Acct6007_Assignment 2 Brief Critical Analysis Page 1 of 5
ASSESSMENT BRIEF
Subject Code and Title ACCT6007 Financial Accounting Theory and Practice
Assessment Critical Analysis
Individual/Group Individual
Length 1500 words +/- 10%
Learning Outcomes c. Explain the relationship between accounting theory,
the accounting conceptual framework and accounting
standards.
d. Work individually and in groups to identify and apply
appropriate accounting standards to a range of authentic
accounting scenarios.
Submission Week 9 Sunday midnight (AEST)
Weighting 25%
Total Marks 100 marks
Context:
This assignment develops research and critical thinking abilities. It is a critical analysis
eview
of an academic article and research into the new accounting conceptual framework.
This activity will provide students information on new trends in accounting field.
Instructions:
Conduct research into the revised Conceptual Framework for Financial Reporting issued in
May 2019 by AASB 0r (March 2018 by IASB)
https:
www.aasb.gov.au/admin/file/content105/c9/Conceptual_Framework_05-19.pdf
Compare and contrast the differences between the new and previous Accounting Conceptual
Frame work. Provide evidence in support from academic resources. Use minimum 10
academic references.
Your research should focus on the following topics.
1. Brief history in development of the Accounting Conceptual Framework.
2. Specific changes and development between the Conceptual Framework issued by
AASB in March 2016 and compare it with the one issued in 2019
https:
www.aasb.gov.au/admin/file/content105/c9/Framework_07-
04_COMPjun14_07-14.pdf
https:
www.aasb.gov.au/admin/file/content105/c9/Conceptual_Framework_05-19.pdf
https:
www.aasb.gov.au/admin/file/content105/c9/Framework_07-04_COMPjun14_07-14.pdf
https:
www.aasb.gov.au/admin/file/content105/c9/Framework_07-04_COMPjun14_07-14.pdf
Acct6007_Assignment 2 Brief Critical Analysis Page 2 of 5
or (IASB in 2010 and the one issued in XXXXXXXXXXHint locate IFRS Conceptual Framework
project summary 2018) e.g. updates in the definitions of assets and liabilities; updates in
measurement, presentation and disclosure requirements etc.
3. Future directions and your insights in development of Conceptual Frame work.
To assist you with your research you may download and review the following article written
y Sylwia Gornik-Tomaszewski and Yeong C. Choi. This article can be found attached along
with the assessment
ief in the Assessment folder
Tomaszewski, S. G. & Choi, Y.C XXXXXXXXXXThe Conceptual Framework: Past, Present, and Future.
Review of Business: Interdisciplinary Journal on Risk and Society Vol. 38 No. 1, pp. 47–58,
Database: Ebscohost
You may review other academic articles, the new and old conceptual frameworks and
exposure drafts to research and critically analyse the differences in the Accounting
Conceptual Framework.
Academic skills resources: Analysing the Brief, Essay Writing, and Critical Thinking
These resources can be downloaded from LASU - Learning and Academic Skills Unit on Blackboard
following the link:
https:
laureate-
au.blackboard.com/webapps
lackboard/content/listContent.jsp?course_id=_20163_1&content_id=_
2498849_1
https:
laureate-au.blackboard.com/webapps
lackboard/content/listContent.jsp?course_id=_20163_1&content_id=_2498849_1
https:
laureate-au.blackboard.com/webapps
lackboard/content/listContent.jsp?course_id=_20163_1&content_id=_2498849_1
https:
laureate-au.blackboard.com/webapps
lackboard/content/listContent.jsp?course_id=_20163_1&content_id=_2498849_1
ACCT6007_Assignment 2 Brief Critical Analysis XXXXXXXXXXPage 3 of 5
Learning Ru
ics
Assessment
Attributes
Fail (Unacceptable)
0%-49%
Pass
(Functional)
50%- 64%
Credit
(Proficient)
65%-74%
Distinction
(Advanced)
75%-84%
High Distinction
(Exceptional)
85% - 100%
Grade Description
(Grading Scheme)
Evidence of unsatisfactory achievement
of one or more of the learning
objectives of the course, insufficient
understanding of the course content
and/or unsatisfactory level of skill
development.
