BAO3309 ADVANCED FINANCIAL ACCOUNTING
Semester 1 206
INDIVIDUAL ASSIGNMENT – 20%
(Due date week 9, 04 May 2016 before 5 PM)
According to the Australian Accounting Standards Board (AASB):
“The AASB is committed to developing, in the public interest, a single set of high quality, understandable accounting standards that require transparent and comparable information in general purpose financial statements.” (AASB 2016)
This view is also shared by both the IFRS Foundation and the FRC:
The IFRS Foundation, in its mission statement, states that “our mission is to develop International Financial Reporting Standards (IFRS) that bring transparency, accountability and efficiency to financial markets around the world. Our work serves the public interest by fostering trust, growth and long-term financial stability in the global economy.” (IFRS 2016)
The FRC (Financial Reporting Council) states that “the FRC monitors the development of international accounting and auditing standards, works to further the development of a single set of accounting and auditing standards for world-wide use and promotes the adoption of these standards.” The core objectives of FRC also state that “accounting standards should facilitate the Australian economy by reducing the cost of capital and enabling Australian entities to compete effectively overseas.” (FRC 2016)
References:
AASB 2016, About the AASB, viewed 25 Feb 2016, http://www.aasb.gov.au/AASB-Board.aspx
IFRS 2016, About IFRS, viewed 25 Feb, 2016,
http://www.ifrs.org/About-us/Pages/IFRS-Foundation-and-IASB.aspx
FRC 2016 About FRC, viewed 25 Feb, 2016, http://www.frc.gov.au/about_the_frc/
REQUIRED:
A. Explore the relationship between the notions of public interest and decision usefulness of accounting information with the help of research articles. Based upon this reading, how, and to what extent, is the development of accounting standards in the public interest consistent with the decision usefulness of accounting information? (Use at least four research articles from academic journals)
B. Discuss, with the help of research literature, that the use of IAS (International Accounting Standards) compared to national or domestic accounting standards has reduced the cost of capital of publicly listed firms. (Use at least four research articles from academic journals).
C. From a review of latest annual reports of an Australian firm listed on ASX, identify and discuss the quality of financial disclosure by the firm with reference to a particular accounting standard and discuss whether these disclosures are sufficiently clear to be understood by a common user (You are not required to financial figures in this section).
Please provide conclusion at the end of each part of your assignment
The following matters should be given particular attention:
Assignment is due in the lecture week beginning (Wk. 9).
1. Evidence of extensive research beyond the prescribed texts is required. Ensure these are referenced appropriately in your references using Harvard referencing.
2. Students should use research databases available through the university’s library.
3. Assignment must be typed and properly documented.
Students must submit both printed copy and electronic copy of assignment through Web-CT turnitin. Assignment should be no greater than 2000 words double-spaced with a 3cm left margin. A word count must be displayed on the title page of assignment. (Note: Word count does not include abstract, graphs, tables, and references).
Warning: Failure to submit identical printed and electronic copies of assignment through Vu Collaborate will result in a fail grade and where student’s printed copy of submitted assignment is different from Turinitin electronic copy of the assignment then only Turnitin assignment will be marked.
4. NO extensions will be granted unless supported by appropriate documentation prior to the due date. An application for an extension must use an application for extension of assessment form, submit an application on or before a due date to unit coordinator, be accompanied by a medical certificate or similar evidence, be accompanied by any work completed to date.
Note: Poor organisation and work commitments are not grounds for an extension. Students’ are responsible to protect their work and save data by making necessary backup. Therefore, loss of data due to computer or storage devices problems will not be considered a valid reason for an extension.
5. This assignment must be handed in for successful completion of the subject before the due. It will count 20% towards the final mark.
6. Recommendation: Students can submit their completed assignment or partially completed assignment through Turnitin at least five days before the due date to get a similarity report. This report will provide guidance and opportunity to students to withdraw their assignment before the due date and resubmit it before the due date after removing similarities and avoiding plagiarism. Remember you cannot withdraw your assignment after the due date.
7. Any assignments handed in late without prior permission of the lecturer/tutor will be penalised 2 (out of 20) marks per day.
8. Contact unit coordinator immediately if you cannot submit your assignment through VU Collaborate’s drop box due to a technical problem.
Should students need assistance in writing research essay, please seek help from Student Learning Unit.
MARKING SCHEME RESEARCH ESSAY
Semester 1, 2016
Student Name
Student Number Tutorial group
Mark out of 100
Assessment Structure Excellent Very Good Good Average Marginal Poor Very Poor
1. Synopsis/abstract (10)
2. Part A (25)
3. Part B (25)
4. Part C (30)
5. Referencing and citations (5)
6. English expression,
coherence, grammar and
spelling (5)
Assessment criteria to be applied on Assessments 1 to 6
Excellent:
Work fulfilling the above criteria to an outstanding degree, in particular demonstrating excellence in sustained argument, critical thought and synthesis of material from diverse sources.
Very Good: Work demonstrating extensive knowledge and understanding of major
content areas and issues; the ability to appropriately synthesise material from a range of sources; a well developed capacity for critical analysis of key issues and concepts; the ability to present a defensible personal perspective on issues; evidence of wide reading in relevant areas of the discipline; high quality presentation.
Good:
Above average work demonstrating good knowledge and understanding of major content areas and issues; demonstration of some capacity for critical analysis; the ability to present a perspective on issues; evidence of reading in relevant areas of the discipline; high quality presentation.
Average:
Work of ‘average’ standard which demonstrates a average comprehension both of basic concepts and some issues, based on class work and some further reading in the area; some ability to compare key concepts and theoretical perspectives; average presentation, particularly in regard to structure, expression and referencing.
Marginal:
Work which shows a basic understanding of key elements of the subject matter at a descriptive level, based mainly on attendance at lectures; satisfactory presentation with some deficiencies in structure, expression and referencing.
Poor:
Work which shows little evidence of knowledge or understanding of the subject matter and is unsatisfactorily presented, particularly in regard to structure, expression and referencing.
Very poor: Work which shows no evidence of knowledge or understanding of the subject
matter.