Assessment Details and Submission Guidelines
Trimester T2 2020
Unit Code HI6025
Unit Title HI6025 Accounting Theory and Current Issues
Assessment Type Group Assignment
Assessment Title Adoption of IFRSs and CSR Reporting
Purpose of the assessment (with ULO Mapping)
Students are required to critically examine the adoption of IFRSs and the benefits and challenges for reporting entities in Australia or any one country of choice. They will have to do research on relevant literature and demonstrate understanding and critical evaluation of key disclosure issues relating to application of specific accounting standards. They will also need to compare and contrast a real-life company’s corporate social responsibility (CSR) reporting and recommend future directions to the Australian financial reporting regulators. (ULO 1, 2, 3, 4, 5, 6, 7).
Weight 40 % of the total assessments
Total Marks 40
Word limit 3,000 words ± 500 words
Due Date Group Formation: Please form the group by self-enrolling in Blackboard. There should be maximum of 4 members in a group. Email BBHelpdesk@holmes.edu.au for any issues with self-enrolling into groups.
Assignment submission: Final Submission of Group Assignment: Week 10, Thursday 24th of September at 11:59 pm.
Submission Guidelines
Late submission incurs penalties of five (5) % of the assessment per calendar day unless an extension and/or special consideration has been granted by Student Services of your campus prior to the assessment deadline.
• All work must be submitted on Blackboard by the due date along with a completed
Assignment Cover Page.
• 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 the student’s ability to critically examine the financial reporting regulations for reporting entities in Australia or any one country of choice, and the effect of adopting IFRSs (global accounting standards). They will also need to compare and contrast a real-life company’s corporate social responsibility (CSR) reporting and recommend future directions to the Australian financial reporting regulators. Students will have to research relevant academic literature, including related organisation websites and write in-text citations in this assignment. Additionally, they will 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.
Required Task: Part A
1. Choose a country that has adopted IFRSs (i.e. global accounting standards) for at least 3 or more years, as revealed in the accounting literature, and discuss the following:
I. In what year did the country adopt IFRSs?
II. Were the IFRSs introduced all together (at once), or gradually into the local accounting standards of your chosen country? Explain the possible reason.
III. Discuss the benefits and challenges reported in the literature about the adoption of IFRSs in your chosen country.
2. Choose a publicly listed company from your chosen country above that you can access their annual report, including financial statements and notes to the accounts. (e.g. Choose a company that is listed in the Australian Securities Exchange (ASX) if you chose Australia; or Hong Kong Exchange if you chose Hong Kong etc.). Find and download the financial statements for two (2) years as follows:
• 1st financial statement – Choose the year immediately before IFRSs adoption and
• 2nd financial statement – Choose either 2019 or 2018 only.
Compare the two (2) years’ financial statements and accompanying notes to the accounts selected above, and discuss the following:
I. Identify and discuss any remarkable changes to the disclosures relating to any two of the following financial aspects:
• Non-Current Assets
• Intangible Assets
• Leases
• Employee Benefits
II. Express your opinion about the usefulness of the new format of disclosures compared to the disclosures at the pre-adoption of IFRSs. Include examples to support your opinion.
Part B
1. Discuss key trends in Corporate Social Responsibility (CSR), as reviewed in the literature in the past 5 years. (Word limit: approx. 500 – 800 words).
2. Choose one company listed on the ASX and obtain its latest annual report (incl. financial statements). Compare and contrast the extent of CSR reporting by your chosen company with your review of the literature (above in 1.), by answering the following questions:
I. Evaluate the company’s extent of CSR reporting. (Include in your discussion, specific evidence of
CSR disclosures, e.g. environmental etc.).
II. Using one relevant accounting theory (e.g. PAT, Legitimacy Theory, Stakeholder Theory), explain why particular CSR disclosures were made by your chosen company.
III. In your opinion, is there scope for improvement in CSR reporting by your company? Explain with two specific examples.
