23 Jun Explain how the new accounting treatment
Explain how the new accounting treatment for leases under IFRS 16 would affect tenants who have entered into debt covenants with creditors. Also, explain from the perspective of the debt hypothesis of Positive Accounting Theory (PAT) what actions such tenants might take. (5 marks)
Are changes to accounting standards, such as the one explained in the above article,likely to have social and economic consequences? What are the possible social and economic consequences that may result from adoption of IFRS 16 Leases?(10 marks)
Should accounting standard setters consider social and economic consequences of accounting treatments when developing accounting standards? Discuss in relation to objectives and qualitative characteristics of general purpose financial reports as stated in the ConceptualFramework of the Australian Accounting Standards Board.(10 marks)
QUESTION 2 (20 Marks)
Identify a positive theory (it can be about any area of accounting). Explain the identified theory and provide an example of a situation where the selected theory can be tested. Explain how the identified theory can be testedin the exampleyou (10 Marks)
Note: Positive Accounting Theory (PAT) is only one type of positive theory. The question relates to any positive theory in accounting.
Can you prove a theory of accounting? Discuss in relation to both normative and positive theories. When formulating your answer explain the difference between positive and normative theories, providing at least one example from accounting. (10 Marks)
QUESTION 3 (20 Marks)
Discuss, using examples in relation to assets, liabilities, income and expenses, the role professional judgement plays in measuring items in the financial statements. Based on your discussion conclude whether professional judgement allowed under the accounting standards can have a material impact on reported profits. (10 marks)
Does the Australian Accounting Conceptual Framework issued by the Australian Accounting Standards Board (AASB) highlight stewardship, decision usefulness or both? You are required to explain these two terms, differentiating between the types of information relevant for each of themand provide evidence from the Conceptual Framework to highlight aspects consistent with stewardship and/or decision usefulness. (10 marks)
QUESTION 4 (20 Marks)
Businesses voluntarily provide a substantial amount of social and environmental information to the public. Deegan (2014, p.489) highlights that, “business entities and business associations typically make submissions to government which argue in favour of maintaining the voluntary status of social and environmental performance reporting. That is, they typically oppose the introduction of legislation to require them to report information about their social and environmental performance”.
[Reference: Deegan, C. 2014. Financial Accounting Theory, North Ryde: McGraw-Hill]
Adopting a critical perspective of accounting, explain why businesses provide social and environmental information yet oppose reporting of such information to be regulated. (10 Marks)
Provide arguments to support the view that companies may not provide an optimal level of social and envir
Our website has a team of professional writers who can help you write any of your homework. They will write your papers from scratch. We also have a team of editors just to make sure all papers are of HIGH QUALITY & PLAGIARISM FREE. To make an Order you only need to click Ask A Question and we will direct you to our Order Page at WriteDemy. Then fill Our Order Form with all your assignment instructions. Select your deadline and pay for your paper. You will get it few hours before your set deadline.
Fill in all the assignment paper details that are required in the order form with the standard information being the page count, deadline, academic level and type of paper. It is advisable to have this information at hand so that you can quickly fill in the necessary information needed in the form for the essay writer to be immediately assigned to your writing project. Make payment for the custom essay order to enable us to assign a suitable writer to your order. Payments are made through Paypal on a secured billing page. Finally, sit back and relax.
About Writedemy
We are a professional paper writing website. If you have searched a question and bumped into our website just know you are in the right place to get help in your coursework. We offer HIGH QUALITY & PLAGIARISM FREE Papers.
How It Works
To make an Order you only need to click on “Order Now” and we will direct you to our Order Page. Fill Our Order Form with all your assignment instructions. Select your deadline and pay for your paper. You will get it few hours before your set deadline.
Are there Discounts?
All new clients are eligible for 20% off in their first Order. Our payment method is safe and secure.