Discuss the Australian accounting profession concerns

Assignment Help Accounting Basics

Reference no: EM132312624 , Length: word count:3000

Contemporary Accounting Theory Assignment - Practical report

Main tasks: This assessment requires to undertake research and report on several aspects of corporate external reporting practices. The assessment has two main parts, Part A and Part B.

Part A: Conceptual framework

(a) Undertake a review of literature regarding the history and development of the Conceptual Framework for Financial Reporting in the USA, UK, Australia, and globally under the umbrella of the International Accounting Standards Board (IASB).

(b) Discuss the Australian accounting profession's concerns regarding the application of the (IASB/IFRS) Conceptual Framework for Financial Reporting.

(c) Based upon a review of journal articles, critically discuss academics' concerns about the quality (potential benefits and limitations) of the Conceptual Framework for Financial Reporting.

(d) Download the annual report of 2018 (or 2017, if not available 2018 annual report) of the selected company listed on the Australian Securities Exchange. Carefully read this report and explain how the conceptual framework has been applied by this company while it prepared its financial statements and notes to the accounts. Present your answer considering the (i) how many statements/reports have been prepared as per the Conceptual Framework and what are their major components, (ii) which recognition principles and measurement bases have been applied for revenue, assets and liabilities, and (iii) what qualitative characteristics of information exhibit in company's various financial reports.

Part B: Integrated/sustainability reporting

(a) Compare and contrast the Sustainability Reporting Guidelines of the Global Reporting Initiative (GRI) and the International Integrated Reporting Framework of the International Integrated Reporting Council (IIRC) for explaining a holistic view (broader view) of corporate social responsibility reporting in addition to reporting of corporate financial performance.

(b) Explain the rigour (strengths and limitations) of the conventional accounting, based upon the Conceptual Framework for Financial Reporting, to explain the contents of sustainability as well as integrated reports.

(c) Discuss the applicability (usefulness or limitations) of the theories you learned to explain the contents of sustainability as well as integrated reports.

(d) Prepare an index (a table or checklist) of various components (criteria) of an integrated report, and then discuss whether and how the selected South African company has disclosed information against each of those components (criteria).

(e) Discuss whether the selected Australian company prepare an integrated report. If not, then what alternative report/s this company prepares for reporting corporate social responsibility in addition to reporting of its financial performance. Compare the contents of Austrian company's corporate social responsibility reporting in addition to reporting of financial performance with the index and contents of the integrated report of the South African company presented in Part B (d) above.

Required: Prepare a research report as per the template, marking criteria and relevant guidelines.

Report Format -

1. Executive summary

2. Introduction

3. Part A

(a) Review of the history and development of the Conceptual Framework for Financial Reporting.

(b) Explanation of Australian accounting profession's concerns regarding the Conceptual Framework.

(c) Discussion of academics' concerns about the quality (potential benefits and limitations) of the Conceptual Framework.

(d) Explanation of how the conceptual framework has been applied by the selected Australian company.

4. Part B

(a) Comparison of Sustainability Reporting Guidelines and International Integrated Reporting Framework.

(b) Rigour (strengths & limitations) of the conventional accounting, based upon the Conceptual Framework for contents of sustainability as well as integrated reports.

(c) Applicability (usefulness or limitations) of the theories to explain contents of sustainability as well as integrated reports.

(d) Preparation of an index (a table or checklist) of various components (criteria) of an integrated report, and discussion of whether and how the selected South African company has disclosed information against each of those components (criteria).

(e) Comparison of Australian company's reporting practices with the index and the integrated reporting practices in the selected South African company.

5. Conclusion

6. References in the text and in the list at the end as per APA guidelines.

Attachment:- Assignment Files.rar

Reference no: EM132312624

Questions Cloud

Vocabulary of managerial communications : Using theories, concepts, and vocabulary of managerial communications make a report about what is the impact of social media on the quality

Provide a precise definition for human capital : 1 Provide a precise definition for "human capital".

Survive in the changing business and political environments : "For any organization to survive in the changing business and political environments they need to have clearly set out financial and strategic objectives"

Elements of strategic direction and their importance : Discuss this statement showing the three key elements of strategic direction and their importance.

Discuss the Australian accounting profession concerns : ACCT20074 Contemporary Accounting Theory Assignment - Practical report, CQ University, Australia. Discuss the Australian accounting profession concerns

Big five personality framework : Discuss the differences between the two and how personality is measured in each. Include factors that shape personality.

Human resources director of recruitment for xyz enterprises : You are the Human Resources Director of Recruitment for XYZ Enterprises, and you are charged with developing an interview strategy

Find all possible values for the load impendence : Given that the characteristic impedance is 50 ohm, find all possible values for the load impendence. Illustrate your answer using a Smith Chart.

Analyse and summarise academic literature in ob : Analyse and summarise academic literature in OB. Analyse and evaluate OB issues and apply theories, concepts and models.

Reviews

len2312624

5/27/2019 9:51:36 PM

Word limit - 3,000 words including the executive summary, introduction, responses to the requirements in 2 parts & conclusion but excluding the list of references and appendixes. Format - Report format as per the marking criteria and guidelines. Prepare MS Word document. Do as per requirement. Thanks.

5/27/2019 9:51:30 PM

Guidelines - Summarise the overall findings. State what you intend to research, data collection & analysis methods, and how you plan to present in the report. Refer to the textbook and 5 journal articles. Visit the websites of the IASB, AASB, and FASB. Visit the website of AASB and refer to 3 web/media articles. Refer to 4 journal articles. Search article through CQU Library databases and google scholar. Download the annual report for 2018; if not available for 2017. Explain answers against requirements (i), (ii) & (iii). Visit the websites of GRI and IIRC. Also use the textbook. Use the textbook and 2 journal articles searched through CQU Library databases and google scholar.

5/27/2019 9:51:13 PM

Use the textbook and 2 journal articles searched through CQU Library databases and google scholar. Read the international Integrated. Reporting Framework of the IIRC in preparing index and explain the integrated reporting practice in the selected South African company listed on Jonesburg Stock Exchange. Download Australian company’s annual report and discuss the quality (nature and extent) of its disclosure against the index and SA company’s I/reporting. Gist of findings and lessens you learned. Use APA referencing guide.

Write a Review

Required(*) Message

User Account

All Pages