Assignment -
The Senior Partner of the firm you work for has appointed you to a new role. It is now your responsibility to review upcoming accounting standards and provide a report to the partners on the proposed standard and the opinions of other industry players on the changes.
Firstly, you are required to find a current exposure draft or proposal for a new accounting standard which has been opened for public comments. (These can be found on the websites of most standard-setting organisations, such as the IASB, AASB and FASB. Hint: These websites can be quite difficult to navigate, so as a first step try typing "IASB exposure draft and comment letters"/"FASB exposure draft and comment letters" into Google or other search engine of your choice). Read a sample of the comments from a range of respondents. Select four respondents, ideally from different types of organisations for example, from accounting bodies, industry, companies or corporate bodies. If you are having a problem finding suitable comments letters then contact your subject coordinator.
In your own words, supporting your evaluation with appropriate citations, appropriately referenced in APA 6 style, you are required to include the following information in the report.
- An outline of what the exposure draft is introducing or changing.
- An assessment as to whether the exposure draft is being introduced in the 'public interest'.
- An outline of the views presented in the comments letters which highlights the areas of agreement and disagreement with the exposure draft and/or other comments letters.
- An assessment (with relevant examples) as to whether the comments letters utilise any of the arguments 'for' or 'against' regulation.
- An application of each of the theories of regulation (public interest, private interest and capture) to the comments letters and a justification as to which theory(ies) is most effective at explaining the comments and which theory(ies) is least effective at explaining the comments.
Please note: you need to attach the comment letters you selected for your report (there is no need to attach the exposure draft).
Content assessed: Accounting regulation, current financial reporting issues and topics(s) that your research is related to.
Key generic skills: Research, critical thinking and written communication.
Rationale
This assessment is designed to test your ability to:
- communicate your understanding of the topic areas; and
- be able to critically evaluate selected current financial reporting and management accounting issues.
Attachment:- SAMPLE .rar