Overall Presentation of (2 marks) (1.5 marks) (1.2 marks) Assignment (2 marks) Include all Include all Include all elements and is elements and is elements and very well well presented. is generally presented. Writing flows presented Writing flows clearly and appropriately. clearly and sections are Writing mostly sections are linked flows well and linked very effectively. sections are effectively. Referencing is linked. Referencing is of a high Referencing is exemplary. standard. in accordance English is used English is used with very effectively effectively with guidelines. and error-free. very few errors English is used present. effectively with few errors present.

Benefits of adopting IFRSs (3 marks) (2 marks) by reporting entities (3 Clear, concise, Very good marks) compelling discussion of discussion of the benefits of the benefits of adopting IFRSs adopting IFRSs by reporting by reporting entities. entities. Similarities and (3 marks) (2 marks) differences in the Clear, concise, Very good adoption of IFRSs faced compelling discussion of by Australia and the discussion of the similarities selected country (3 the similarities and differences marks) and differences in the adoption in the adoption of IFRSs faced of IFRSs faced by Australia and by Australia and the other the other country you country you have chosen. have chosen. Include what Include what factors had factors had caused the caused the differences you differences you found. found.

Reasons for the national (3 marks) (2 marks) accounting body adopting Clear, concise, Very good IFRSs and when it was compelling discussion of adopted (3 marks) discussion of reasons for the reasons for the national national accounting accounting body body adopting adopting IFRSs IFRSs and when and when it was it was adopted. adopted. Transitional issues faced (3 marks) (2 marks) by the two countries (3 Clear, concise, Very good marks) compelling discussion of discussion of transitional transitional issues faced issues faced (within a year or (within a year or two), with two), with examples. examples. Challenges were faced by (3 marks) (2 marks) reporting entities upon Clear, concise, Very good adopting IFRS (3 marks) compelling discussion of discussion of challenges

Excellent Very Good Abstract (1 mark) (1 mark) (0.8 mark) Clear, concise, A very good compelling abstract abstract. Introduction (2 marks) (2 marks) (1.5 marks) Presented an Presented a excellent very good introduction. introduction. The relevance of the (5 marks) (4 marks) Conceptual Framework of Clear, concise, A very good financial reporting (5 compelling discussion of marks) discussion of the relevance of the relevance of the Conceptual the Conceptual Framework of Framework of financial financial reporting with reporting with very good excellent examples. examples.

iv. what were the benefits of adopting IFRSs by reporting entities; 3% v. the similarities and differences in the adoption of IFRSs faced by Australia and the other country you have chosen. Include what factors had caused the differences you found. 3% 3. Based on your findings, do you think the adoption of IFRSs were successful in the two countries? Explain your answer. 3% 4. For each of the two countries, provide two recommendations to the national accounting setting bodies on ways to ensure the IFRSs continue to be relevant to users’ needs and to all sectors of the economy. 2% Overall Presentation of Assignment 2% TOTAL Marks 30%

Marking Criteria Marking Criteria Weighting Abstract 1% Introduction 2% 1. The relevance of the Conceptual Framework of financial reporting. How useful is it with examples to illustrate your arguments. 5% 2. Compare and contrast the implementation of IFRSs in Australia and one other country of your choice. The second country must have adopted IFRSs for at least 5 years. For each of the two countries, discuss the following: i. reasons for the national accounting body adopting IFRSs and when it was adopted; 3% ii. transitional issues faced (within a year or two), with examples. 3% iii. what challenges were faced by reporting entities upon adopting IFRSs. (Do not discuss transitional issues here). Include specific examples of accounting standard(s) and discuss the issues that made them challenging/difficult to adopt, to support your arguments; 3%

Submission Guidelines • All work must be submitted on Blackboard by the due date along with a completed Assignment Cover Page (available in Black Board). • The assignment must be in MS Word format, no spacing, 12-pt Arial font and 2 cm margins on all four sides of your page with appropriate section headings and page numbers. • Reference sources must be cited in the text of the report, and listed appropriately at the end in a reference list using Harvard referencing style.

Word limit 3,000 words ± 500 words Due Date Group Formation: Registration of groups/Submission of group member’s name: before Week 6. Please form the group and submit the name and ID of your group members to your lecturer in the class before Week 6. There should be minimum 3 and maximum 5 members in a group. Assignment submission: Final Submission of Group Assignment: Week 10 Late submission incurs penalties of five (5) % of the assessment value per calendar day unless an extension and/or special consideration has been granted by the lecturer prior to the assessment deadline.