3. Based on your findings, provide two (2) recommendations to the Australian financial reporting regulators about the future of CSR reporting that will guide Australian public entities in the future.
Assignment Structure should be as the following:
Assignment cover page clearly stating your name(s) and student number(s) Group’s Assignment Task Allocation table (except for Solo group members) Abstract (one paragraph)
Table of Content
Introduction
Body of the assignment with appropriate section headings
Conclusion
List of references
Appendices (optional)
To ensure that all students participate equitably in the group assignment and that students are responsible for the academic integrity of all components of the assignment. You need to complete the following Group Assignment Task Allocation table, which identifies which student/students are responsible for the various sections of the assignment.
Assignment Section Student/Students
This table needs to be completed and submitted with the assignment as it is a compulsory component required before any grading is undertaken. Students that are registered in a solo group are not required to fill this table.
Academic Integrity
Holmes Institute is committed to ensuring and upholding Academic Integrity, as Academic Integrity is integral to maintaining academic quality and the reputation of Holmes’ graduates. Accordingly, all assessment tasks need to comply with academic integrity guidelines. Table 1 identifies the six categories of Academic Integrity breaches. If you have any questions about Academic Integrity issues related to your assessment tasks, please consult your lecturer or tutor for relevant referencing guidelines and support resources. Many of these resources can also be found through the Study Sills link on Blackboard.
Academic Integrity breaches are a serious offence punishable by penalties that may range from deduction of marks, failure of the assessment task or unit involved, suspension of course enrolment, or cancellation of course enrolment.
Table 1: Six categories of Academic Integrity breaches
Plagiarism Reproducing the work of someone else without attribution.
When a student submits their own work on multiple occasions this is known as self-plagiarism.
Collusion Working with one or more other individuals to complete an assignment, in a way that is not authorised.
Copying Reproducing and submitting the work of another student, with or without their knowledge. If a student fails to take reasonable precautions to prevent their own original work from being copied, this may also be considered an offence.
Impersonation Falsely presenting oneself, or engaging someone else to present as oneself, in an in-person examination.
Contract cheating Contracting a third party to complete an assessment task, generally in exchange for money or other manner of payment.
Data fabrication and falsification
Source: INQAAHE, 2020
Manipulating or inventing data with the intent of supporting false conclusions, including manipulating images.
Marking Criteria:
Marking criteria Weighting
Abstract 1% Introduction 2% Part A
1. Choose a country that has adopted IFRSs (i.e. global accounting standards) for at least 3
or more years, then discuss the following: 1% I. In what year did the country adopt IFRSs?
II. Were the IFRSs introduced all together (at once), or gradually into the local 3%
accounting standards of your chosen country? Explain the possible reason.
III. Discuss the benefits and challenges reported in the literature about the adoption of 4%
IFRSs in your chosen country.
2. Compare the two (2) years’ financial statements and accompanying notes to the accounts 4%
selected above, and discuss the following:
I. Identify and discuss any remarkable changes to the disclosures relating to any two of the following financial aspects:
• Non-Current Assets
• Intangible Assets
• Leases
• Employee Benefits
II. Express your opinion about the usefulness of the new format of disclosures 3%
compared to the disclosures at the pre-adoption of IFRSs. Include examples to
support your opinion.
Part B
1. Discuss key trends in Corporate Social Responsibility (CSR), as reviewed in the literature 5%
in the past 5 years. (Word limit: approx. 500 – 800 words).
2. Choose one company listed on the ASX and obtain its latest annual report (incl. financial 5%
statements). Compare and contrast the extent of CSR reporting by your chosen company
with your review of the literature (above in 1.), by answering the following questions:
I. Evaluate the company’s extent of CSR reporting. (Include in your discussion,
specific evidence of CSR disclosures, e.g. environmental etc.).
II. Using one relevant accounting theory (e.g. PAT, Legitimacy Theory, Stakeholder 4%
Theory), explain why particular CSR disclosures were made by your chosen
company.
III. In your opinion, is there scope for improvement in CSR reporting by your 4%
company? Explain with two specific examples.
