Reference no: EM13831471

Assessment Information

Subject Name: Accounting Theory and Contemporary Issues

Assessment Title: Individual case study

Assessment Description -

Learning Outcome 1:

Research and argue a position in regard to a contemporary issue in the accounting profession

Learning Outcome 4:

Evaluate the different areas of accounting research, positive accounting theory, capital market research, behavioural research in accounting, and emerging issues.

Submission:

The written assignment will need to be submitted electronically through the student portal - use the link under "Assessments Overview and Submission" to submit the information.

Required:

Write a report based on the assignment details noted below. Your report should be approximately 4000 words not including references, abstract and appendices. You should include a word count on your report.

The Assignment is designed to test the following skills:

1. Your knowledge and your ability to research the issues and then apply the information appropriately using judgement

2. Your communication skills - report writing

Please make sure you follow the guidelines noted in your subject outline especially those relating to presentation of written work, late policy and academic integrity. You should also familiarise yourself with the assessment marking rubric (a separate document) to guide you in how you can score marks.

COMMONWEALTH OF AUSTRALIA Copyright Regulations 1969

This material has been reproduced and communicated to you by or on behalf of Kaplan Business School pursuant to Part VB of the Copyright Act 1968 (‘Act'). The material in this communication may be subject to copyright under the Act. Any further reproduction or communication of this material by you may be the subject of copyright protection under the Act. Kaplan Business School is a part of Kaplan Inc., a leading global provider of educational services. Kaplan Business School Pty Ltd ABN 86 098 181 947 is a registered higher education provider CRICOS Provider Code 02426B.

Assessment Information

Individual Research Assignment - Case Study

You are a graduate accountant with a rapidly growing and ambitious mid-tier accounting firm Anderson, Demic and Associates (ADA).
The firms' partners are divided over whether the firm should make a direct contribution to the development of the accounting profession, including submitting comment letters to the IASB on important new proposals. In particular, one Partner, Kevin Anderson, has stated "We are not paid to pass comment on the state of accounting standards. In particular this latest revision of the conceptual framework has no relevance to us or our clients and we should not waste valuable resources on it".

The partner who you work for, Ms Aca Demic, understands Anderson's view but also believes that it is important for the firm to be pro-active on emerging issues. As it is a relatively quiet time of year, she has instructed you to work on the first draft of a report that will form the basis of a comment letter to the IASB on parts of the proposed new conceptual framework (2015).

In addition Ms Demic has also requested that you devote part of the report (initially for her viewing only) to discussing the advantages and disadvantages of the firm writing comment letters on IASB proposals and their general involvement in ‘lobbying'. She wants you to make a recommendation as to whether the firm should or should not undertake ‘lobbying' such as writing comments letters.

The report must address two (out of eighteen) specific questions from the IASB Exposure draft

ED/2015/3 "Conceptual framework for financial reporting" (May 2015) and the following other points

A) The report must provide a brief background to the role of a conceptual framework in accounting, including benefits of having one, together with problems and criticisms of the current (2010) framework.

B) ED/2015/3 - Question 1 - Do you support the proposals?

(a) to give more prominence, within the objective of financial reporting, to the importance of providing information needed to assess management's stewardship of the entity's resources;

(b) to reintroduce an explicit reference to the notion of prudence (described as caution when making judgements under conditions of uncertainty) and to state that prudence is important in achieving neutrality;

(c) to state explicitly that a faithful representation represents the substance of an economic phenomenon instead of merely representing its legal form;

(d) to clarify that measurement uncertainty is one factor that can make financial information less relevant, and that there is a trade-off between the level of measurement uncertainty and other factors that make information relevant;

(e) (you are not required to answer ED/2015/3 - Question 1e)

COMMONWEALTH OF AUSTRALIA Copyright Regulations 1969

This material has been reproduced and communicated to you by or on behalf of Kaplan Business School pursuant to Part VB of the Copyright Act 1968 (‘Act'). The material in this communication may be subject to copyright under the Act. Any further reproduction or communication of this material by you may be the subject of copyright protection under the Act. Kaplan Business School is a part of Kaplan Inc., a leading global provider of educational services. Kaplan Business School Pty Ltd ABN 86 098 181 947 is a registered higher education provider CRICOS Provider Code 02426B.

