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HI6025 T1 2020 Accounting Theory and Current Issues

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HI6025 Accounting Theory and current issues

Assessment Details and Submission Guidelines
Trimester T1 2020
Unit Code HI6025
Unit Title Accounting Theory and Current Issues
Assessment Type Group Assignment & Video Presentation
Assessment Title Australian financial reporting regulations: A Critical Review
Purpose of the assessment (with ULO Mapping) Students are required to critically examine the financial reporting regulations for Australian reporting entities, and the relevance of Positive Accounting Theory (PAT) in predicting accounting practice. They will have to identify a real-life accounting fraud case and evaluate it based on their violations of financial reporting regulations. Students will have to do research on relevant academic literature and demonstrate understanding and critical evaluation of the Australian financial reporting environment and its current regulatory framework, and recommend future directions to the Australian financial reporting regulators (ULO 1, 2, 4, 6, 7).
Weight 40 % of the total assessments
Total Marks 40
Word limit 3,000 words ± 500 words for report & 10 minutes video presentation
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 and Video Link: 11:59 pm Friday, 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.

HI6025 Accounting Theory and Current Issues Group Assignment T1 2020

Purpose:

Assignment Specifications

This assignment aims at developing student’s ability to critically examine the financial reporting regulations for Australian reporting entities, and the relevance of Positive Accounting Theory (PAT) in predicting accounting practice. They will have to identify a real-life accounting fraud case and evaluate it based on their violations of financial reporting regulations. Students will have to do research on relevant academic literature and demonstrate understanding and critical evaluation of the Australian financial reporting environment and its current regulatory framework, and recommend future directions to the Australian financial reporting regulators.

Students are required to review the relevant academic literature, incl. relevant organisation websites and write in-text citations when answering this assignment.

Required Tasks:

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

  1. Identify and discuss the current regulatory framework or regulations encompassing the preparation of financial statements by reporting entities in Australia. (3 marks)
  • In your opinion, is the Australian financial reporting environment over regulated? Justify your answer. [Hint: Cite relevant literature source(s) to back up your answer]. (4 marks)
  • Identify one (1) real-life ‘financial reporting accounting fraud’ that occurred post 1990 (i.e. in the last 30 years), in any country, and answer the following questions:
  1. Summarise the key facts about your chosen ‘financial reporting accounting fraud’ (3 marks)
    1. Explain which of Positive Accounting Theory’s (PAT’s) hypotheses predicted the practice(s) of the parties involved in your chosen accounting fraud. (4 marks)
    1. Discuss what specific accounting regulations were violated? (4 marks)
    1. What valuable lessons can the accounting community (incl. reporting entities and regulators), learn from the outcomes of your chosen accounting fraud? (3 marks)
    1. Provide two (2) recommendations to the Australian financial reporting regulators, to prevent accounting frauds from happening in the future. (4 marks)

Assignment Structure should be as the following:

Marks Allocation:

Your group will receive a mark out of 40, based on the following criteria:

  1. Written Report 30 marks (refer to marking criteria below)
  • 10 minutes Video Presentation 10 marks (refer to marking criteria below)

Marking Criteria – Written Report

Marking Criteria Weighting
Abstract 1%
Introduction 2%
1. Identify and discuss the current regulatory framework or regulations encompassing the preparation of financial statements by reporting entities in Australia. 3%
2. In your opinion, is the Australian financial reporting environment over regulated? Justify your answer. [Hint: Cite relevant literature source(s) to back up your answer]. 4%
Identify one (1) real-life ‘financial reporting accounting fraud’ that occurred post 1990 (i.e. in the last 30 years), in any country, and answer the following questions:Summarise the key facts about your chosen ‘financial reporting accounting fraud’       3%
b) Explain which of Positive Accounting Theory’s (PAT’s) hypotheses predicted the practice(s) of the parties involved in your chosen accounting fraud. 4%
c) Discuss what specific accounting regulations were violated? 4%
d) What lessons have been learnt from your chosen accounting fraud? 3%
e)   Provide two (2) recommendations to the Australian financial reporting regulators, to prevent accounting frauds from happening in the future. 4%
Overall Presentation of Assignment 2%
TOTAL Marks (30) 30%

Marking Criteria – Video Presentation

Marking Criteria Weighting
1. Clarity of explanations (incl. logical development of arguments) 5%
2. Body Language, Eye Contact, Voice Quality 2%
3. Effective delivery of presentation (professional, logical and integrated manner, timeliness) 3%
TOTAL Marks (10) 10%

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