Assignment - individual assessment
Purpose: This assessment is designed to allow students to demonstrate a higher level of understanding of accounting standards and theoretical and philosophical approaches, as they apply to the resolution of more complex accounting problems.
Task Details:
Students are required to prepare a comprehensive report directed to an Australian ASX Top 100 listed corporation detailing a critical analysis of the effectiveness of the corporation to meet the obligations of the conceptual framework of accounting. Consideration of the Conceptual Framework Objective, Recognition Criteria, Fundamental and Enhancing Guidelines is essential.
It is recommended that you do not choose a bank, insurance company or large conglomerate to analyse.
A copy of the Conceptual Framework is available in Moodle. The questions you should ask yourself and answer when completing the assignment are:
- Does my company meet the objectives of the conceptual framework with its reporting?
- Have they satisfied the recognition criteria required to report Assets, Liabilities, Equity, Revenue and Expenses
- Have they satisfied the fundamental qualitative enhancing characteristics of financial reporting i.e. is the report relevant and have faithful representation
- Have they satisfied the enhancing qualitative enhancing characteristics of financial reporting i.e. is the information comparable, verifiable, timely and understandable?
To prove your points for and against you should support your arguments with academic research and appropriate screen shots from the annual report's financial statements and notes.
The relationship between accounting research and professional practice is essential. This article needs to inform your arguments. The analysis and supported recommendations need to be formatted into a professional report as would be expected in a modern organisation by management and clients. It should include an abstract, introduction, body, conclusion and bibliography.