Explain the theoretical principles and development processes that influence the development of International Accounting Standards

This assignment is designed to develop students’ knowledge and critical analysis and problem solving skills around two course objectives: CO3. recognise and explain the theoretical principles and development processes that influence the development of International Accounting Standards CO4. communicate in a professional manner in writing to both an accounting and non-accounting audience As the aim of Financial Accounting 3 is to develop your ability to use accounting standards generally, and not to just be able to apply the ones covered in the course, this assignment is extremely relevant to the course. It aims to develop your awareness of the process by which accounting standards are produced and changed so that in your future career you are able to follow the debates about the accounting standards and to determine how these will impact on the organisations for which you work, or your clients. Some students may want the assignment to just be based on the accounting standards covered in concept videos. This suggests they have missed the main aim of Financial Accounting 3 and have a very narrow understanding of the education process. An assignment is an opportunity for you to develop deeper research, knowledge, critical analysis and problem solving skills, and judgement skills that will serve you well in your future career. Course Objectives 3 and 4 are only assessed in this assignment and not in the exam. We hope you appreciate the opportunities this assignment affords you and that by the time you submit it you will feel more empowered to research and explore future accounting standard issues. Importantly assignments are an opportunity for students to develop the Threshold Learning Outcomes (TLO) of the Australian Qualifications Framework (AQF) that are essential for graduates to gain employment. As well as developing your understanding of the accounting setting process through the International Financial Reporting Standards (IFRS) that apply internationally and that you will need to use when you are an accountant, this assignment is designed to develop skills highly sought after by employers. Specifically this assignment aims to develop the AQF TLOs of: • Knowledge, Judgement and Critical analysis and Problem solving skills • Written communication skills: Hence the high weighting on spelling and grammar in the criteria • Self-management skills. These will be developed through working on the assignment throughout the study period as guided by the learnonline site and by keeping a diary as you develop the assignment. This assignment is also designed to develop the Program Learning Outcome of: • Written communication skills. You will progressively develop your report throughout the study period. Time will be allocated in workshops /virtual classes to discuss any questions that you may have regarding writing, knowledge, analytical and judgement skills. The course discussion forum will also be used to develop these skills. 1 Please make the most of this feedback to identify and action learning opportunities and self- improvements. Useful Website • Al-Maskari, K 2012, A Practical Guide To Business Writing Writing in English for Non-Native Speakers, Wiley, New York e-book Although it would not be normal to reference in business memos or letters to clients, in this assignment it must be remembered that this is also an academic exercise and hence the use of referencing is essential. You are required to use the Harvard Referencing style in this assignment. Use of headings in the memo and letter is encouraged. Headings are effective to organise text by dividing a document into manageable sections. Headings are also important sign-posts which guide the reader. They need to be brief and descriptive, in bold font, and not used excessively. Self-Management Skills Beginning assignments sooner rather than later tends to lead to better learning outcomes and less academic integrity issues. The assignment will be covered at various stages throughout the study period in workshops and virtual classrooms. Planning early and setting short term goals with a piece of assessment rather than just the due date results in higher learning outcomes (Zimmerman, Bandura & Martinez-Pons 1992, p. 664). By developing the assignment over time, rather than in a rush in the last day or two, provides students with the opportunity to develop the TLO for Accounting in the AQF of Self-Management: Reflect on performance feedback to identify and action learning opportunities and self-improvements. At the end of the assignment Template is a diary that has to be filled in by students. You have to do more than just put the dates in the left hand column. You are expected to explain fully what you have done in each step and when. Students who simply put the dates in the left hand column will be considered to have not completed the diary as a diary is a record of what has been done and not simply dates. Note: falsely completing the assignment diary would constitute a form of academic misconduct under paragraph 9.2.1 (c) and (f) of the Academic Assessment and Procedures Manual and will be referred to an Academic Integrity Officer with a view to imposing a penalty of at least zero for the assignment. Assignment Task Currently, Accounting Standards do not specify how to account for combinations of companies or businesses that are controlled by the same party. As a result, companies account for such transactions in different ways, which makes it difficult for investors and regulators to compare the effects of those transactions on companies’ financial positions and performances. The International Accounting Standards Board (IASB) is discussing whether it can develop requirements that would improve the comparability and transparency of accounting for business combinations under common control to help investors compare and better understand information that companies provide in financial statements about such transactions. One of the key issues concerning the accounting for business combinations under common control is the Acquisition Analysis. The IASB has proposed different methods of Acquisition Analysis including the Acquisition Method (IFRS 3/AASB 3), Full Fair Value Approach, Ceiling Approach and Revised Ceiling Approach. Although the project covers various aspects