Critically evaluate the usefulness of accounting standards

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Reference no: EM131770881

Research - Al-Maha petroleum products

Learning outcomes:

- Demonstrate the impact on the financial statements and the implication for different users of accounts of alternative ways of treating controversial accounting items.

- Critically evaluate the usefulness of accounting standards and the process by which they are agreed.

- Analyse and critically evaluate key notions of corporate governance focusing on accounting theories and policy aspects of financial reporting.

Assignment
You are required to answer ALL the questions:

Q.1
Lee G.A. (1981) as cited by Rutherford (1985) in 'The True and Fair View Doctrine: A Search for Explanation', suggested a definition for the concept of 'True and Fair View' as:

"it is generally understood to mean a presentation of accounts, drawn up according to accepted accounting principles, using accurate figures as far as possible, and reasonable estimates otherwise; and arranging them to show, within the limits of current accounting practice, as objective a picture as possible, free from willful bias, distortion, manipulation, or concealment of material facts"."

Source: Vladu A. B., Matig D. And Salas 0. A. (2012), "True and fair view and creative accounting conceptual delimitations based on Papineau's tree methodology" Annales Universitatis Apulensis Series Oeconomica, 14(1), 2012. Pp 104-115.
Critically evaluate this statement, showing:
- The history and significance of the concept of "true and fair view",
- The usefulness of accounting standards/principles and the process by which they are agreed.
- The explanation of the relationship between the concept of "true and fair view" and "creative accounting".

Q.2
"Intangible assets are identifiable, non-monetary assets, so they may not affect the financial
statements".
Critically assess this statement, showing:
- How intangible assets can be valued;
- How the financial statements may be affected.
- Examples to illustrate your points. (20 Marks)

Q.3
Examine the annual report of a large publicly listed company to ascertain the information disclosed on matters relating to corporate governance (with reference to the Code of corporate governance for public listed Omani companies).
Write a report based on your findings where you:
- Analyse and critically evaluate the key notions of corporate governance in general.
- Critically evaluate the use of the Code of Corporate Governance for public listed Omani companies, with reference to the "UK Combined Code".
- Critically evaluate the significance and usefulness of the information disclosed.

Verified Expert

"The assignment involves preparation of a Critical evaluation of the statement showing the history and significance of True and fair view and how the intangible assets would affect the financial statements of the company concerned . The paper is prepared in Microsoft word with Harvard referencing".

Reference no: EM131770881

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Reviews

len1770881

12/18/2017 3:32:33 AM

State the number of words used at the end of your assignment. You may include diagrams, figures etc. without word penalty. A sliding scale of penalties for excess length will be imposed according to the amount by which the limit has been exceeded. 1-10% excess no penalty 11-20% excess 10% reduction in the mark 21-30% excess 20% reduction in the mark 31 %+ excess the work will be capped at a pass i.e. 40% NB. None of the above penalties will be used to change a student mark which is above the pass mark, to one that is below the pass mark. Therefore the maximum penalty for exceeding the word limit will be a reduction to a pass grade.

len1770881

12/18/2017 3:32:24 AM

You should hand in one copy of your assignment by the time and date above to the appropriate 'hand-in location' at the Business department of Gulf College. Fill in the front cover (staple together with your assignment). MAKE SURE that you fill in all the relevant details on this form. An acknowledgement will be given to you upon receiving your assignment. This is your receipt, keep it. You can submit work by post, but you must send it recorded delivery, it must be postmarked two days before the deadline date and a copy must be kept by you in case it is lost in the post. Faxed assignments will not be accepted. Assignments must be submitted by the due date. The only circumstance in which assignments can be submitted late is if an extenuating circumstances form is submitted at the same time. In these circumstances work may be submitted up to 5 days late only. If the extenuating circumstances are upheld, the assignment will be graded, otherwise a 0 will be awarded.

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