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Accounting Standards & & Regulation – 22420 – A Autumn 2013 3

ASR A gnmen Part 2 A Assig nt – P 2
Contents: ge: General Notes for P Part 2; next p page: this pag General No otes for Part 2 of the Assignment 1) Rec commended Start: you m may start this s part of the assignment at any time. 2) Sub bmission Dea adline: 20th M May, 2013 (5 pm) through h turnitin in U UTSOnline (A Assignments) 3) Hea ading require (in bold): Name – St ed tudent ID – Tutorial Num T mber – Tuto orial Time. (T heading This g must be a part o of the docum ment header r. If using Wo ord 2007+, press VH H to access t the header. ename requir red: When yo ou submit yo our filename e, please nam me the file as s follows: 4) File Txx x_ISurname_ _SID_ASRess say2.docx; w where xx is yo our tutorial n number (for Ku‐ring‐gai p people, put K1), I is your initial, Surnam me is your sur rname, and S SID is your 8‐ ‐digit studen nt ID. Quite a a few people ve the same i initial/surname combina ations, so this s is importan nt. I am askin ng you for the format so hav that t I can sort the essays qu uickly for ma rking. The ex xtension (“.d docx”) would d be different t depending on t the word pro ocessor you use. So Robe ert’s essay w would be calle ed T00 0_RCzernkow wski_999999 999_ASRessa ay2.docx 5) Acc cording to tu urnitin’s web bsite, the sof ftware ensures original work by che ecking submitted papers s aga ainst 17+ bil llion web pa ages, 200+ million stud dent papers and leading library dat g tabases and d pub blications. In view of this, you must make sure that you fo n t e ollow releva guideline including ant es, g those relating to referenc cing, citing and plagiar rism. See th section e he entitled “Statement on n plag giarism” in the subject outline. 6) Lod dging throug turnitin: Turn in this assignment by electronically lodgin your word document gh T ng d t (.do / .docx). Do not cut and paste y oc your text in the TURN system,, as then yo personal nto NITIN our l iden ntifying deta ails will be m missing. We d do not require use of Microsoft prod ducts in this assignment, , so i if you wish t to use other software (O OpenOffice, L Libre, , e etc), we are happy for you to do so, , but t please talk t to us first. ssignment must be single e‐spaced in a a font no smaller than 11 1 point. Marg gins must be e 7) Format: Your as no s smaller than n 2.5cm from m each edge. For your co onvenience, a a template W WORD docum ment for the e assi ignment has been made available on n UTSOnline u under Assign nments. 8) Full referencing g is required. ue: Part 2 is worth 10%. 9) Valu 9) Res strictions: Yo our answer m must be no l onger than 1000 words. This include es everything: headings, , refe erences, etc. In other wo ords, this is a hard limit. E Even one ext tra word is co onsidered to o be an over‐ ‐ leng gth assignme ent. So make e sure that yo ou stay within the limit. 10) Pen nalties: You w be pena will alised ½ mar for being 1‐50 words over the lim and an additional ½ rk mit, a ½ mar rk for every further 50 w words or pa rt thereof. T The assignment must be e on Turnitin n by the due e time. One minu ute late is lat te. You will b be penalised ½ mark for each 24 hou ur period or part thereof f the assignment is late. You must have a all of the req quired inform mation in the e header, otherwise you u will be penalised ½ mark. for board with the penalties However, we believe that having t s. g We apologise f seeming to go overb ar expectatio ons allows us less flexibiility in penalisation, and so the over rall process w will be fairer r clea to s students who o have subm mitted their a assignments on time, in t the right form mat and within the right t leng gth. Ass signment req quirements

Accounting Standards & Regulation – 22420 – Autumn 2013 Requirements for Part 2 of the Assignment The M7 toll‐road (“Airport Link”) in the Brisbane area was opened to the public on 24 July 2012. During construction of the road, the consortium constructing the road, BrisConnections experienced a number of financial controversies. These basically stemmed from the optimistic traffic projections which supported the float of BrisConnections (as a unit trust) on the ASX. Regulatory background
Although the financing structure of BrisConnections (“stapled securities”, see BrisConnections Annual Report 2012, p.2 and note 1 on p.39) is complex and beyond the scope of ASR, it should be noted that unit trusts do need to follow accounting standards. The Companies Act also covers other entities which offer securities (shares, bonds, units, etc) to the public. In that sense, the Companies Act doesn’t just govern companies, but also is designed to protect investors in entities that are not set up as companies. In case you are wondering why BrisConnections was set up as a unit trust: this is primarily for tax and financing reasons. If a company makes losses, there is no way that a company can distribute anything other than dividends (i.e. the results of profits) to shareholders. In contrast, a unit trust can distribute losses. This mean that, if it loses money, ordinary suckers investors such as you and I can include the loss as a deduction from income on our tax returns.

