08 Mar Purpose:This assignment aims at developing student
Purpose:This assignment aims at developing student’s ability to critically examine the usefulness of thefinancial reporting regulations to Australian reporting entities, namely the relevance of PositiveAccounting Theory (PAT) and the adoption of IFRSs. Students are also required to research on anothercountry that has adopted IFRSs in the past 5 years. They will have to do research on relevant literatureand demonstrate understanding and critical evaluation of key issues of adopting IFRSs such as thetransitional issues, challenges and benefits, and recommend future directions to the nationalaccounting setting bodies.Required Task: In the body of the assignment, students will have to critically discuss the followingissues:1. The relevance of Positive Accounting Theory (PAT) for financial reporting. Use at least twoexamples to illustrate your arguments from the relevant accounting literature.2. Choose one country apart from Australia that has implemented IFRSs for a minimum of 5years, and register the country with your lecturer. No group can choose the same country inthe same class.Compare and contrast the implementation of IFRSs in Australia and the other country of yourchoice, approved by your Lecturer. For each of the two countries, discuss the following:i. reasons for the national accounting body adopting IFRSs and when it was adopted;ii. transitional issues faced (within a year or two), with examples;iii. what challenges were faced by reporting entities upon adopting IFRSs. (Do not discusstransitional issues here). Include specific examples of accounting standard(s) anddiscuss the issues that made them challenging/difficult to adopt, to support yourarguments;iv. what were the benefits of adopting IFRSs by reporting entities;v. the similarities and differences in the adoption of IFRSs faced by Australia and theother country you have chosen. Include what factors had caused the differences youfound.3. Based on your findings, do you think the adoption of IFRSs were successful in the twocountries? Explain your answer.4. Provide two recommendations to the national accounting setting bodies (incl. AASB) on waysto ensure the IFRSs continue to be relevant to users’ needs and to all sectors of the economy.
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