Evidence of satisfactory
achievement of course
learning objectives, the
development of
elevant skills to a
competent level, and
adequate
interpretation and
critical analysis skills.
Evidence of a good
level of understanding,
knowledge and skill
development in
elation to the content
of the course or work
of a superior quality on
the majority of the
learning objectives of
the course.
Demonstration of a
high level of
interpretation and
critical analysis skills.
Evidence of a high
level of
achievement of the
learning objectives
of the course
demonstrated in
such areas as
interpretation and
critical analysis,
logical argument,
use of
methodology and
communication
skills.
Evidence of an
exceptional level of
achievement of
learning objectives
across the entire
content of the course
demonstrated in such
areas as
interpretation and
critical analysis, logical
argument, creativity,
originality, use of
methodology and
communication skills.
Conceptual Frame
Work of Accounting
60
Does not meet minimum standard
Demonstrates no awareness of content
and/or purpose of the assignment.
Meets minimum
standard
Demonstrates limited
awareness of content
and/or purpose of the
assignment
Moves beyond
minimum standard
Demonstrates
consistent awareness
of content and/or
purpose of the
assignment.
Exceeds minimum
standard
Demonstrates an
advanced and
integrated
understanding of
content and/or
purpose of the
assignment.
Exceeds minimum
standard and exhibits
high levels of
independence
Consistently
demonstrates a
systematic and critical
understanding of
content and purpose
of the assignment.
http:
www.tua.edu.au/media/50742/a240_grading-scheme.pdf
ACCT6007_Assignment 2 Brief Critical Analysis XXXXXXXXXXPage 4 of 5
Critical reasoning,
presentation and
defence of an
argument and/or
position
20
Specific position (perspective or
argument) fails to take into account the
complexities of the issue(s) or scope of
the assignment.
Makes assertions that are not justified.
Specific position
(perspective or
argument) begins to
take into account the
issue(s) or scope of the
assignment.
Justifies any
conclusions reached
with arguments not
merely assertion.
Specific position
(perspective or
argument) takes into
account the
complexities of the
issue(s) or scope of the
assignment. Others’
points of view are
acknowledged.
Justifies any
conclusions reached
with well-formed
arguments not merely
assertion.
Specific position
(perspective or
argument) is
expertly presented
and accurately
takes into account
the complexities of
the issue(s) and
scope of the
assignment.
Justifies any
conclusions
eached with well-
developed
arguments.
Specific position
(perspective or
argument) is
presented expertly,
authoritatively and
imaginatively,
accurately taking into
account the
complexities of the
issue(s) and scope of
the assignment. Limits
of position are
acknowledged.
Justifies any
conclusions reached
with sophisticated
arguments.
ACCT6007_Assignment 2 Brief Critical Analysis XXXXXXXXXXPage 5 of 5
Use of academic and
discipline conventions
and sources of
evidence.
Grammar, spelling
and referencing
20
Poorly written with e
ors in spelling,
grammar.
Demonstrates inconsistent use of good
quality, credible and relevant research
sources to support and develop ideas.
There are mistakes in using the APA
style.
Is written according to
academic genre (e.g.
with introduction,
conclusion or
summary) and has
accurate spelling,
grammar, sentence and
paragraph
construction.
Demonstrates
consistent use of
credible and relevant
esearch sources to
support and develop
ideas, but these are not
always explicit or well
developed.
There are no mistakes
in using the APA style.
Is well-written and
adheres to the
academic genre (e.g.
with introduction,
conclusion or
summary).
Demonstrates
consistent use of high
quality, credible and
elevant research
sources to support and
develop ideas.
There are no mistakes
in using the APA style.
Is very well-written
and adheres to the
academic genre.
Consistently
demonstrates
expert use of good
quality, credible
and relevant
esearch sources to
support and
develop
appropriate
arguments and
statements. Shows
evidence of
eading beyond the
key reading
There are no
mistakes in using
the APA style.
Expertly written and
adheres to the
academic genre.
Demonstrates expert
use of high-quality,
credible and relevant
esearch sources to
support and develop
arguments and
position statements.
Shows extensive
evidence of reading
eyond the key
eading
There are no mistakes
in using the APA Style.