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MA601 Theory and current issues in accounting MIT

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MA601 Theory and current issues in accounting

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Assessment Details and Submission Guidelines MA601 Theory and Current Issues in Accounting
SchoolBusiness
Course NameMaster of Professional Accounting (MPA)
Unit CodeMA601
Unit TitleTheory and Current Issues in Accounting
TrimesterTrimester 1, 2021
Assessment Author  Dr Jayasinghe Hewa Dulige
Assessment TypeReport
Assessment TitleAssessment Task 3 – Individual
Unit Learning Outcomes Addressed:The purpose of this assignment is to assess the following Learning Outcomes:  a. Explain, describe and demonstrate mastery of the financial accounting standard setting process of Australia. b. Critically analyse and interpret current issues and developments in accounting theory and financial reporting
Weight20%
Total Marks100
Word limit1250-1500
Release DateWeek Three
Due DateWeek 6
Submission GuidelinesThis assignment should be completed individually.All work must be submitted on Moodle by the due date along with a completed Assignment Cover Page. The assignment must be in MS Word format, 1.5 spacing, 11-pt Calibri (Body) font and 2 cm margins on all four sides of your page with appropriate section headings.  Reference sources must be cited in the text of the report, and listed appropriately at the end in a reference list using APA 6th edition for the School of Business.
ExtensionIf an extension of time to submit work is required, an Application for Special Consideration and supporting documentation must be submitted directly to the School’s Administration Officer via your MIT AMS login [https://online.mit.edu.au/ams/default.aspx?ReturnUrl=%2fams%2f]. You must submit this application no later than three working days after the due date of the specific piece of assessment or the examination for which you are seeking Special Consideration.  Further information is available at: http://www.mit.edu.au/aboutmit/institutepublications/policiesproceduresandguidelines/specialconsiderationdeferment
Academic Misconduct   Academic Misconduct is a serious offence. Depending on the seriousness of the case, penalties can vary from a written warning or zero marks to exclusion from the course or rescinding the degree. Students should make themselves familiar with the full policy and procedure available at:http://www.mit.edu.au/about-mit/institute-publications/policies-procedures-and-guidelines/Plagiarism-Academic-Misconduct-Policy-Procedure. For further information, please refer to the Academic Integrity Section in your Unit Description.

Assessment Cover Sheet MA601

Student ID Number/s:Student Last name/s:Student First name/s:
   
Course:School:
Unit code:Unit title:
Due date:Date submitted:Campus:
Lecturer’s Name:Tutor:
Student Declaration I/We declare and certify that: the work contained in this assessment is my/our own work/group work, except where acknowledgement of sources is made;this assessment has not been submitted previously for academic credit in this or any other course;I/we have read MIT’s Plagiarism and Academic Misconduct Policy and Procedure, and I/we understand the consequences of engaging in plagiarism, collusion and contract cheating; a copy of the original assignment is retained by me/us and that I/we may be required to submit the original assignment to the Lecturer and/or Unit Co-ordinator upon request;   I/we have not plagiarised the work of others or participated in unauthorised collaboration or contract cheating when preparing this assessment.
MIT IDSignatureDate
   


Assignment Description

According to Accounting Conceptual Framework (2019 revision) the objective of general purpose financial reporting is to:

Provide financial information about the reporting entity that is useful to existing and potential financial information users in making decisions relating to the entity.

Those decisions involve decisions about:

“(a) Buying, selling or holding equity and debt instruments;

(b) Providing or settling loans and other forms of credit; or

(c) Exercising rights to vote on, or otherwise influence, management’s actions that affect the use of the entity’s economic resources” (Conceptual framework, 2019 pp10).

The purpose of Accounting Conceptual Framework as stated in the Conceptual Framework is to:

“(a) Assist the Australian Accounting Standards Board (Board) to develop Australian Accounting Standards that are based on consistent concepts;

(b) Assist preparers to develop consistent accounting policies when no Standard applies to a particular transaction or other event, or when a Standard allows a choice of accounting policy; and

(c) Assist all parties to understand and interpret the Standards” (Conceptual framework, 2019 pp8).

