International
convergence of accounting standards is a major priority of both the
International Accounting Standards Board (IASB) and the Australian Accounting
Standards Board (AASB). The IASB is nearing completion of a lengthy project to
converge its major standards with those of the US Financial Accounting Standards
Board (FASB) while the AASB has recently completed Phase 1 of a project to
align Australian accounting standards with those of New Zealand
(Charted
Accountants, 2016)
Some
of these issues include:
•Consolidations
•Fair
value measurement
•Financial
statement presentation
•Financial
Instruments
•Insurance
•Joint
ventures
•Leases
•Revenue
recognition
•Post
employment benefits
Assignment
Task
1:
Contemporary Issues of Accounting Theory Essay (1000 Words, 20 Marks,)
Students
are required to pick 4 issues from the above and provide the following:
1.Overview
of the current discussion
2.Rationale
for current discussion – why is the project being undertaken (500 words, 5
marks per issue)
Assignment
Task 2 Case Study (1,500 Words, 15 Marks)
3.Some
authors suggest: “IFRS will not require accounting for stewardship of public
funds entrusted, or for the supply of services, both of which are core to the
management of local authorities. And we know that a failure to measure almost
always means a failure to deliver in management terms. This means we have a
potential disaster on our hands.” (Murphy, 2010)
a. Do you agree with
this view? Why, or why not? Justify your answer with suitable explanations. (500
words, 5 marks)
4.Some
authors claims that the IASB does not act in the public interest. They are a
private cartel
designed
and promoted for the benefit of their biggest sponsors –the Big 4 firms of accountants.
a. Critically examine
the validity of the above statement. What are the implications for
accounting
in different countries if the above allegation is true? (500 words , 5 marks)
5.
Do you think IFRSs should be adopted by Australian local authorities? Why, or
why not?
(500
words , 5 marks)
Recent Comments