Slammon Salmon Ltd (SSL) is an aquaculture business that raises Sockeye Salmon. It measures its biological assets, in accordance with AASB 141 (Agriculture), at fair value less costs to sell. Sockeye Salmon is highly prized for its brilliant red, firm, dense flesh. As at its 30 June 2012 year-end, SSL has 1,000,000 kg of live 10 month-old Sockeye salmon and 100,000 kg of smoked salmon. Table 3-1: Market value and costs of Sockeye salmon at various ages: Age (months) Farmed Salmon Life Stage or Status Retail Price/kg Production Costs Cost to Sell > 8 but < 12 Live and immature $ 8.00 $ 2.00 $3.00 >12 but < 18 Live and immature $10.00 $ 5.00 $2.00 18 Live and mature $16.00 $ 6.00 $1.00 18 Smoked $26.00 $ 4.00* $ .50 * These are the incremental processing costs of smoked salmon and do not include the value of the live and mature salmon that was processed into smoked salmon. Required (treat parts 3a and 3b as separate issues): a) Using the above information, what value should SSL place on its immature Sockeye salmon and smoked salmon assets? (value them individually) â€“ Justify by referring to the principles of AASB 141 and/or AASB 102 (Inventory) of the 2012 Handbook. (04 marks) b) During the current year, SSL reduced production costs by half at all life stages by not feeding krill to its Sockeye salmon. However, the Sockeye did not colour-up (i.e., they had white flesh). If unchanged, the lack of colour will reduce their value by half, at all life stages. However, a technician found that by injecting a krill-based food dye into the Sockeye one week before they were harvested, they coloured-up better than if they had been fed krill and became worth three times more (i.e. 50 percent more than if fed krill). The SSL Chief Executive Officer (CEO) noted that the intense colouring is due to the same natural dye as the krill-fed Sockeye, that their customers will never know about the colouring, and that the dye-coloured Sockeye taste better than krill-fed Sockeye. The external auditors and the SSL CEO are arguing over the SSL policy on valuing live immature Sockeye. The auditors want the value of the immature Sockeye to be based on the fair value of the white Sockeye as at the year end. The SSL CEO asserts that the policy is far too conservative and will not give a true and fair view of SSLâ€™s performance. Instead, the CEO wants the increased value at the end of the growthcycle to be anticipated throughout the growth-cycle, rather than as a large lump at harvest. The auditorsâ€™ proposal will reduce the Table 3-1 â€œRetail Price/kgâ€ to half the current value and the CEOâ€™s proposal will increase those values to 1.50 times: i. Advise the SSL CEO (Ms Christine Slammon) as to which of the two proposed policies is the most appropriate by using steps 2-6 of the accounting policy choice model to evaluate the choices. ii. Put a value on the 10 month-old live Sockeye asset, using the more appropriate new policy. Each group is expected to write a memo of Â½ to 1Â½ pages with the following sections: Headers (5 marks) with: To: XXXXXX From: YYYYYYYYY Date: 17/11/2014 Re: (Ideally 6 to 12 words) Please Note: the â€œre:â€ line is a few descriptors to help with filing. Context Line (15 marks): One to two sentences that should provide a clear and concise statement of the issues and consequences (i.e. why the reader should read the memo). Action Line (25 Marks): One to three sentences that is like a conclusion but should provide An excellent clear concise statement of how to resolve the issues (i.e. what do you, as the crafter/s of the Memo want the reader to do). Rest of the Memo (25 Marks): Supports the action line. Ideally, it should provide excellent insight plus strong, clear, and concise support for the action line and that support must be clearly tied to the action line. Marking of the Memos (70/10 = 7 Marks each) â€“ The marks given for best 3 of 4 assigned memos or the best 4 of five assigned memos will be added to provide the total mark out of 20 (NB: If four memos are assigned then there are a possible 21/20 marks, but a maximum of 20 marks will be given â€“ if 5 memos are assigned then the mark out of 28 will be multiplied by 0.75 (i.e. 21/28) and again a maximum of 20 marks will be given). The marking Rubric: is given on Blackboard in the assignment section and was based on the following criteria: The purpose of the assessment task is to develop and assess studentsâ€™ logic, communication, and writing skills. Accordingly, marks are not awarded directly for content but are based on the following attributes: 1. Conciseness, 2. Coverage of the material, and 3. Value to the reader in making a decision. Memo should be Plagiarism free.
Our Service Charter
Excellent Quality / 100% Plagiarism-FreeWe employ a number of measures to ensure top quality essays. The papers go through a system of quality control prior to delivery. We run plagiarism checks on each paper to ensure that they will be 100% plagiarism-free. So, only clean copies hit customers’ emails. We also never resell the papers completed by our writers. So, once it is checked using a plagiarism checker, the paper will be unique. Speaking of the academic writing standards, we will stick to the assignment brief given by the customer and assign the perfect writer. By saying “the perfect writer” we mean the one having an academic degree in the customer’s study field and positive feedback from other customers.
Free RevisionsWe keep the quality bar of all papers high. But in case you need some extra brilliance to the paper, here’s what to do. First of all, you can choose a top writer. It means that we will assign an expert with a degree in your subject. And secondly, you can rely on our editing services. Our editors will revise your papers, checking whether or not they comply with high standards of academic writing. In addition, editing entails adjusting content if it’s off the topic, adding more sources, refining the language style, and making sure the referencing style is followed.
Confidentiality / 100% No DisclosureWe make sure that clients’ personal data remains confidential and is not exploited for any purposes beyond those related to our services. We only ask you to provide us with the information that is required to produce the paper according to your writing needs. Please note that the payment info is protected as well. Feel free to refer to the support team for more information about our payment methods. The fact that you used our service is kept secret due to the advanced security standards. So, you can be sure that no one will find out that you got a paper from our writing service.
Money Back GuaranteeIf the writer doesn’t address all the questions on your assignment brief or the delivered paper appears to be off the topic, you can ask for a refund. Or, if it is applicable, you can opt in for free revision within 14-30 days, depending on your paper’s length. The revision or refund request should be sent within 14 days after delivery. The customer gets 100% money-back in case they haven't downloaded the paper. All approved refunds will be returned to the customer’s credit card or Bonus Balance in a form of store credit. Take a note that we will send an extra compensation if the customers goes with a store credit.
24/7 Customer SupportWe have a support team working 24/7 ready to give your issue concerning the order their immediate attention. If you have any questions about the ordering process, communication with the writer, payment options, feel free to join live chat. Be sure to get a fast response. They can also give you the exact price quote, taking into account the timing, desired academic level of the paper, and the number of pages.