Reference no: EM13354433 , Length: 2000 Words

Question 1 (1000 words maximum)

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 November 2013. Your article could also come from one of the professional journals such as 'Charter' or 'In the Black'. 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 Caroline Pezzuto ([email protected]).

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. For example, the Australian Financial Review article contained in your readings (2.1) can be linked to topics such as ethics, accounting regulation and politics and normative accounting theories (conceptual framework projects). Provide a copy of the article or web page, with details of the source,
date and page number with your question answer.

Question 2 (1000 words maximum)

Find the comment letters received on a current exposure draft or proposal for a new accounting standard (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 comment letters" / "FASB comment letters" into google or other search engine of your choice). Read a sample of the comments from a range of respondents. Try to aim for between two and four respondents, for example, from accounting bodies, industry, companies or corporate bodies. If you are having problems finding suitable comment letters then contact Caroline Pezzuto ([email protected]). Include copies of the comment letters you wish to discuss and complete the following tasks:

1. Describe in your own words the issues that the exposure draft/proposal and comment letters are dealing with.

2. Is there agreement among the various groups? Describe the issues where there is agreement/disagreement and provide examples.

3. In your opinion, which theories or regulation (e.g. public interest, private interest or capture theory) best explain the comment letters? Justify your answer.

Adapted from Rankin, Stanton, McGowan, Ferlauto and Tilling (2012).