:    You should refer to the marking rubric below as this indicates the criteria upon which your report will be marked.
Submission:    Electronically via course Blackboard site (includes automatic submission to Turnitin). Your report must be submitted as a Word document with file name structured as follows: Seminar Leader Family Name_Student ID. For example, if you are in Chris Williams’ class, your report should be named: Williams_s1234567. Failure to follow this naming protocol will result in a delay in the marking your report.
Due Date:    Week 5, by 5pm Wednesday 01 April 2015
Extensions and Late Submissions:
If you wish to apply for an extension of time (7 days or less) for submission of a WIL assignment report you must email the course coordinator BEFORE the due date. You must include in your email a completed Application for Extension of Time for Submission of Assessable Work form, and supporting documentation. If you are seeking an extension of more than 7 days, then you must apply for Special Consideration via the formal online process (NOT to the course coordinator).
Further information can be found at the following web address: http://www1.rmit.edu.au/students/assessment/extension.
All WIL assignment reports will be marked as if submitted on time, then the mark awarded will be reduced by 10% for each day (or part of a day) that the report is late.  For example, if an assignment is worth 25 marks and is submitted 2 days late then you will be penalised 2 x 10% of 25 marks, which is 5 marks. These 5 marks will be subtracted from the assessed mark.
WIL assignment reports that are late by 7 days or more will not be marked and will be awarded zero.