Development of the conceptual framework

Assignment Help Accounting Basics
Reference no: EM132313735

Main tasks:

This assessment requires to undertake research and report on several aspects of corporate external reporting practices. The assessment has two main parts, Part A and Part B.

Part A: Conceptual framework

(a) Undertake a review of literature regarding the history and development of the Conceptual Framework for Financial Reporting in the USA, UK, Australia, and globally under the umbrella of the International

Accounting Standards Board (IASB).

(b) Discuss the Australian accounting profession's concerns regarding the application of the (IASB/IFRS)

Conceptual Framework for Financial Reporting.

(c) Based upon a review of journal articles, critically discuss academics' concerns about the quality (potential

benefits and limitations) of the Conceptual Framework for Financial Reporting.

(d) Download the annual report of 2018 (or 2017, if not available 2018 annual report) of the selected company listed on the Australian Securities Exchange. Carefully read this report and explain how the conceptual framework has been applied by this company while it prepared its financial statements and notes to the accounts. Present your answer considering the (i) how many statements/reports have been prepared as per the Conceptual Framework and what are their major components, (ii) which recognition principles and measurement bases have been applied for revenue, assets and liabilities, and (iii) what qualitative characteristics of information exhibit in company's various financial reports.

Part B: Integrated/sustainability reporting

(a) Compare and contrast the Sustainability Reporting Guidelines of the Global Reporting Initiative (GRI) and the International Integrated Reporting Framework of the International Integrated Reporting

Council (IIRC) for explaining a holistic view (broader view) of corporate social responsibility reporting

in addition to reporting of corporate financial performance.

(b) Explain the rigour (strengths and limitations) of the conventional accounting, based upon the Conceptual Framework for Financial Reporting, to explain the contents of sustainability as well as integrated reports.

(c) Discuss the applicability (usefulness or limitations) of the theories you learned to explain the contents of sustainability as well as integrated reports.

(d) Prepare an index (a table or checklist) of various components (criteria) of an integrated report, and then discuss whether and how the selected South African company has disclosed information against each of those components (criteria).

(e) Discuss whether the selected Australian company prepare an integrated report. If not, then what alternative report/s this company prepares for reporting corporate social responsibility in addition to reporting of its financial performance. Compare the contents of Austrian company's corporate social responsibility reporting in addition to reporting of financial performance with the index and contents of the integrated report of the South African company presented in Part B (d) above.

Required: Prepare a research report as per the template, marking criteria and relevant guidelines.

Reference no: EM132313735

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Reviews

len2313735

5/29/2019 10:38:42 PM

(e) Comparison of Australian company’s 5 Download Australian company’s annual reporting practices with the index and report and discuss the quality (nature the integrated reporting practices in and extent) of its disclosure against the the selected South African company index and SA company’s I/reporting 5. Conclusion 1 Gist of findings and lessens you learned 6. References in the text and in the list 4 Use APA referencing guide at the end as per APA guidelines Overall English grammar & presentation skill 2 Assessed throughout the report Total Overall marks to be achieved out of 50

len2313735

5/29/2019 10:38:31 PM

4. Part B (a) Comparison of Sustainability 4 Visit the websites of GRI and IIRC. Also Reporting Guidelines and use the textbook. International Integrated Reporting Framework (b) Rigour (strengths & limitations) of the 3 Use the textbook and 2 journal articles conventional accounting, based upon searched through CQU Library databases the Conceptual Framework for and google scholar contents of sustainability as well as integrated reports (c) Applicability (usefulness or 3 Use the textbook and 2 journal articles limitations) of the theories to explain searched through CQU Library databases contents of sustainability as well as and google scholar integrated reports (d) Preparation of an index (a table or 5 Read the international Integrated checklist) of various components Reporting Framework of the IIRC in (criteria) of an integrated report, and preparing index and explain the discussion of whether and how the integrated reporting practice in the selected South African company has selected South African company listed disclosed information against each of on Jonesburg Stock Exchange those components (criteria)

len2313735

5/29/2019 10:38:20 PM

(b) Explanation of Australian accounting 3 Visit the website of AASB and refer to 3 profession’s concerns regarding the web/media articles Conceptual Framework (c) Discussion of academics’ concerns 3 Refer to 4 journal articles. Search article about the quality (potential benefits through CQU Library databases and and limitations) of the Conceptual google scholar Framework (d) Explanation of how the conceptual 10 Download the annual report for 2018; if framework has been applied by the not available for 2017. Explain answers selected Australian company against requirements (i), (ii) & (iii)

len2313735

5/29/2019 10:38:11 PM

Number Specific Requirements Marks Guidelines 1 Executive summary 2 Summarise the overall findings 2. Introduction 1 State what you intend to research, data collection & analysis methods, and how you plan to present in the report 3. Part A (a) Review of the history and 4 Refer to the textbook and 5 journal development of the Conceptual articles. Visit the websites of the IASB, Framework for Financial Reporting AASB, and FASB.

len2313735

5/29/2019 10:37:59 PM

Word limit 3,000 – 3,500 words including the executive summary, introduction, responses to the requirements in 2 parts & conclusion but excluding the list of references and appendixes. Format Report format as per the marking criteria and guidelines. Prepare MS Word document.

len2313735

5/29/2019 10:37:41 PM

The purpose of assignment is not to get marks, but to develop your researching, reading and writing skills and that can only be achieved if you work thoroughly and professionally in preparing the assignment. After all, it is not the mark but the skills you develop that matter most, in your further study and career in the months and years to come.

len2313735

5/29/2019 10:37:19 PM

Now your focus should turn to the Major assignment. I suggest the followings: - Please carefully read the questions, as many time as necessary, before start searching for materials and writing. Relevancy key here when it comes to addressing the issues. - Work on the assignment each day anywhere between 30 minutes to whatever time you can afford. Assignment should never be written in ONE go. - Read the literature review of few journals and take a note of how they have been written. - Complete the draft first, and then read your response directly comparing with the assignment questions and issues. - Revise and refine the assignment repeatedly until you are satisfied that your response actually address the assignment issues reasonably specifically and critically. - Proof read your assignment preferably a few times, to ensure that all errors with respect to spelling, formatting and other presentation are in order.

len2313735

5/29/2019 10:37:15 PM

I understand that you have already received your marks for your assignment. I have now uploaded your marked assignments with comprehensive and constructive feedback. It is important that you read feedback carefully and apply, where possible, in your major assignment. Please note that, Only one marked assignment with feedback have been uploaded for each group. Therefore, whoever submitted that assignment, that person should circulate the marked assignment to other group members.

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