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HI6025 Accounting Theory and current issues

Hi6025 Accounting Theory and current issues

HI6025 Accounting Theory and current issues

   

  Assessment Details and Submission Guidelines

 

Trimester


T2 2019

 

Unit Code


HI6025

 

Unit Title


Accounting Theory and Current Issues

 

Assessment Type


Group Assignment

 

Assessment Title


Adoption of IFRSs: A Critical Review

 

Purpose   of the assessment (with ULO Mapping)


Students are required to critically examine the usefulness of the financial reporting regulations to Australian reporting entities, namely the Conceptual Framework and the adoption of IFRSs. Additionally, they will have to research on another country that has adopted IFRSs in the past 5 years. They will have to do research on relevant literature and demonstrate understanding and critical evaluation of key issues of adopting IFRSs such as the transitional   issues, challenges and benefits, and recommend future

directions to the national accounting setting bodies   (ULO 1, 2, 3, 4, 5, 6, 7).

 

Weight


30 % of the total assessments

 

Total Marks


30

 

Word limit


3,000 words ± 500 words

 

Due Date


Group Formation: Registration of groups/Submission of group member’s name: before 5:00 pm Friday, Week 6. Please form the group and submit the name and ID of your group members to your lecturer in the class before 5:00 pm Friday, Week 6. There should be minimum 3 and maximum 5 members in a group.

Assignment submission: Final Submission of Group Assignment: 11:59 pm Sunday, Week 10

Late submission incurs penalties of five (5) % of the assessment value per calendar day unless an extension and/or special consideration has been granted by the lecturer prior to the assessment deadline.

 

Submission Guidelines


· All work must be submitted on Blackboard by the due date along with a completed   Assignment Cover Page (available in Black Board).

· The assignment must be in MS Word format, no spacing, 12-pt Arial font and 2 cm margins on all four sides of your page with appropriate section headings and page numbers.

· Reference sources must be cited in the text of the report, and listed appropriately at the end in a reference list using Harvard referencing style.

   

   

Purpose:

  

Assignment Specifications

   

This assignment aims at developing student’s ability to critically examine the usefulness of the financial reporting regulations to Australian reporting entities, namely the Conceptual Framework and the adoption of IFRSs. Students are also required to research on another country that has adopted IFRSs in the past 5 years. They will have to do research on relevant literature and demonstrate understanding and critical evaluation of key issues of adopting IFRSs such as the transitional issues, challenges and benefits, and recommend future directions to the national accounting setting bodies.

Required Task: In the body of the assignment, students will have to critically discuss the following issues:

1. The relevance of the Conceptual Framework of financial reporting. How useful is it with examples to illustrate your arguments.

2. Compare and contrast the implementation of IFRSs in Australia and one other country of your choice. The second country must have adopted IFRSs for at least 5 years. For each of the two countries, discuss the following:

i. reasons for the national accounting body adopting IFRSs and when it was adopted;

ii. transitional issues faced (within a year or two), with examples;

iii. what challenges were faced by reporting entities upon adopting IFRSs. (Do not discuss transitional issues here). Include specific examples of accounting standard(s) and discuss the issues that made them challenging/difficult to adopt, to support your arguments;

iv. what were the benefits of adopting IFRSs by reporting entities;

v. the similarities and differences in the adoption of IFRSs faced by Australia and the other country you have chosen. Include what factors had caused the differences you found.

3. Based on your findings, do you think the adoption of IFRSs were successful in the two countries? Explain your answer.

4. Provide two recommendations to the national accounting setting bodies (incl. AASB) on ways to ensure the IFRSs continue to be relevant to users’ needs and to all sectors of the economy.

Assignment Structure should be as the following:

  

Marking Criteria

  

Marking Criteria


Weighting

 

Abstract


1%

 

Introduction


2%

 

1. The relevance of the Conceptual Framework of financial reporting. How useful

is   it with examples to illustrate your arguments.


5%

 

2. Compare and contrast the implementation of IFRSs in Australia and one other country of your choice. The second country must have adopted IFRSs for at least 5 years. For each of the two countries, discuss the following:

i. reasons for the national accounting body adopting IFRSs and when it was

adopted;


3%

 

ii. transitional issues faced (within a year or two), with examples.


3%

 

iii. what challenges were faced by reporting entities upon adopting IFRSs. (Do not discuss transitional issues here). Include specific examples of   accounting standard(s) and discuss the issues that made them

challenging/difficult to adopt, to support your   arguments;


3%

 

iv. what were the benefits of adopting IFRSs by reporting entities;


3%

 

v. the similarities and differences in the adoption of IFRSs faced by Australia

and the other country you have chosen. Include what factors had caused the differences you found.


3%

 

3. Based on your findings, do you think the adoption of IFRSs were successful in

the   two countries? Explain your answer.


3%

 

4. For each of the two countries, provide two recommendations to the national

accounting setting bodies on ways to ensure the IFRSs continue to be relevant to users’ needs and to all sectors of the economy.


2%

 

Overall   Presentation of Assignment


2%

 

TOTAL Marks


30%

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