Investigate the company’s annual report as well as a competitor’s annual report

Task: To demonstrate your understanding of professional judgment and accounting theories applied to undertake impairment testing and asset valuations, you have been asked to:- investigate the company’s annual report as well as a competitor’s annual report; undertake required research including looking into AASB 136; and prepare a report for presentation to other accounting team members and the audit committee. The role of professional judgment in accounting and how normative and positive accounting theories influence the professional judgments of the accountants when undertaking impairment of assets. Use an example to explain your answer. b) Provide a detailed explanation of the impairment write-down(s) made by your company for the year ended 30 June 2020. Your explanation should include a discussion of - the asset/s that were impaired; - the type of estimations required to write / calculate the impairment; - the amount of the impairment write-down and - relevant disclosures in the 30 June 2020 financial report in relation to impairment testing c) Based on your findings in part b, critically discuss whether the professional judgments used to estimate: - cash flows; - discount rates; - carrying amount of the CGUs; - fair values; and - impairment related disclosures have been reasonable / appropriate.