What are implications for accounting in different countries

Assignment Help Accounting Basics
Reference no: EM131222257 , Length: word count:2500

Accounting Theory Assignment-

International convergence of accounting standards is a major priority of both the International Accounting Standards Board (IASB) and the Australian Accounting Standards Board (AASB). The IASB is nearing completion of a lengthy project to converge its major standards with those of the US Financial Accounting Standards Board (FASB) while the AASB has recently completed Phase 1 of a project to align Australian accounting standards with those of New Zealand (Charted Accountants, 2016).

Some of these issues include:

  • Consolidations
  • Fair value measurement
  • Financial statement presentation
  • Financial Instruments
  • Insurance
  • Joint ventures
  • Leases
  • Revenue recognition
  • Post employment benefits

Assignment Task 1: Contemporary Issues of Accounting Theory Essay

Students are required to pick 2 issues from the above and provide the following:

1. Overview of the current discussion

2. Rationale for current discussion - why is the project being undertaken

Assignment Task 2 Case Study

3. Some authors suggest: "IFRS will not require accounting for stewardship of public funds entrusted, or for the supply of services, both of which are core to the management of local authorities. And we know that a failure to measure almost always means a failure to deliver in management terms. This means we have a potential disaster on our hands." (Murphy, 2010)

a. Do you agree with this view? Why, or why not? Justify your answer with suitable explanations.

4. Some authors claims that the IASB does not act in the public interest. They are a private cartel designed and promoted for the benefit of their biggest sponsors - the Big 4 firms of accountants.

a. Critically examine the validity of the above statement. What are the implications for accounting in different countries if the above allegation is true?

5. Do you think IFRSs should be adopted by Australian local authorities? Why, or why not?

Reference no: EM131222257

Questions Cloud

What additional functionality do these features provide : Analyze one of the relational DBMSs that you currently use. Discuss the object-oriented features provided by the system. What additional functionality do these features provide?
Construct a turing machine : MTH814 - COMPUTATIONAL COMPLEXITY - Construct a Turing machine which, given a string over the al- phabet and the key to solving this is to understand how to check divisibility of one integer by another, if they are both given in unary notation.
What was the annual percentage increase : What was the annual percentage increase in the winnerAccs check over this period? - If the winnerAccs prize increases at the same rate, what will it be in 2050?
Course-human resource management foundations : Topic: High Performance and the Choices Managers Make Note: Please answer EACH of the questions in at least 200 words. Answers should be correct, substantive, professional like a work of graduate student, and must be plagiarism-free. Use in-text ci..
What are implications for accounting in different countries : ACC307 - Accounting Theory Assignment. Critically examine the validity of the above statement. What are the implications for accounting in different countries if the above allegation is true
Does the importance of these selected principles change : In reviewing the text, the author identifies Ten Principles of the Community-Oriented Policing Chief. Select four of the principles, in rank order, that you deem to be most important for the Chief's success. Provide your opinion as to why these pr..
Examine its functionality and the data types and operations : Investigate one of the advanced database applications discussed in Section 17.1, or a similar one that handles complex, interrelated data. In particular, examine its functionality and the data types and operations it uses.
Calculate the monthly mortgage payment of principal : Calculate the monthly mortgage payment of principal and interest for a loan with an initial balance of $250,000, an annual stated interest rate of 5%, and 30 years to maturity
How the evaluations are used by the administration : Thoroughly explain the importance of the community policing evaluation process, two forms of evaluation used in determining policing effectiveness, and how the evaluations are used by the administration. How does the community policing evaluation..

Reviews

len1222257

9/27/2016 7:15:44 AM

Students are required to complete two assignment tasks. You need to support your answers with appropriate Harvard / APA style references where necessary. Only include information in your appendixes that has been directly referred to in the body of your document. Include a title/cover page containing the subject title and code and the name, student id numbers. Students should be able to obtain a good overview of current discussions. Students should provide rationale for current discussion – why is the project being undertaken. Student should involve aspect of research of discussion. Explore the political realities surrounding the formation of the IASB, promulgation of international accounting standards on various countries and on to local authorities. This question requires students to go behind the scene and identify the vested interest groups and their benefits if local authorities are forced to adopt IFRSs. On each question the students are to branch out to available articles on the relevant issues and use their findings/opinions to support answers/opinions.

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd