1. Conceptual framework defines a number of requirements relating to general purpose financial reporting by reporting entities within Australia. Why or why not would you argue that the selected companies are reporting entities? (Do NOT give answers in Yes/no only. Explain various points that inform you that these companies are reporting entities). 2. Identify various categories of assets and their reported values (current or non- current including intangibles). Compare and comment upon the methods of valuing (as per AASB116) and depreciating property, plant and equipment (PPE). Explain why or why not you would believe that the selected companies included any asset/s in their statement of financial position that they do not legally own? 3. Identify which accounting standards (AASB, IASB, GAAPs or any other standards) the sample companies have used to report their financial accounting information. Do you believe that IASB's efforts standardise and harmonise accounting standards can be successful in future? Hints for Assignment 1: 1. For downloading the annual reports of listed companies, visit the websites and download their annual report. (the annual reports will be found under a section entitled 'Investors', 'Investors and Media', 'Shareholders', or similar) 2. You must submit the link to all relevant annual reports and also reference the page number in the written assignment. Follow the Harvard style guidelines for referencing and include page numbers for all relevant reports. You can also provide the snapshots … 3. Look for information such as: the companies used the same or different methods of valuation of assets and depreciation? Read through directors and auditor's report. Read important concepts from the book and refer to requirements of AASB 101, 116 discussed in chapters 1, 2, 4 and 5 the book. 4. Provide appropriate evidences/references and refer to rubrics for marking criteria