3. Based on your findings, provide two (2) recommendations to the Australian financial 2%
reporting regulators about the future of CSR reporting that will guide Australian public
entities in the future.
Overall Presentation of Assignment 2%
TOTAL Weight 40%
HOLMES INSTITUTE
FACULTY OF HIGHER EDUCATION
Marking Rubric
Excellent Very Good Good Satisfactory Unsatisfactory
Abstract (1 mark) (0.9 – 1 mark)
Clear, concise, compelling abstract.
Introduction (2 marks) (1.7 – 2 marks) Present an excellent introduction.
(0.7 – 0.8 mark) A very good abstract.
(1.3 – 1.6 marks) Present a very good introduction.
(0.6 mark)
A good abstract.
(1.1 – 1.2 marks) Present a good introduction.
(0.5 mark)
A poorly worded or incomplete abstract.
(0.6 -1 mark) Adequate introduction presented.
(0 – 0.4 mark)
No abstract included.
(0 – 0.5 mark)
Unable to present a proper introduction or confusing.
Part A
Choose a country that has adopted IFRSs
(i.e. global accounting standards) for at least 3 or more years, as revealed in the accounting literature, and discuss the following:
I. In what year did the country
adopt IFRSs? (1 mark)
II. Were the IFRSs introduced all together (at once), or gradually into the local accounting standards of your chosen country? Explain the possible reason. (3 marks)
(0.9 – 1 mark)
Clear, concise, compelling
answer, with evidence cited.
(2.1 – 3 marks) Present an excellent discussion with reasons on how IFRSs were introduced
– all together (at once), or gradually into the local
(0.7 – 0.8 mark) Very good answer with evidence cited.
(1.9 – 2 marks) Present a very good discussion with reasons on how IFRSs were introduced – all together (at
(0.6 mark) Good answer
with evidence cited.
(1.6 – 1.8 marks) Present a good discussion with reasons on how IFRSs were introduced – all together (at once),
(0.5 mark) Adequate answer, with limited evidence cited
(1.1–1.5 mark) Present a reasonable discussion with some reasons on how IFRSs were introduced – all
(0 – 0.4 mark)
Unable to present proper
answer, with no evidence cited.
(0 – 1 mark)
Unable to explain with no reasons on how IFRSs were introduced – all together (at once), or gradually into the local accounting standards
HI6025 Accounting Theory and Current Issues Group Assignment T2 2020
III. Discuss the benefits and challenges reported in the literature about the adoption of IFRSs in your chosen country.
(4 marks)
Compare the two (2) years’ financial statements and accompanying notes to the accounts selected above, and discuss the following:
I. Identify and discuss any changes that are noticeable to the disclosures specifically relating to any two of the financial aspects chosen. (4 marks)
accounting standards of your chosen country.
(3.6 – 4 marks)
Clear, concise, compelling discussion of the benefits and challenges reported in the literature about the adoption of IFRSs in your chosen country.
(3.6 – 4 marks)
Clear, concise, compelling discussion of changes that are noticeable to the disclosures specifically relating to any two of the financial aspects chosen.
once), or gradually into the local accounting standards of your chosen country.
(3.1 – 3.5 marks) A very good discussion of the benefits and challenges reported in the literature about the adoption of IFRSs in your chosen country. (3.1 – 3.5 marks) Very good discussion of changes that are noticeable to
the disclosures
specifically relating to any two of the financial aspects chosen.
or gradually into the local accounting standards of your chosen country.
(2.6 – 3 marks)
A good discussion of the
benefits and challenges reported in the literature about the adoption of IFRSs in your chosen country.
(2.6 – 3 marks) Good discussion of changes that are noticeable to the disclosures specifically relating to any two of the financial aspects chosen.
together (at once), or gradually into the local accounting standards of your chosen country.
(1.6 – 2.5 marks) Adequate discussion of the benefits and challenges reported in the literature about the adoption of IFRSs in your chosen country. (1.6 – 2.5 marks) Adequate discussion of changes that are noticeable to the disclosures
specifically relating to any two of the financial aspects
chosen.
of your chosen country, or confusing.