The conceptual framework is viewed as a normative document because it prescribes how accounting policies should be determined (Henderson, 2017). Australian Accounting Standard Board (AASB) adopted same due process applied by International Accounting Standard Board (IASB) in the preparation of accounting standards, and AASB adopted IASB’s Accounting Conceptual Framework in 2005 in line with the harmonization and convergence with IFRS.

Choosing accounting policies in the preparation of financial statements by company accountants require a consideration of four issues. They are defining, measuring, recognizing, and disclosure of elements of financial statements. The role of the Framework 2014 for the preparation and presentation of financial statements is to guide accounting standard setters and financial statement preparers in how to resolve these four issues. In other words, it implies that Conceptual Frame Work provides guidance to the practicing professional accountants in resolving accounting controversies. However, Conceptual framework 2014 has not yet developed guidance on what principles should underlie disclosure practices.

It is, however, argued that financial information disclosed by the company should be relevant, reliable, and timely to enable financial information users to make informed decisions about the company.

With reference to the above requirements/arguments, you are required to write a report critically evaluating implications of the development of AASB standards and conceptual framework for financial reporting in Australia.

In your report:

  1. Evaluate the due process employed by the AASB in the developments of accounting standards.
  2. Explain how accounting standards are enforced by the Australian Securities and investment Commission (ASIC) being the Australian capital market regulator.
  3. Examine why conceptual framework 2014 has failed to provide guidance on what principles should underlie disclosure practices.
  4. Critically discuss whether current financial reports published by the reporting entities fulfil the information needs of financial information users. If not, indicate the possible improvement in financial reporting that would meet these needs.

Henderson, S., Peirson, G., Herbohn, K., Artiach, T. and Howieson, B. (2017). Issues in Financial Accounting (16th ed.). AU: Pearson Higher Education.

Conceptual Framework (2019). AASB.

Retrieved from; https://www.aasb.gov.au/admin/file/content105/c9/Conceptual_Framework_05-19.pdf.

This assignment must be written/structured in the form of a ‘business report’. That is, it must have a/an;

(a) Executive summary (between 100 to 150 words),

(b) Introduction that;

Succinctly summarizes this assignment’s topic and its key issues, controversies, etc. (no more than 200 words), and

 (c) Body that addresses all the requirements – see above 1-4 (no more 1000 words),

(d) Conclusion that sums up the mains issues of this assignment (no more than 200 words), and

(e) Reference list containing all cited works.

(f) Proper English Grammar, appearance, format, etc.

At least 3 recognized journal article should be cited.

Marking criteria:

MA601 / Theory and Current Issues in Accounting /Semester T1, 2021, Individual Assignment

Name: Student Number   
Assessment CriteriaTotal MarksMarks awarded
Criterion 1 – Structure and Clarity of the Report/Assignment introductory paragraphlogical flow of clarity and structure of ideas and argumentsappropriate use of paragraph and headings to explain and discuss ideasappropriate concluding paragraph  3 2 2 3 
Total marks for criterion 110 
Criterion 2 – Body/contents Evaluate the due process employed by the AASB in the developments of accounting standards.Explain how accounting standards are enforced by the Australian Securities and investment Commission (ASIC) being the Australian capital market regulator.Examine why conceptual framework 2014 has failed to provide guidance on what principles should underlie disclosure practices.Critically discuss whether current financial reports published by the reporting entities fulfil the information needs of financial information users. If not, indicate the possible improvement in financial reporting that would meet these needs.  10 15               15          20                             
Total marks for criterion 260 
Criterion 3 – Research and Analysis quality of research undertakenaccuracy and depth of analysisappropriate use of in-text and end text referencingquality of information sourcesappendices  6 6 5 5 3 
Total marks for criterion 325 
Criterion 4 – Presentation layoutformattingspelling/grammarproof readprofessional format  1 1 1 1 1 
Total marks for criterion 45 
Total marks100 
Total marks20 

