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HI6025 Accounting Theory and current issues T2 Holmes

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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:
    1. reasons for the national accounting body adopting IFRSs and when it was adopted;
    1. transitional issues faced (within a year or two), with examples;
    1. 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;
    1. what were the benefits of adopting IFRSs by reporting entities;
    1. 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:

Text Box: Abstract (one paragraph) Table of Content Introduction
Body of the assignment with detailed answer on each of the required tasks Conclusion
List of References

…..

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%
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: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%

Marking Rubric

  Excellent Very Good Good Satisfactory Unsatisfactory
Abstract (1 mark) (1 mark) (0.8 mark) (0.6 mark) (0.5 mark) (0 mark)
  Clear, concise, A very good A good A poorly No abstract
  compelling abstract abstract. worded or included.
  abstract.     incomplete  
        abstract.  
Introduction (2 marks) (2 marks) (1.5 marks) (1.2 mark) (1 mark) (0 – 0.5 mark)
  Presented an Presented a Presented a Adequate Unable to
  excellent very good good introduction present a
  introduction. introduction. introduction. presented. proper
          introduction or
          confusing.
The relevance of the (5 marks) (4 marks) (3 marks) (2 marks) (0 – 1 mark)
Conceptual Framework of Clear, concise, A very good A good Adequate Unable to
financial reporting (5 compelling discussion of discussion of discussion of present a
marks) discussion of the relevance of the relevance the relevance of proper
  the relevance of the Conceptual of the the Conceptual discussion of
  the Conceptual Framework of Conceptual Framework of the relevance of
  Framework of financial Framework of financial the Conceptual
  financial reporting with financial reporting with Framework of
  reporting with very good reporting with adequate financial
  excellent examples. good examples. reporting with
  examples.   examples.   no examples or
          confusing.
Reasons for the national (3 marks) (2 marks) (1.8 marks) (1.5 marks) (0 – 1 mark)
accounting body adopting Clear, concise, Very good Good Adequate Unable to
IFRSs and when it was compelling discussion of discussion of discussion of present proper
adopted (3 marks) discussion of reasons for the reasons for the reasons for the discussion of
  reasons for the national national national reasons for the
  national accounting accounting accounting body national
  accounting body body adopting body adopting adopting IFRSs accounting body
  adopting IFRSs IFRSs and when IFRSs and and when it was adopting IFRSs
  and when it was it was adopted. when it was adopted. and when it was
  adopted.   adopted.   adopted or
          confusing.
Transitional issues faced (3 marks) (2 marks) (1.8 marks) (1.5 marks) (0 – 1 mark)
by the two countries (3 Clear, concise, Very good Good Adequate Unable to
marks) compelling discussion of discussion of discussion of present proper
  discussion of transitional transitional transitional discussion of
  transitional issues faced issues faced issues faced transitional
  issues faced (within a year or (within a year (within a year or issues faced
  (within a year or two), with or two), with two), with (within a year or
  two), with examples. examples. examples. two), with
  examples.       examples or
          confusing.
Challenges were faced by (3 marks) (2 marks) (1.8 marks) (1.5 marks) (0 – 1 mark)
reporting entities upon Clear, concise, Very good Good Adequate Unable to
adopting IFRS (3 marks) compelling discussion of discussion of discussion of present proper
  discussion of challenges challenges challenges faced discussion of
  challenges faced faced by faced by by reporting challenges faced
by reporting reporting reporting entities upon by reporting
entities upon entities upon entities upon adopting IFRSs, entities upon
adopting IFRSs, adopting IFRSs, adopting with specific adopting IFRSs,
with specific with specific IFRSs, with examples of with no specific
examples of examples of specific accounting examples of
accounting accounting examples of standard(s) that accounting
standard(s) that standard(s) that accounting made them standard(s) that
made them made them standard(s) challenging/ made them
challenging/ challenging/ that made difficult to challenging/
difficult to difficult to them adopt. difficult to
adopt. adopt. challenging/   adopt.
    difficult to    
    adopt.    
Benefits of adopting IFRSs (3 marks) (2 marks) (1.8 marks) (1.5 marks) (0 – 1 mark)
by reporting entities (3 Clear, concise, Very good Good Adequate Unable to
marks) compelling discussion of discussion of discussion of present proper
  discussion of the benefits of the benefits of the benefits of discussion of
  the benefits of adopting IFRSs adopting IFRSs adopting IFRSs the benefits of
  adopting IFRSs by reporting by reporting by reporting adopting IFRSs
  by reporting entities. entities entities by reporting
  entities.       entities or
          confusing.
Similarities and (3 marks) (2 marks) (1.8 marks) (1.5 marks) (0 – 1 mark)
differences in the Clear, concise, Very good Good Adequate Unable to
adoption of IFRSs faced compelling discussion of discussion of discussion of present proper
by Australia and the discussion of the similarities the similarities the similarities discussion of
selected country (3 the similarities and differences and and differences the similarities
marks) and differences in the adoption differences in in the adoption and differences
  in the adoption of IFRSs faced the adoption of IFRSs faced in the adoption
  of IFRSs faced by Australia and of IFRSs faced by Australia and of IFRSs faced
  by Australia and the other by Australia the other by Australia and
  the other country you and the other country you the other
  country you have chosen. country you have chosen. country you
  have chosen. Include what have chosen. Include what have chosen.
  Include what factors had Include what factors had Include what
  factors had caused the factors had caused the factors had
  caused the differences you caused the differences you caused the
  differences you found. differences found. differences you
  found.   you found.   found, or
          confusing.
The success of IFRS (3 marks) (2 marks) (1.8 marks) (1.5 marks) (0 – 1 mark)
adoption in the two Clear, concise, A very good A good Adequate Unable to
countries (3 marks) compelling explanation. explanation explanation present a
  explanation.       proper
          explanation, or
          confusing.
Recommendations to the (2 marks) (1.5 marks) (1.2 marks) (1 mark) (0 – 0.5 marks)
national accounting Clear, concise, A very good A good An adequate Unable to
setting bodies on ways to identification of identification of identification identification of present a
ensure continuing two two of two two proper
relevance of IFRS (2 recommenda- recommenda- recommenda- recommenda- identification of
marks) tions to the tions to the tions to the tions to the two
  national accounting setting bodies. national accounting setting bodies. national accounting setting bodies. national accounting setting bodies. recommenda- tions to the national accounting setting bodies.
Overall Presentation of (2 marks) (1.5 marks) (1.2 marks) (1 mark) (0 – 0.5 mark)
Assignment (2 marks) Include all Include all Include all Include most Lack key
  elements and is elements and is elements and elements and is elements and is
  very well well presented. is generally adequately poorly
  presented. Writing flows presented presented. presented.
  Writing flows clearly and appropriately. Writing Writing does
  clearly and sections are Writing mostly sometimes does not flow clearly
  sections are linked flows well and not flow clearly leaving the
  linked very effectively. sections are leaving the paper to seem
  effectively. Referencing is linked. paper to seem disjointed.
  Referencing is of a high Referencing is disjointed in Referencing is
  exemplary. standard. in accordance areas. not in
  English is used English is used with Referencing is accordance with
  very effectively effectively with guidelines. somewhat in relevant
  and error-free. very few errors English is used accordance with guidelines. Basic
    present. effectively guidelines. Basic English is used
      with few English is used with errors
      errors present. with some present.
        errors present.  
TOTAL Marks (30)         /30

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