Issues of materiality in your selected annual report

Reference no: EM131053919 , Length: word count:3000

RESEARCH ESSAY-

The following matters should be given particular attention:

1. Your essay must include an abstract/synopsis, introduction, essay body that clearly addresses the problem areas, a conclusion and a properly referenced bibliography. (refer to the research essay marking rubric for further guidance)

2. Evidence of extensive research beyond the prescribed text is required. Ensure these are referenced appropriately in your bibliography. Refer to the statement regarding plagiarism.

3. This assignment must be handed in for successful completion of the course and will count 20marks towards the final mark.

4. The word count for the research essay is 3000 words. Please refer to the Research Essay Marking Rubric for the specific allocation of word count for each specific section of your research essay (refer point 2 above).

5. Points (fractional marks) have also been allocated to each specific section of your research essay.

RESEARCH ESSAY TOPIC

"Disclosure is required of a large number of specified items, subject to the frequent proviso that amounts which are not material need not be disclosed (separately). "Material" is defined as limiting the information required to those matters as to which an average prudent investor ought reasonably to be informed before purchasing the security registered." Chambers, R. J., 1969, Accounting Finance and Management, Arthur Andersen & Co., p. 183.

The AASB / IASB continues to struggle with the concept of materiality. In relation to Chambers' comment over 45 years ago undertake the following:

Select a company from the Australian Securities Exchange website and download the 2015 annual report (JB HI-FI in this case).

1. With reference to the above statement describe what you understand by the concept of materiality and provide examples from your selected annual report.

2. Discuss the problems of materiality in the context of the present AASB / IASB standards and framework using your selected annual report to provide examples.

3. Evaluate the issues of materiality in your selected annual report in the context of AASB / IASB standards and framework.

4. Comment on the relationship between the materiality employed in yourselected annual report and the provision of decision useful information; provide examples from your selected annual report.

Reference no: EM131053919

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