Other Comments

Using Technology for Assessment

RationaleActivitiesTechnological tools selected
  Industry knowledge & skillsreflection on learningfeedback on performancepractice of critical thinking    check for plagiarismproblem-based learning  online forum on MoodleTurnitin

Marking guide for Individual assignment – BA214 -T1 2021

Criteria/ Grades  Fail (N) [Unsatisfactory] <50%Pass (P) [Satisfactory] 50%-59%Credit (C) [Good] 60%-69%Distinction (D) [Very Good] 70%-79%High Distinction (HD) [Excellent] 80-100%
Evaluation of Information     Information is used with some interpretation/evaluation, but not enough to develop a coherent analysis or synthesis. Analyses and evaluates information to complete a limited range of activities. Analysis and evaluation reflect little expert judgment, intellectual independence, rigour and adaptability.Selects relevant information to address the issues in the case. Identifies logical flaws in the information provided in the case. Analysis and evaluation reflect acceptable level of intellectual independence, rigour, authoritative judgment and adaptability.  Selects relevant information to address the issues in the case. Identifies and rectifies logical flaws in the information provided in the case. Information is often selected with interpretation/evaluation to develop a comprehensive critical analysis or synthesis. Evaluates available information, identifies missing information. Analysis and evaluation reflect good intellectual independence, rigour, authoritative judgment and adaptability.    

Systematically selects relevant information to address the issues in the case. Identifies and rectifies logical flaws in the information provided in the case. Information is often selected with a high level of interpretation/evaluation to develop a comprehensive critical analysis or synthesis. Thoroughly evaluates available information, identifies missing information and makes reasonable assumptions to fill gaps in evidence. Analysis and evaluation reflect a high level of intellectual independence, rigour, authoritative judgment and adaptability.
Systematically selects relevant information to address the issues in the case. Identifies and rectifies logical flaws in the information provided in the case. Information is selected with a high level of interpretation/evaluation to develop a comprehensive critical analysis and/or synthesis. Very thoroughly evaluates available information, identifies missing information and makes reasonable assumptions to fill gaps in information needed to address issues in the case.  Analysis and evaluation reflect a consistently very high level of intellectual independence, rigour, authoritative judgment and adaptability.
Use of Existing Knowledge    Often employs knowledge not relevant to the issues in the case, or representing limited points of view/ approaches. Does not synthesise information and/or demonstrate an integrated understanding of accounting. Limited ability to demonstrate satisfactory understanding of theoretical accounting knowledge and professional practice.Presents information and knowledge from relevant sources representing various points of view or approaches, demonstrating satisfactory understanding of theoretical accounting knowledge and professional practice.Synthesises complex information and knowledge from relevant sources representing various points of view or approaches, demonstrating good understanding of theoretical accounting knowledge and professional practice.  Synthesises complex information and knowledge from a range of relevant sources representing various points of view or approaches, demonstrating mastery of theoretical accounting knowledge and understanding of professional practice.Synthesises complex information and knowledge from a broad range of relevant sources representing various points of view or approaches, demonstrating a high level of mastery of theoretical accounting knowledge and expert understanding of professional practice.
Analysis    Rarely demonstrates the ability to organise and synthesise complex information to develop ideas. Often lacks reflection on conclusions and professional decisionsOrganises and synthesises evidence to develop acceptable ideas. Attempts to reflect on advanced concepts and professional accounting practices. Demonstrates attempt of critical analysis and conceptualisation of information provided in the case study. Major conclusions and professional decisions interpreted and justified.Organises and synthesises complex information to develop good ideas. Reflects on advanced concepts and professional accounting practices. Critically analyses and conceptualises information provided in the case study. Interprets and justifies conclusions and professional decisions.Organises and synthesises complex information to develop insightful ideas. Reflects deeply on advanced concepts and professional accounting practices. Critically analyses and conceptualises information provided in the case study. Interprets and justifies conclusions and professional decisions.Organises and synthesises complex information to develop highly insightful ideas.  Reflects very deeply on advanced concepts and professional accounting practices. Critically analyses and conceptualises information provided in the case study. Authoritatively and succinctly interprets and justifies conclusions and professional decisions.

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