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ACC518 Current Developments In Accounting Thought

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Assessment item 1ACC518 Current Developments In Accounting Thought

Short Critical Essays Value: 15%

Due Date: 15-Aug-2019 Return Date: 05-Sep-2019 Length: 2,500 words (guide)

Submission method options: Alternative submission method

Task

Question 1 – 750 words

  1. What advantages or benefits have been claimed by standard-setters in support of the advancement of conceptual framework projects? In your response, identify groups which stand to benefit from the development of conceptual framework projects.
  2. Hines (1989, p. 89) says that conceptual frameworks are ‘a strategic manoeuvre for providing legitimacy to standard setting bodies during periods of competition or threatened government intervention’. Compare and contrast the arguments of Hines with the advantages

   (and who stands to benefit from those advantages) you identified in part a).                            

(Reference: Hines, R (1989) “Financial accounting knowledge, conceptual framework projects and the social construction of the Accounting profession”. Accounting, Auditing and Accountability Journal, 2(2), pp. 72-92)

ACC518 Current Developments In Accounting Thought

Question 2 – 750 words

The AASB Framework OB2 states that: “The objective of general purpose financial reporting is to provide financial information about the reporting entity that is useful to existing and potential investors, lenders and other creditors in making decisions about providing resources to the entity. Those decisions involve buying, selling or holding equity and debt instruments, and providing or settling loans and other forms of credit”

Does the identification of particular groups of users have implications for the measurement basis that will ultimately be adopted by the AASB for use in Australia? Justify your position. In your response you should consider whether fair values or historical costs would be more relevant to the users identified in the AASB Framework.

Question 3 – 750 words

Despite the efforts of various people, including Chambers, Sterling, Edwards and Bell, historical cost accounting is still a widely used method within financial reporting. Why do you think that historical cost accounting remains an accepted method of measurement? In your response, you should consider the merits (or otherwise) of the methods proposed by the aforementioned authors (CCA, CoCoA, CPPA etc).

Online submission via Turnitin is required for this assignment. Details will be provided by your subject lecturer.

Rationale

This assessment task will assess the following learning outcome/s:

  • be able to critically evaluate attempts to develop and apply a conceptual framework.
    • be able to critically appraise the objectives of accounting and relate them to the various concepts of accounting discussed in earlier subjects.
    • be able to analyse the possible usefulness of alternative measurement systems to historical cost.

Assessment item 2ACC518 Current Developments In Accounting Thought

Review of Current Accounting Issues Value: 25%

Due Date: 18-Sep-2019 Return Date: 14-Oct-2019 Length: 3,000 words (guide)

Submission method options: Alternative submission method

Task

In your accounting career you will be required to analyse current accounting issues and communicate your theoretical understanding to your professional colleagues and your clients. For this assignment assume that you are the senior accountant working for a major firm.

Question 1 – 1,500 words

The CEO has forwarded to you an interesting article and requires you to provide her with a deeper theoretical understanding of the issues discussed so that she can fully engage in the lively discourse at an upcoming conference.

You are required to find a newspaper article or web page report of an item of accounting news,

  1. it refers to a current event, consideration, comment or decision that has been published after the 1st of June 2019. Your article could also come from one of the professional journals. The article should not come from an academic journal. Academic journals generally do not contain news articles or articles of less than one page and are usually only published 2 or 4 times a year. Your article should also relate to a different issue to what you will be investigating in Question 2 (in other words, don’t use an article about the exposure draft you will be using in question 2). If you are having a problem ensuring that your article is from an appropriate source contact your subject coordinator.

You then need to explain the article that you have found in your own words and clearly relate the concepts, ideas and facts within the article to one or more of the theories or topics that you have studied this session. Support your analysis of the assumptions and implications of the topic or theory as appropriate with reference to sources in APA 6 style. For example, this article (https://search-proquest-com.ezproxy.csu.edu.au/docview/ 2064324998?accountid=10344)from The Australian in July 2018 could be linked to the topics of accounting regulation and measurement (and perhaps others). You must provide a copy of the article or web page, with details of the source, date and page number with your answer.

Question 2 – 1,500 words

The Senior Partner of the firm you work for has appointed you to a new role. It is now your responsibility to review upcoming accounting standards and provide a report to the partners on the proposed standard and the opinions of other industry players on the changes.

Firstly, you are required to find a current exposure draft or proposal for a new accounting standard (no older than 1 year) which has been opened for public comments. (These can be found on the websites of most standard-setting organisations, such as the IASB, AASB and FASB. Hint: These websites can be quite difficult to navigate, so as a first step try typing “IASB exposure draft and comment letters”/”FASB exposure draft and comment letters” into Google or other search engine of your choice). Read a sample of the comments from a range of respondents. Select four respondents, ideally from different types of organisations for example, from accounting bodies, industry, companies or corporate bodies. If you are having a problem finding suitable comments letters then contact your subject coordinator.

In your own words, supporting your evaluation with appropriate citations, appropriately referenced in APA 6 style, you are required to include the following information in the report.

  • An outline of the major issues covered in the exposure draft (what is the exposure draft introducing or changing?).
    • An outline of the views presented in the comments letters which highlights the areas of agreement and disagreement with the exposure draft.
    • An assessment (with relevant examples) as to whether the comments letters utilise any of the arguments ‘for’ or ‘against’ regulation.
    • An interpretation of the actions of the authors of the comments letters based on each

of the theories of regulation (public interest, private interest and capture) including an

explanation of which theory(ies) you think best explains the comments.

Please note: you need to attach the comment letters you selected for your report (there is no need to attach the exposure draft)

Online submission via Turnitin is required for this assignment. Details will be provided by your subject lecturer.

Rationale

This assessment task will assess the following learning outcome/s:

  • be able to critically evaluate selected current financial reporting and management accounting issues.

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