Reference no: EM131178106

Current Developments In Accounting Thought-

Assessment item 1-

Question 1 - (750 words)

You are required to write an essay analysing the usefulness of alternative measurement systems to historical cost. Your essay needs to identify and describe three alternatives to historical cost accounting. In your essay you should explain the assumptions behind these theories and use examples of how they could be applied. Within your essay analyse the usefulness of the three alternative measurement systems and explain if you think any are a valid alternative to historical cost. Support your arguments with appropriate citations in APA 6 style.

Question 2 - (750 words)

You are required to write an essay on the potential beneficiaries of the development of a conceptual framework. Would Hines (1989) argue that financial statement readers or the accounting profession will gain more from the establishment of a conceptual framework? Hines, R (1989), "Financial accounting knowledge, conceptual framework projects and the social construction of the Accounting profession". Accounting, Auditing and Accountability Journal, 2(2), pp. 72-92

Question 3 - (750 words)

Financial reports can embrace a decision usefulness and/or a stewardship function. You are required to write a short essay explaining what these two terms mean and evaluating which of these two functions the IASB appears to have accepted as being the objective of general purpose financial accounting. Critically appraise the approach of the IASB.

Assessment item 2-

In your accounting career you will be required to analyse current accounting issues and communicate your theoretical understanding to your professional colleagues and your clients. For this assignment assume that you are the senior accountant working for a major firm.

Question 1 - (1,500 words)

The CEO has forwarded to you an interesting article and requires you to provide her with a deeper theoretical understanding of the issues discussed so that she can fully engage in the lively discourse at an upcoming conference.

You are required to find a newspaper article or web page report of an item of accounting news, i.e. it refers to a current event, consideration, comment or decision that has been published after the 1st of June 2016. Your article could also come from one of the professional journals. The article should not come from an academic journal. Academic journals generally do not contain news articles or articles of less than one page and are usually only published 2 or 4 times a year. If you are having a problem ensuring that your article is from an appropriate source contact your subject coordinator.

You then need to explain the article that you have found in your own words and clearly relate the concepts, ideas and facts within the article to one or more of the theories or topics that you have studied this session. Support your analysis of the assumptions and implications of the topic or theory as appropriate with reference to sources in APA 6 style. For example, this article (https://www.smh.com.au/business/retail/target-scandal-claims-another-victim-20160412-go43jz.html) from the Sydney Morning Herald in April could be linked to the topics of accounting regulation and measurement (and perhaps others). You must provide a copy of the article or web page, with details of the source, date and page number with your answer.

Question 2 - (1,500 words)

The Senior Partner of the firm you work for has appointed you to a new role. It is now your responsibility to review upcoming accounting standards and provide a report to the partners on the proposed standard and the opinions of other industry players on the changes.

Firstly, you are required to find a current exposure draft or proposal for a new accounting standard which has been opened for public comments. (These can be found on the websites of most standard-setting organisations, such as the IASB, AASB and FASB. Hint: These websites can be quite difficult to navigate, so as a first step try typing "IASB exposure draft and comment letters"/"FASB exposure draft and comment letters" into Google or other search engine of your choice). Read a sample of the comments from a range of respondents. Select four respondents, ideally from different types of organisations for example, from accounting bodies, industry, companies or corporate bodies.

If you are having a problem finding suitable comments letters then contact your subject coordinator. In your own words, supporting your evaluation with appropriate citations, appropriately referenced in APA 6 style, you are required to include the following information in the report.

a) Introduce the major issues in the new standard

b) Explain if there is generally a consensus or if there is disagreement between the commenting parties. Examine in detail why some parties may have a dissenting point of view.

c) Analyse the assumptions behind public interest, private interest and capture theories and evaluate which one best explains each of the comment letters.

Assessment item 3-

Requirements

The final exam will be a three hour exam held during the exam period, at the end of the session. There will be 7 questions in the exam, worth 20 marks each, you need to select 5 questions to answer out of the 7 available questions (20 marks x 5= 100). The examination is worth 60%, of your total mark.

Please look at the structure of the sample exam paper and suggested solutions within the Subject Outline. This will give you an indication of the type of questions that you have to answer and the type

of answers expected from you. You are required to sit and pass the final exam in this subject to be eligible for a passing grade. The exam is worth 60% of the marks in this subject and you are required to answer 5 out of 7 questions.

Attachment:- Assignment.rar