contemporary accounting theory H

15 Jun contemporary accounting theory H

This assignment is prepared by Dr Kazi Islam, Lecturer in Accounting, UC- ACCT20074, T1-2019, CQU

ACCT20074 Contemporary Accounting Theory Term 1 Assessment 3: Practical report (Major assignment)

Basic information:

Nature of task Individual

Total marks 50 (50% of the unit)

Due date Week 12 Friday (7 Jun. 2019) 11:45 pm AEST1

Return date Results will be published with other units university-wide (not before certification date)

Word limit 3,000 – 3,500 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.

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). (4 marks)

(b) Discuss the Australian accounting profession’s concerns regarding the application of the (IASB/IFRS)

Conceptual Framework for Financial Reporting. (3 marks)

(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. (3 marks)

(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. (10 marks)

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. (4 marks)

(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. (3 marks)

(c) Discuss the applicability (usefulness or limitations) of the theories you learned to explain the contents

of sustainability as well as integrated reports. (3 marks)

(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). (5 marks)

(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. (5 marks)

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

1 Please note that because of the time constraint, extension request will not be entertained unless there are competing circumstances supported

by required certificates as per the university policies. However, considering the date of release of this assignment and other assignments at

the same time, a 3 days extension can be sought from the unit coordinator by emailing a written statement of the reasons for extension.

This assignment is prepared by Dr Kazi Islam, Lecturer in Accounting, UC- ACCT20074, T1-2019, CQU

Template, marking criteria and relevant guidelines

Student Name:

Student Id:

Number Specific Requirements Marks Guidelines

1 Executive summary 2 Summarise the overall findings

2. Introduction 1 State what you intend to research, data collection & analysis methods, and how you plan to present in the report

3. Part A

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

4 Refer to the textbook and 5 journal articles. Visit the websites of the IASB, AASB, and FASB.

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

3 Visit the website of AASB and refer to 3 web/media articles

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

3 Refer to 4 journal articles. Search article through CQU Library databases and google scholar

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

10 Download the annual report for 2018; if not available for 2017. Explain answers against requirements (i), (ii) & (iii)

4. Part B

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

4 Visit the websites of GRI and IIRC. Also use the textbook.

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

3 Use the textbook and 2 journal articles searched through CQU Library databases and google scholar

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

3 Use the textbook and 2 journal articles searched through CQU Library databases and google scholar

(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)

5 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

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

5 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

5. Conclusion 1 Gist of findings and lessens you learned

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

4 Use APA referencing guide

Overall English grammar & presentation skill 2 Assessed throughout the report

Total Overall marks to be achieved out of 50 Note: Companies will be listed against your name in moodle. https://www.jse.co.za/ https://www.asx.com.au/

https://www.jse.co.za/
https://www.asx.com.au/