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HI6025 T2 2020 Accounting Theory and Current Issues

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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

HI6025 Accounting Theory and Current Issues

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