a) It is clear from the financial statements that Intangibles are the main asset category on BrisConnections’ balance sheet. These primarily consist of FUTURE TOLLING RIGHTS. Explain what Future Tolling Rights are and the legal arrangement (with whom?) that gives rise to them. (2 marks) b) Explain why or why not the FUTURE TOLLING RIGHTS asset satisfies the definition of assets from the AASB Framework. (2 marks) c) AASB138: Intangible Assets covers accounting for this type of asset in general, while AASB136: Impairment of Assets covers the impairment process. Describe the procedure by which an entity tests an intangible asset for impairment. Refer to the economics of the BrisConnections business model in explaining how BrisConnections would determine the Recoverable Amount of the FUTURE TOLLING RIGHTS asset. Consider how subjective each input into this process would be. (3 marks) d) On p.59 of its 2012 Annual Report, BrisConnections discloses a sensitivity analysis of its impairment assumptions. Discuss the effect that economic incentives may have had in determining the information which was included in this analysis. (3 marks) References These are just to get you started; feel free to research other material. The readings are all available on UTSonline in case you have difficulty accessing them. Bartholomeusz, S., 2013, “BrisConnections runs out of road”, at http://www.businessspectator.com.au/bs.nsf/Article/BrisConnections‐citylink‐infrastructure‐ macquarie‐pd20130219‐538D5?OpenDocument&emcontent_Bartholomeusz [accessed 8/3/2013] Beveridge, J., 2013, “Unrealistic traffic predictions fuelled the collapse of BrisConnections”, The Herald‐Sun 21st February, 2013, at http://www.heraldsun.com.au/business/unrealistic‐traffic‐predictions‐ fuelled‐the‐collapse‐of‐brisconnections/story‐fn7j19iv‐1226583074293 [accessed 8/3/2013] BrisConnections Annual report 2012, at http://www.brisconnections.com.au/media/13441/bcs_annual_report_2012_v2.pdf [accessed 8/3/2013] Gluyas, R., and A. Fraser, 2013, “BrisConnections calls in receivers as banks reject revamp plan”, The Australian 20th February, 2013, at http://www.theaustralian.com.au/business/companies/brisconnections‐calls‐in‐receivers‐as‐banks‐ reject‐revamp‐plan/story‐fn91v9q3‐1226581465097 [accessed 8/3/2013] Ironside, R., 2013, “Academic claims BrisConnections business modelling geared towards securing investors”, The CourierMail 20th February, 2013, at http://www.couriermail.com.au/news/queensland/demise‐of‐brisconnections‐casts‐doubt‐on‐the‐ future‐of‐private‐investment‐in‐roads/story‐e6freoof‐1226581503944 [accessed 8/3/2013]

Accounting Standards & Regulation – 22420 – Autumn 2013 Janda, M., 2013, “BrisConnections driven into receivership”, ABC News 20thFebruary, 2013, at http://www.abc.net.au/news/2013‐02‐19/brisconnections‐appoints‐receivers/4527976 [accessed 8/3/2013] Moore, A., “Leave BrisConnections probes to the administrators, meeting told”, BrisbaneTimes.com.au 1st March, 2013, at http://www.brisbanetimes.com.au/queensland/leave‐brisconnections‐probes‐to‐ the‐administrators‐meeting‐told‐20130301‐2fb4j.html [accessed 8/3/2013] O’Sullivan, M., 2013, “BrisConnections crashes after bankers pull the pin”, Sydney Mornign Herald 19th February, 2013, at http://www.smh.com.au/business/brisconnections‐crashes‐after‐bankers‐pull‐ the‐pin‐20130219‐2eor1.html [accessed 8/3/2013] Wikipedia, 2013, “Airport Link, Brisbane”,at http://en.wikipedia.org/wiki/Airport_Link,_Brisbane [accessed 8/3/2013] Please note that this Wikipedia article should be read as journalistic rather than as encyclopædic West, M., 2008, “Macquarie's dead‐parrot model”, BusinessDay.com.au 31st July, 2008, at http://www.businessday.com.au/business/macquaries‐deadparrot‐model‐20080731‐3nwt.html [accessed 8/3/2013] ‐ You might wish to view this before reading this article: http://www.youtube.com/watch?v=4vuW6tQ0218

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