Get Cheapest Assignment in Australia, UK, US, UAE, Canada and NZ Order Now

HI6025 T3 2019 Accounting Theory and Current Issues

0 Comments

Looking for HI6025 Accounting theory and current issues

Assessment Details and Submission Guidelines
Trimester T3 2019
Unit Code HI6025 Accounting Theory and Current Issues
Unit Title Accounting Theory and Current Issues
Assessment Type Group Assignment & Video Presentation
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, and the relevance of Positive Accounting Theory (PAT). 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 40 % of the total assessments
Total Marks 40
Word limit 3,000 words ± 500 words for report & 10 mins 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 T3 2019

Purpose HI6025

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 relevance of Positive Accounting Theory (PAT) 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.

HI6025 Accounting Theory and Current Issues
HI6025 Accounting Theory and Current Issues

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

  1. The relevance of Positive Accounting Theory (PAT) for financial reporting. Use at least two examples to illustrate your arguments from the relevant accounting literature.
  2. Choose one country apart from Australia that has implemented IFRSs for a minimum of 5 years, and register the country with your lecturer. No group can choose the same country in the same class.

Compare and contrast the implementation of IFRSs in Australia and the other country of your choice, approved by your Lecturer. 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.
  2. Based on your findings, do you think the adoption of IFRSs were successful in the two countries? Explain your answer.
  3. 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:

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 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.

Marks Allocation:

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

  1. Report Submission (refer to marking rubric) – 30 marks
  • 10 minutes Group Presentation – 10 marks as follows:
  1. Clarity of explanations (incl. logical development of arguments) – 5 marks
  • Body Language, Eye Contact, Voice Quality – 2 marks
  • Effective delivery of presentation (professional, logical and integrated manner, timeliness) – 3 marks

Marking Criteria of Report Submission

Marking Criteria Weighting
Abstract 1%
Introduction 2%
1. The relevance of Positive Accounting Theory (PAT) for financial reporting. Use at least two examples to illustrate your arguments from the relevant accounting literature. 5%
Compare and contrast the implementation of IFRSs in Australia and the other country of your choice, approved by your Lecturer. 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 of Report Submission

  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.
1. The relevance of (5 marks) (4 marks) (3 marks) (2 marks) (0 – 1 mark)
Positive Accounting Clear, concise, A very good A good Adequate Unable to
Theory (PAT) for financial compelling discussion of discussion of discussion of present a
reporting. Use at least discussion of the relevance of the relevance the relevance of proper
two examples to illustrate the relevance of Positive of Positive Positive discussion of
your arguments from the Positive Accounting Accounting Accounting the relevance of
relevant accounting Accounting Theory (PAT) for Theory (PAT) Theory (PAT) for Positive
literature. (5 marks) Theory (PAT) for financial for financial financial Accounting
  financial reporting with reporting with reporting with Theory (PAT) for
  reporting with very good good adequate financial
  excellent examples. examples. examples. reporting with
  examples.       no examples or
          confusing.
2. Compare and contrast (3 marks) (2 marks) (1.8 marks) (1.5 marks) (0 – 1 mark)
the implementation of Clear, concise, Very good Good Adequate Unable to
IFRSs in Australia and the compelling discussion of discussion of discussion of present proper
other country of your discussion of reasons for the reasons for the reasons for the discussion of
choice, approved by your reasons for the national national national reasons for the
Lecturer. For each of the national accounting accounting accounting body national
two countries, discuss the accounting body body adopting body adopting adopting IFRSs accounting body
following: adopting IFRSs IFRSs and when IFRSs and and when it was adopting IFRSs
i) reasons for the national and when it was it was adopted. when it was adopted. and when it was
accounting body adopting adopted.   adopted.   adopted or
IFRSs and when it was         confusing.
adopted; (3 marks)          
ii) Transitional issues (3 marks) (2 marks) (1.8 marks) (1.5 marks) (0 – 1 mark)
faced (within a year or Clear, concise, Very good Good Adequate Unable to
two), with examples; (3 compelling discussion of discussion of discussion of present proper
marks) 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.
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 marks) (3 marks) Clear, concise, compelling discussion of challenges faced by reporting entities upon adopting IFRSs, with specific examples of accounting standard(s) that made them challenging/ difficult to adopt. (2 marks) Very good discussion of challenges faced by reporting entities upon adopting IFRSs, with specific examples of accounting standard(s) that made them challenging/ difficult to adopt. (1.8 marks) Good discussion of challenges faced by reporting entities upon adopting IFRSs, with specific examples of accounting standard(s) that made them challenging/ difficult to adopt. (1.5 marks) Adequate discussion of challenges faced by reporting entities upon adopting IFRSs, with specific examples of accounting standard(s) that made them challenging/ difficult to adopt. (0 – 1 mark) Unable to present proper discussion of challenges faced by reporting entities upon adopting IFRSs, with no specific examples of accounting standard(s) that made them challenging/ difficult to adopt.
iv) what were the benefits of adopting IFRSs by reporting entities; (3 marks) (3 marks) Clear, concise, compelling discussion of the benefits of adopting IFRSs by reporting entities. (2 marks) Very good discussion of the benefits of adopting IFRSs by reporting entities. (1.8 marks) Good discussion of the benefits of adopting IFRSs by reporting entities (1.5 marks) Adequate discussion of the benefits of adopting IFRSs by reporting entities (0 – 1 mark) Unable to present proper discussion of the benefits of adopting IFRSs by reporting entities or confusing.
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 marks) (3 marks) Clear, concise, compelling discussion of 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. (2 marks) Very good discussion of 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. (1.8 marks) Good discussion of 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. (1.5 marks) Adequate discussion of 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. (0 – 1 mark) Unable to present proper discussion of 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, or confusing.
3. Based on your findings, do you think the adoption of IFRSs were successful in the two countries? Explain your answer. (3 marks) (3 marks) Clear, concise, compelling explanation. (2 marks) A very good explanation. (1.8 marks) A good explanation (1.5 marks) Adequate explanation (0 – 1 mark) Unable to present a proper explanation, or confusing.
4. For each of the two (2 marks) (1.5 marks) (1.2 marks) (1 mark) (0 – 0.5 mark)
countries, provide two Clear, concise, A very good A good An adequate Unable to
recommendations to the identification of identification of identification identification of present a
national accounting two two of two two proper
setting bodies on ways to recommenda- recommenda- recommenda- recommenda- identification of
ensure the IFRSs continue tions to the tions to the tions to the tions to the two
to be relevant to users’ national national national national recommenda-
needs and to all sectors accounting accounting accounting accounting tions to the
of the economy. (2 setting bodies. setting bodies. setting bodies. setting bodies. national
marks)         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