of business combinations under common control, the scope of this assignment is limited to Acquisition Analysis, in particular, to the Acquisition Method and Ceiling Approach. This assignment comprises two tasks: (1) Memo (2) Short letter. The detailed instructions are as below: 1) Memo In your own words write a memo to your colleagues at the accounting firm for which you work (this is just pretend, most students are not currently working for an accounting firm, use your imagination to make up a name and letterhead for your accounting firm) explaining the issues raised in the IFRS’s “Business Combinations under Common Control” project (this is relevant to Topic 1 Part 2, Topic 2 and Topic 3) and advise which approach to Acquisition Analysis for business combinations under common control the firm should support. Important reminder: Although the project covers various aspects of business combinations under common control, your memo should include critical analysis (including the relative merits) of the Acquisition Method and Ceiling Approach only. 2) Letter In your own words draft a short letter to one of the firm’s clients who may be impacted by the IFRS project. The client acquired a 15% Non-Controlling Interest in a company that was a wholly owned subsidiary of the client’s parent company. (Use your imagination for the client’s industry and name). The details of this acquisition are as below: Purchase consideration: $1 272 000 Fair value of business acquired: $1 258 000 Fair value of net identifiable assets: $1 235 000 Use the above information to explain the impact of the proposed IFRS’s developments on the client. Resources • www.ifrs.org > Projects > Work Plan > Research Projects > Business Combinations under Common Control. • Look at all tabs but in particular the “Project History” tab to develop your arguments. Refer to Agenda Paper 23 (as well as related audio recordings) published in April, May and June 2018. • FA3 Assignment Rubric SP5 2018 (this provides the key criteria against which your memo and letter will be assessed and hence provide a possible structure for these two documents.) • How to set out a business memo and a letter to a client. You can either use templates provided in Microsoft Word or you can find many examples on the Internet. Remember to reference any Internet site you use. The following is also an excellent resource available electronically via the online library: Al-Maskari, K 2012, A Practical Guide To Business Writing Writing in English for Non-Native Speakers, Wiley, New York e-book • Written communication skills: see earlier section for references and links. Guidance • The memo to your colleagues in the accounting firm should be no more than about 1,000 to 1,100 words and should use technical language that accountants could reasonably be expected to understand. The letter to the client should be about 500 to 600 words and in non-technical language and written specifically for their needs. The Course Outline suggests the assignment can be up to 1,500 words. There is no minimum word limit. Anything after 1,700 words will not be marked. • There is a lot of material in the suggested resources to answer the question. The best approach is to read the information, think about it and then summarise it in your own words. If you simply list many of the points from the suggested resources you will be heavily penalised and fail this objective of the assignment. Your colleagues at the accounting firm have the same access as you to the IFRS site so simply copying their papers is a waste or everyone’s time. A list of all the points in the IFRS papers would be beyond the understanding of the client. Succinctly summarising the main issues for the readers is of value and will be rewarded. • Referencing is essential. Remember that changing a few words does not make a quote a paraphrase or “in your own words”. It is still a quote and must have quotation marks ‘ ‘ around it and an in-text reference. If you do manage to summarise or paraphrase ideas from somewhere it does not need quotation marks but it must still have an in-text reference as it is not your idea. Copying and pasting is never okay. • Copying and pasting text into your assignment and then altering it gradually by replacing words, rearranging words, using the synonym function in Word to replace words etc. is not paraphrasing and any sections of assignments deemed to have been created this way will receive no marks. This is not an appropriate method of writing and suggests that the writer is not capable of writing something original for themselves. Putting your work through a translation or paraphrasing tool is considered a breach of the Academic Integrity policy and will be referred to an Academic Integrity Officer with an expected minimum outcome of zero for the assignment. • As the memo and letter are to be in your own words it is not appropriate to have quotes of more than a line, and no more than a couple of those. Lack of writing in students’ own words will be heavily penalised as you need to develop this skill. Anyone can cut and paste, but a professional can produce original work. As the markers will have read the 5 original documents we have suggested as resources, copying from them would add no value and hence not be worth marks. What students can provide, that no-one else can, is their original writing of what they understand about the issue. That is worth marks. • Note that it is intended that assignments in this course will be checked, using text comparison software, for instances of plagiarism or collusion. • Seek help early and from appropriate sources. Asking your friends, ‘seniors’ or other students for assistance with this assignment is not appropriate. You may seek assistance from the Learnonline Student Forum, your tutor and the course coordinator. • Read the feedback rubric provided as this shows you the breakdown of the marks and any penalties that apply. • Make sure you plan well so that when you submit your assignment it is a piece of assessment on which you are very proud to have your name. For a custom paper on the above topic or related questions. Place an order with us. What We Offer: 25% Discount on New Clients • On-time delivery guarantee • PhD-level professionals • Automatic plagiarism check • 100% money-back guarantee • 100% Privacy and Confidentiality • High Quality custom-written papers
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