(0 – 1.5 marks)
Unable to present a proper discussion of the benefits and challenges reported in the literature about the adoption of IFRSs in your chosen country, or confusing.
(0 – 1.5 marks)
Unable to present a proper discussion of changes that are noticeable to the disclosures specifically relating to any two of the financial aspects chosen, or confusing.
II. Express your opinion about the usefulness of the new format of disclosures compared to the disclosures at the pre-adoption of IFRSs. Include examples to support your opinion.
(2.1 – 3 marks)
Clear, concise, compelling
opinion about the usefulness of the new format of disclosures
(1.9 – 2 marks) Very good opinion about the usefulness of the new
(1.6 – 1.8 marks) Good opinion about the usefulness of
the new format of disclosures
(1.1–1.5marks) Adequate opinion about the usefulness of the new format of
(0 – 1 mark)
Unable to present opinion
about the usefulness of the new format of disclosures compared to the disclosures
(3 marks) compared to the disclosures at the pre- adoption of IFRSs relating to the two (2) chosen financial aspects of your chosen company, with excellent examples to support opinion.
format of disclosures compared to the disclosures at
the pre- adoption of IFRSs relating to the two (2) chosen financial aspects of your chosen company, with very good examples to
support opinion.
compared to the disclosures at the pre-adoption of IFRSs relating to the two (2) chosen financial aspects of your chosen company, with adequate examples to support opinion.
disclosures compared to the disclosures at the pre-adoption of IFRSs relating to the two (2) chosen
financial aspects of your chosen company, with inadequate examples to support opinion.
at the pre-adoption of IFRSs relating to the two (2) chosen financial aspects of your chosen company, with inadequate examples to support opinion, or confusing.
Part B
Discuss key trends in Corporate Social Responsibility (CSR), as reviewed in the literature in the past 5 years. (Word limit: approx. 500 – 800 words). (5 marks)
Choose one company listed on the ASX and obtain its latest annual report (incl. financial statements). Compare and contrast the extent of CSR reporting by your chosen company with your review of the literature (above in 1.), by answering the following questions:
I. Evaluate the company’s extent of CSR
reporting. (Include in your discussion,
(4.1 – 5 marks)
Clear, concise review of the key trends concerning Corporate Social Responsibility (CSR), from the literature in the past 5 years.
(4.1 – 5 marks)
Clear, concise, compelling discussion of the company’s extent of CSR reporting, with clear, concise, compelling evidence of CSR disclosures, (e.g. environmental etc.)
(3.6 – 4 marks) Very good review of the key trends concerning
Corporate Social Responsibility (CSR), from the literature in the past 5 years.
(3.6 – 4 marks) Very good discussion of the company’s extent of CSR reporting, with very good evidence of CSR disclosures, (e.g.
(3.1 – 3.5 marks) Good review of the key trends concerning Corporate Social Responsibility (CSR), from the literature
in the past 5 years.
(3.1 – 3.5 marks) Good discussion of the company’s extent of CSR reporting, with good evidence of CSR disclosures, (e.g. environmental etc.).
(2.1 – 3marks) Reasonable review of the key trends concerning Corporate Social Responsibility (CSR), from the literature in the past 5 years.
(2.1 – 3marks) Reasonable discussion of the company’s extent of CSR reporting, with adequate evidence of CSR disclosures, (e.g. environmental etc.).
(0 – 2 mark)
Unable to review the key trends concerning Corporate Social Responsibility (CSR), from the literature in the past 5 years, or confusing.
(0 – 2 mark)
Unable to present proper discussion of the company’s extent of CSR reporting,
with no evidence of CSR disclosures, (e.g. environmental etc.), or confusing.
specific evidence of CSR disclosures, e.g. environmental etc.). (5 marks)
environmental etc.).
