7101AFE Financial Accounting Theory and Practice
This assignment provides you with an opportunity to work with real company data and to apply the various concepts
learned in the course in the context of the social, political, and economic environments around us.
THIS IS AN INDIVIDUAL ASSIGNMENT and requires INDIVIDUAL SUBMISSION.
Assignment Due Date: 27 May 2022 before 11.30 pm AEST (online submission). Students are advised to
refer to the Learning@Griffith website for penalties on late submission.
Weighting: 30% (Marked out of 30)
Word Length: As specified for each question, you must state the word length of your answer after
each answer, otherwise you will lose marks. There is a 10% leeway on the word
limit; exceeding the word limit will be penalised. References are excluded from word
There is no draft submission. One final ONLINE submission only.
What You Need to Do:
You need to prepare your OWN answer in response to each question in each part. Where the source of your
answer is the annual report, you must include the page number and section or relevant Note number in the
annual report for example, (page XX Note XX WOW) or (page XX Note XX PIK); otherwise, you will lose marks.
Read through the 2020 general purpose consolidated financial statements including notes (to the financial
statements) of Woolworths Group Ltd (WOW) and Pick N Pay Store Ltd (PIK).
Based on your reading and independent research, answer the following questions:
1. Which accounting standards did WOW and PIK apply in preparing the consolidated financial statements?
(100 words, 2 marks)
2. Who sets the accounting standards in the country in which WOW is listed? Who sets the accounting
standards in the country in which PIK is listed? How are the accounting standards in each of the two
countrie3s enforced? Discuss with references. (200 words, 4 marks)
3. What similarities and differences do you observe between the two sets of financial statements? Your focus
should be on the application of accounting standards and nature of accounts rather than the reported
amounts or financial performance. (400 words, 8 marks)
4. Using Hofstede’s societal dimensions, describe the two countries in which WOW and PIK are listed as two
different societies and how would these relate to Gray’s accounting values? (300 words, 6 marks)
5. (i) Compare and contrast the key features of executive compensation structures of WOW and PIK. (200
words, 2 marks)
(ii) Explain how the respective components in (i) would be expected to align the interests of management
with those of shareholders and minimise agency and contracting costs of WOW and PIK respectively. (400
words, 8 marks.
It is expected that you put your own efforts in doing the assignment and not take any help from external sources,
including help from other students. If your answer is very similar to others’, heavy penalty and/or charges of
academic misconduct may occur. To obtain a good mark, significant editorial time is needed. Do not submit the
first draft of your assignment. Multiple revisions of the assignment are needed to achieve a good quality end
Please be aware of Griffith University’s Academic Integrity policy and consequences of plagiarism.
2) WRITTEN COMMUNICATION and PRESENTATION
Although no separate mark has been allocated for the quality of communication and presentation, low-quality
communication (e.g., spelling errors, poor grammar and lack of clarity) may affect your score in each section of
the assignment. So please pay attention to the following points:
• Written communication:
– Clarity and succinctness* are what distinguishes the very good from the average case study
(*succinctness means explaining completely but concisely).
– Allow time for overall editorial work on conclusion of the assignment (each person will have an
individual writing style).
– SPELLCHECK (English) and GRAMMAR check must be run prior to submission PLUS it is strongly
encouraged that students check the clarity of their writing using the tool “WritersDiet” available
– High quality presentation includes an appropriately prepared title page, following the instructions
for the assignment properly, and good layout of the submission.
– English help is available to assist students with written communication. You can make weekly
appointments – refer to the Learning@Griffith website.
1) ASSIGNMENTS MUST BE SUBMITTED ONLINE VIA SAFEASSIGN BEFORE THE SUBMISSION DEADLINE. MAKE SURE
YOU KNOW HOW TO UPLOAD WORD DOCUMENTS TO SAFEASSIGN.
2) THE SUBMISSION MUST BE TYPED, DOUBLE-SPACED AND APPROPRIATELY REFERENCED (NO HANDWRITTEN or
PDF COPY WILL BE ACCEPTED; YOU GET ZERO MARK IF YOU DO SO).
3) COMPILATION OF THE ASSIGNMENT
YOUR SUBMISSION MUST HAVE A GRIFFITH ASSIGNMENT COVERSHEET and you MUST declare the originality of
your work. The COVERSHEET should be followed by a TITLE PAGE. The title page MUST state your name (as per
enrolment records), your Griffith ID and date of submission.
• A comprehensive reference list (see GBS Resource Bank – link available on L@G)
– Ensure that this complies with the required format of a reference list
In addition to the GBS Referencing Tool, you can also access an interactive Referencing Tool
that looks at the following four referencing styles: AGPS Harvard ; APA (American
Psychological Association style 6th edition);MLA (Modern Language Association style 3rd
edition); Vancouver style