Assessment Information

C) ED/2015/3 - Question 8 - Has the IASB:

(a) Correctly identified the measurement bases that should be described in the Conceptual Framework? If not, which measurement bases would you include and why?

(b) Properly described the information provided by each of the measurement bases, and their advantages and disadvantages? If not, how would you describe the information provided by each measurement basis, and its advantages and disadvantages?

D) Make a recommendation as to whether the firm should or should not undertake ‘lobbying' such as writing comments letters. (5 Marks)

E) Briefly explain why you have or have not adjusted your report based on the two items of feedback provided by the marker from part-1. (You cannot begin this task until after receiving the part-1 feedback. This section is marked as part of ‘format, language and presentation'.)
Whether you agree or not with the IASB approach asked about in ED/2015/3 - Questions 1 & 8, you need to explain and justify your position, rather than giving ‘yes' or ‘no' answers. You are not required to address the other questions asked in the Exposure draft.

REQUIRED:

You need to provide this information requested above in a report format in two stages as outlined below.

Part 1:

Evaluating information resources and research plan - detailed instructions:

1) Read the case study and answer the following questions:

a) What is the purpose of your report?

b) What is the audience for your report?

c) What are the (key) decisions to be made?

d) What information would help you to make these decisions?

e) Which information sources are most likely to hold this information?

f) When you search for relevant information (in a database for example) what keywords will / are you using?

2) Identify 10 sources relevant to the project (e.g. journal articles, textbooks, websites etc.)

3) Complete a source analysis on 3 of the 10 sources with full bibliographic references.

4) Provide a full plan of main and sub headings of the report (include appropriate numbering).

Resources to help you understand these requirements and in particular the source analysis are provided on Moodle, including explanatory documents, marking rubrics and slides.

COMMONWEALTH OF AUSTRALIA Copyright Regulations 1969

This material has been reproduced and communicated to you by or on behalf of Kaplan Business School pursuant to Part VB of the Copyright Act 1968 (‘Act'). The material in this communication may be subject to copyright under the Act. Any further reproduction or communication of this material by you may be the subject of copyright protection under the Act. Kaplan Business School is a part of Kaplan Inc., a leading global provider of educational services. Kaplan Business School Pty Ltd ABN 86 098 181 947 is a registered higher education provider CRICOS Provider Code 02426B.

Assessment Information

Part 2:

Final Business Report 40% comprising -

Business report technical content 30%

Business report format, language and presentation 10%

Make sure that your final report includes any information that you think will assist ADA to come to an opinion on the proposed conceptual framework and Ms Demic to form a clear view on lobbying.

Note: The Assessment Rubric or marking rubric is a separate document and you are advised to read through it to obtain guidance on how the lecturers will mark your assignment. A summary of the mark allocation is given below:

Technical Skills-

Professional Competency Skills

Report Writing Skills:

Format, Language and Presentation

Evaluating information resources and research plan

Please note that you need to pass the final exam (assessable value 50%) for this subject, to successfully complete it.

COMMONWEALTH OF AUSTRALIA Copyright Regulations 1969

This material has been reproduced and communicated to you by or on behalf of Kaplan Business School pursuant to Part VB of the Copyright Act 1968 (‘Act'). The material in this communication may be subject to copyright under the Act. Any further reproduction or communication of this material by you may be the subject of copyright protection under the Act. Kaplan Business School is a part of Kaplan Inc., a leading global provider of educational services. Kaplan Business School Pty Ltd ABN 86 098 181 947 is a registered higher education provider CRICOS Provider Code 02426B.