HI6025 Accounting Theory and Current Issues Assignment

Assignment Help Accounting Basics

Reference no: EM132516264 , Length: word count:3000

HI6025 Accounting Theory and Current Issues Assignment - Holmes Institute, Australia

Assessment Title - Australian Financial Reporting Regulations: A Critical Review

Purpose of the assessment (with ULO Mapping) - Students are required to critically examine the financial reporting regulations for Australian reporting entities, and the relevance of Positive Accounting Theory (PAT) in predicting accounting practice. They will have to identify a real-life accounting fraud case and evaluate it based on their violations of financial reporting regulations.

Students will have to do research on relevant academic literature and demonstrate understanding and critical evaluation of the Australian financial reporting environment and its current regulatory framework, and recommend future directions to the Australian financial reporting regulators.

Assignment Specifications -

Purpose: This assignment aims at developing student's ability to critically examine the financial reporting regulations for Australian reporting entities, and the relevance of Positive Accounting Theory (PAT) in predicting accounting practice. They will have to identify a real-life accounting fraud case and evaluate it based on their violations of financial reporting regulations. Students will have to do research on relevant academic literature and demonstrate understanding and critical evaluation of the Australian financial reporting environment and its current regulatory framework, and recommend future directions to the Australian financial reporting regulators.

Students are required to review the relevant academic literature, incl. relevant organisation websites and write in-text citations when answering this assignment.

Required Tasks - In the body of the assignment, students will have to critically discuss the following issues:

1. Identify and discuss the current regulatory framework or regulations encompassing the preparation of financial statements by reporting entities in Australia.

2. In your opinion, is the Australian financial reporting environment over regulated? Justify your answer. [Hint: Cite relevant literature source(s) to back up your answer].

3. Identify one (1) real-life 'financial reporting accounting fraud' that occurred post 1990 (i.e. in the last 30 years), in any country, and answer the following questions:

a) Summarise the key facts about your chosen 'financial reporting accounting fraud'.

b) Explain which of Positive Accounting Theory's (PAT's) hypotheses predicted the practice(s) of the parties involved in your chosen accounting fraud.

c) Discuss what specific accounting regulations were violated?

d) What valuable lessons can the accounting community (incl. reporting entities and regulators), learn from the outcomes of your chosen accounting fraud?

e) Provide two (2) recommendations to the Australian financial reporting regulators, to prevent accounting frauds from happening in the future.

Assignment Structure should be as the following:

1. Abstract (one paragraph)

2. Table of Content

3. Introduction

4. Body of the assignment with detailed answer on each of the required tasks

5. Conclusion

6. List of References

Reference no: EM132516264

Questions Cloud

Compute expected rate of return for security : Compute expected rate of return for each security. Which security is a better investment?

Determination whether author was effective or ineffective : The purpose of the research is to help you make the determination whether the author was effective or ineffective.

Describe the company and their primary product service : Think of a company with which you are familiar. Describe the company and their primary product(s)/service(s). Identify a fixed cost, a variable cost,

What the amount of overhead debited to work in process : $140000 is indirect labor. Actual overhead incurred was $420000. The amount of overhead debited to Work in Process Inventory should be

HI6025 Accounting Theory and Current Issues Assignment : HI6025 Accounting Theory and Current Issues Assignment Help and Solution - Holmes Institute, Australia - Assessment Writing Service

Calculate the value of the bond if market interest rate : Calculate the value of an option free, 15-years, $1,000 par, 10% annual pay bond if: A. Annual interest rate is 12%. B. Annual interest rate is 8%.

What is the cost of the enduring work in process inventory : 124000 and total manufacturing costs of $486000. If costs of goods manufactured is $460000, what is the cost of the enduring work in process inventory?

Determining the put toward a down payment : If you annual interest rate is 12% and you wish to pay for the car over a 3-year period, what are your monthly car payments?

What is the cost of the ending work in process inventory : 148000 and total manufacturing costs of $377000. If costs of goods manufactured is $380000, what is the cost of the ending work in process inventory.

User Account

All Pages