An extensive consultation paper has been provided to you related to the Individual choice of accounting method in a particular situation.
As a group, you are to read the report, understanding its purpose and then discuss why individual has different way of choosing different method of accounting. Do you think particular Accounting Standard, Corporation Law or Conceptual Frameworks reducing different choice of Accounting Method? Or Standardization will resolve this issue.
This will require further research by your group to understand the background, a clear understanding of the relevance of each phase and a discussion as to where this will lead, what the likely outcomes are and why. You should consider and include the history and practices in Australia in your report, e.g. AASB and the structure that existed pre-IASB. As a conclusion, you are to include what you have learned/understood from the paper and from your findings.
Assessment
Whilst it is expected that each submission will differ, assessment consideration will be based on the effort undertaken, the research and the understanding shown. Each assignment will be considered on the merits and quality of the submission. Poor presentation and referencing will draw mark deductions.
Please note: generally marks will be the same for all group members so it is important to ensure as a group, you are satisfied with your group members' contribution.