II. Using one relevant accounting theory (e.g. PAT, Legitimacy Theory, Stakeholder Theory), explain why particular CSR disclosures were made by your chosen company. (4 marks)
III. In your opinion, is there scope for improvement in CSR reporting by your company? Explain with two specific examples. (4 marks)
Based on your findings, provide two (2) recommendations to the Australian financial reporting regulators about the future of CSR reporting that will guide Australian public entities in the future. (2marks)
(3.6 – 4 marks)
Clear, concise, compelling discussion using one relevant accounting theory (e.g. PAT, Legitimacy Theory, Stakeholder Theory), to explain why particular CSR disclosures were made by your chosen company.
(3.6 – 4 marks)
Clear, concise, compelling discussion of the scope for improvement in CSR reporting by your company, with two excellent examples mentioned.
(1.7 – 2 marks)
Clear, concise, compelling 2 recommendations to the Australian financial reporting regulators about the future of CSR reporting
(3.1 – 3.5 marks) Very good discussion using one relevant accounting theory (e.g. PAT, Legitimacy Theory, Stakeholder Theory), to explain why particular CSR disclosures were made by your chosen
company.
(3.1 – 3.5 marks) Very good discussion of the scope for improvement in CSR reporting by your company, with two very good examples mentioned.
(1.3 – 1.6 marks) Very good 2 recommenda- tions to the Australian financial
(2.6 – 3 marks) Good discussion using one relevant accounting theory (e.g. PAT, Legitimacy Theory, Stakeholder Theory), explain why particular CSR disclosures were made by your chosen company.
(2.6 – 3 marks) Good discussion of the scope for improvement in CSR reporting by your company, with two good examples mentioned.
(1.1 – 1.2 marks) Good 2 recommendations to the Australian financial reporting regulators about
(1.6 – 2.5 marks) Reasonable discussion using one relevant accounting theory (e.g. PAT, Legitimacy Theory, Stakeholder Theory), explain why particular CSR disclosures were made by your chosen company.
(1.6 – 2.5 marks) Reasonable discussion of the scope for improvement in CSR reporting by your company, with two adequate examples mentioned.
(0.6 – 1 mark) Reasonable 2 recommendations to the Australian financial reporting regulators about
(0 – 1.5 marks)
Unable to present proper discussion using one relevant accounting theory (e.g. PAT, Legitimacy
Theory, Stakeholder Theory)
to explain why particular CSR disclosures were made by your chosen company. or confusing.
(0 – 1.5 marks)
Unable to present proper discussion of the scope for improvement in CSR reporting by your company, with no examples mentioned, or confusing.
(0 – 0.5 mark) Unable to present 2 recommendations to the Australian financial reporting regulators about the future of CSR reporting
Overall Presentation of Assignment
(2 marks)
that will guide Australian public entities in the future.
(1.7 – 2 marks)
Include all elements and is very well presented. Writing flows clearly and sections are linked very effectively. Referencing is exemplary. English is used very effectively and error- free.
reporting regulators about the future of
CSR reporting that will guide Australian public entities in the future.
(1.3 – 1.6 marks) Include all elements and is well presented. Writing flows clearly and sections are linked effectively. Referencing is of a high standard. English is used effectively with very few errors present.
the future of CSR reporting that will guide Australian public entities in the future.
(1.1 – 1.2 marks) Include all elements and is generally presented appropriately. Writing mostly
flows well and sections are linked. Referencing is in accordance with guidelines. English is used effectively
with few errors present.
the future of CSR reporting that will guide Australian public entities in the future.
(0.6 – 1 mark) Include most elements and is adequately presented. Writing sometimes does not flow clearly leaving the paper to seem disjointed in areas. Referencing is somewhat in accordance with guidelines. Basic English is used
with some errors present.
that will guide Australian public entities in the future, or confusing.
(0 – 0.5 marks)
Lack key elements and is poorly presented. Writing does not flow clearly leaving the paper to seem disjointed. Referencing is
not in accordance with relevant guidelines. Basic English is used with errors present.
TOTAL Marks (40) /40