Assignment
Word Limit: 2500 words.
Task
Question1: Reflection on feedback given to Assessment
Please provide reflection on the advice that you were given by the marker for Assessment Item 1 and discuss how you were able to use this feedback to enhance your research and writing skills in preparation of the Assignment -2.
Question 2 report
Find the comment letters received on a current exposure draft or proposal for a new accounting standard. (These can be found on the websites of most standard setting organizations such as IASB, AASB or FASB. Hint: These websites can be quite difficult to navigate, so as a first step try to type "IASB comment letters" in to Google or other search engine of your choice). Read a sample of the comments from a rage of respondents and select five respondents, for example from professional accounting bodies, industry, companies or corporate bodies. Include copies of the comment letters you wish to discuss and complete the following task.
a) Describe on your own words the issue that the exposure draft/proposal and comments letters dealt with.
b) Is there agreement among the various groups? Describe the issues where there is agreement/ disagreement and provide examples.
c) In your opinion, which of the three theories of regulation (Public interest theory, Economic interest group theory [Private interest] and Capture theory) explain the comment letters? Justify your answer.
Question 3 report
Guggiola, G. (2010). IFRS Adoption in the E.U., Accounting Harmonization and Markets Efficiency: A Review, International Business & Economic Research Journal.
https://cluteinstitute.com/ojs/index.php/IBER/article/viewFile/350/339
Refer to the above journal article and develop a critical review report on following aspects:
Continental European countries historically relied upon capital provided by the State, banks or families. They are less reliant on Market Efficiency and have relatively less developed accounting professions. Given these barriers, do you think that the European Union will embrace the standardisation process for all member countries? Do you think standardisation of accounting standards on a global basis necessarily equates with a standardisation of accounting practice?
Rationale
These assessments are designed to assist you:
• To critically evaluate attempts to develop and apply the conceptual framework.
• To critically appraise the objectives of accounting and relate them to the various concepts of accounting.
And:
• In gathering and integrating knowledge on the theories which you have learned from topics 4 to 7.
• In developing your learning through the application of the concepts covered in topics 4 to 7
• To demonstrate your level of understanding and the level of your research efforts.
Content assessed: Accounting regulation and politics and standard setting process and international accounting.
Key generic skills: Research, critical thinking and analytical writing
Subject learning outcome for Assignment-2: - be able to critically appraise the objectives of accounting and relate them to the various concepts of accounting discussed in earlier subjects;
- be able to analyse the possible usefulness of alternative measurement systems to historical.