Introduce the major issues in the new standard

Reference no: EM131221978 , Length: word count:1500

Question -

The Senior Partner of the firm you work for has appointed you to a new role. It is now your responsibility to review upcoming accounting standards and provide a report to the partners on the proposed standard and the opinions of other industry players on the changes.

Firstly, you are required to find a current exposure draft or proposal for a new accounting standard ,which has been opened for public comments. (These can be found on the websites of most standard-setting organisations, such as the IASB, AASB and FASB. Hint: These websites can be quite difficult to navigate, so as a first step try typing "IASB exposure draft and comment letters"/"FASB exposure draft and comment letters" into Google or other search engine of your choice). Read a sample of the comments from a range of respondents. Select four respondents, ideally from different types of organisations for example, from accounting bodies, industry, companies or corporate bodies. If you are having a problem finding suitable comments letters then contact your subject coordinator.

In your own words, supporting your evaluation with appropriate citations, appropriately referenced in APA 6 style, you are required to include the following information in the report.

a) Introduce the major issues in the new standard

b) Explain if there is generally a consensus or if there is disagreement between the commenting parties. Examine in detail why some parties may have a dissenting point of view.

c) Analyse the assumptions behind public interest, private interest and capture theories and evaluate which one best explains each of the comment letters.

Please note: you need to attach the comment letters you selected for your report (there is no need to attach the exposure draft).

1500 words

8 references.

Attachment:- Assignment.rar

Reference no: EM131221978

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