BUACC2606 Financial Accounting
Summer Semester 2013/14


Assessment weight: 25%
Due Date: 31 Jan 2014
Length: 1500 words maximum
Referencing: APA style



Research assignment:
“The impression one gains from the internal inconsistency of many of the arguments upon which justification of conventional accounting, is made to rest is strongly reminiscent of the underlying philosophy of the rulers of Oceania in George Orwell’s Nineteen Eighty-Four. The distinctive feature of this philosophy is doublethink. Doublethink means the power of holding two contradictory beliefs in one’s mind simultaneously, and accepting both of them”. Two examples are “ Valuations are incorporated in balance sheets, but the balance sheet is not a valuation document” and “ Fixed assets should be carried at cost…in historical cost, unless such cost is no longer meaningful”, [Chambers, R. (1969) ‘Implications of asset valuations and bonus issues’ in Accounting, Finance and Management, Sydney, Butterworths, p.122]

Required:
Discuss the above quotation, particularly as it applies to non-current assets. Do you consider Chamber’s assertion is justified?




Assessment criteria
1500 words max. Excellent
(HD) Very Good
(D) Good
(C) Satisfactory
(P) Unsatisfactory
(F)
1. Introduction (5)

2. Body/Discussion (25)
Critical evaluation of topic
3. Conclusion (10)

4. Examples (10)

6. Referencing, citations (10)

7. Evidence of reading, quality and quantity (10)

8. English expression, coherence, grammar and spelling. Logical flow of ideas (5)
75/3 = 25%