HOLMES INSTITUTE FACULTY OF HIGHER EDUCATION HI6025 Accounting Theory and Current Issues Group Assignment T2 2019 Assessment Details and Submission Guidelines Trimester T2 2019 Unit Code HI6025 Unit...

HOLMES INSTITUTE

FACULTY OF
HIGHER EDUCATION


HI6025 Accounting Theory and Cu
ent Issues Group Assignment T2 2019
Assessment Details and Submission Guidelines

Trimester T2 2019
Unit Code HI6025
Unit Title Accounting Theory and Cu
ent Issues
Assessment Type Group Assignment
Assessment Title Adoption of IFRSs: A Critical Review
Purpose of the
assessment (with ULO
Mapping)
Students are required to critically examine the usefulness of the financial reporting
egulations to Australian reporting entities, namely the Conceptual Framework and the
adoption of IFRSs. Additionally, they will have to research on another country that has
adopted IFRSs in the past 5 years. They will have to do research on relevant literature
and demonstrate understanding and critical evaluation of key issues of adopting IFRSs
such as the transitional issues, challenges and benefits, and recommend future
directions to the national accounting setting bodies (ULO 1, 2, 3, 4, 5, 6, 7).
Weight 30 % of the total assessments
Total Marks 30
Word limit 3,000 words ± 500 words
Due Date Group Formation: Registration of groups/Submission of group member’s name:
efore 5:00 pm Friday, Week 6. Please form the group and submit the name and ID
of your group members to your lecturer in the class before 5:00 pm Friday, Week 6.
There should be minimum 3 and maximum 5 members in a group.

Assignment submission: Final Submission of Group Assignment: 11:59 pm Sunday,
Week 10

Late submission incurs penalties of five (5) % of the assessment value per calendar day
unless an extension and/or special consideration has been granted by the lecturer
prior to the assessment deadline.
Submission
Guidelines
 All work must be submitted on Blackboard by the due date along with a completed
Assignment Cover Page (available in Black Board).
 The assignment must be in MS Word format, no spacing, 12-pt Arial font and 2 cm
margins on all four sides of your page with appropriate section headings and page
numbers.
 Reference sources must be cited in the text of the report, and listed appropriately
at the end in a reference list using Harvard referencing style.






Page 2 of 6
HI6025 Accounting Theory and Cu
ent Issues Group Assignment T2 2019


Assignment Specifications
Purpose:
This assignment aims at developing student’s ability to critically examine the usefulness of the
financial reporting regulations to Australian reporting entities, namely the Conceptual Framework
and the adoption of IFRSs. Students are also required to research on another country that has
adopted IFRSs in the past 5 years. They will have to do research on relevant literature and
demonstrate understanding and critical evaluation of key issues of adopting IFRSs such as the
transitional issues, challenges and benefits, and recommend future directions to the national
accounting setting bodies.

Required Task: In the body of the assignment, students will have to critically discuss the following
issues:
1. The relevance of the Conceptual Framework of financial reporting. How useful is it with
examples to illustrate your arguments.
2. Compare and contrast the implementation of IFRSs in Australia and one other country of your
choice. The second country must have adopted IFRSs for at least 5 years. For each of the two
countries, discuss the following:
i. reasons for the national accounting body adopting IFRSs and when it was adopted;
ii. transitional issues faced (within a year or two), with examples;
iii. what challenges were faced by reporting entities upon adopting IFRSs. (Do not discuss
transitional issues here). Include specific examples of accounting standard(s) and
discuss the issues that made them challenging/difficult to adopt, to support your
arguments;
iv. what were the benefits of adopting IFRSs by reporting entities;
v. the similarities and differences in the adoption of IFRSs faced by Australia and the
other country you have chosen. Include what factors had caused the differences you
found.
3. Based on your findings, do you think the adoption of IFRSs were successful in the two
countries? Explain your answer.
4. Provide two recommendations to the national accounting setting bodies (incl. AASB) on ways
to ensure the IFRSs continue to be relevant to users’ needs and to all sectors of the economy.


Assignment Structure should be as the following:
Abstract (one paragraph)
Table of Content
Introduction
Body of the assignment with detailed answer on each of the required tasks
Conclusion
List of References

…..

Page 3 of 6
HI6025 Accounting Theory and Cu
ent Issues Group Assignment T2 2019

Marking Criteria
Marking Criteria Weighting
Abstract 1%
Introduction 2%
1. The relevance of the Conceptual Framework of financial reporting. How useful
is it with examples to illustrate your arguments.
5%
2. Compare and contrast the implementation of IFRSs in Australia and one other
country of your choice. The second country must have adopted IFRSs for at least
5 years. For each of the two countries, discuss the following:
i. reasons for the national accounting body adopting IFRSs and when it was
adopted;
3%
ii. transitional issues faced (within a year or two), with examples. 3%
iii. what challenges were faced by reporting entities upon adopting IFRSs. (Do
not discuss transitional issues here). Include specific examples of
accounting standard(s) and discuss the issues that made them
challenging/difficult to adopt, to support your arguments;
3%
iv. what were the benefits of adopting IFRSs by reporting entities; 3%
v. the similarities and differences in the adoption of IFRSs faced by Australia
and the other country you have chosen. Include what factors had caused
the differences you found.
3%
3. Based on your findings, do you think the adoption of IFRSs were successful in
the two countries? Explain your answer.
3%
4. For each of the two countries, provide two recommendations to the national
accounting setting bodies on ways to ensure the IFRSs continue to be relevant to
users’ needs and to all sectors of the economy.
2%
Overall Presentation of Assignment 2%
TOTAL Marks 30%


Page 4 of 6
HI6025 Accounting Theory and Cu
ent Issues Group Assignment T2 2019
Marking Ru
ic
Excellent Very Good Good Satisfactory Unsatisfactory
Abstract (1 mark) (1 mark)
Clear, concise,
compelling
abstract.
(0.8 mark)
A very good
abstract
(0.6 mark)
A good
abstract.
(0.5 mark)
A poorly
worded or
incomplete
abstract.
(0 mark)
No abstract
included.
Introduction (2 marks) (2 marks)
Presented an
excellent
introduction.
(1.5 marks)
Presented a
very good
introduction.
(1.2 mark)
Presented a
good
introduction.
(1 mark)
Adequate
introduction
presented.
XXXXXXXXXXmark)
Unable to
present a
proper
introduction or
confusing.
The relevance of the
Conceptual Framework of
financial reporting (5
marks)
(5 marks)
Clear, concise,
compelling
discussion of
the relevance of
the Conceptual
Framework of
financial
eporting with
excellent
examples.

(4 marks)
A very good
discussion of
the relevance of
the Conceptual
Framework of
financial
eporting with
very good
examples.
(3 marks)
A good
discussion of
the relevance
of the
Conceptual
Framework of
financial
eporting with
good
examples.
(2 marks)
Adequate
discussion of
the relevance of
the Conceptual
Framework of
financial
eporting with
adequate
examples.
(0 - 1 mark)
Unable to
present a
proper
discussion of
the relevance of
the Conceptual
Framework of
financial
eporting with
no examples or
confusing.
Reasons for the national
accounting body adopting
IFRSs and when it was
adopted (3 marks)
(3 marks)
Clear, concise,
compelling
discussion of
easons for the
national
accounting body
adopting IFRSs
and when it was
adopted.
(2 marks)
Very good
discussion of
easons for the
national
accounting
ody adopting
IFRSs and when
it was adopted.
(1.8 marks)
Good
discussion of
easons for the
national
accounting
ody adopting
IFRSs and
when it was
adopted.
(1.5 marks)
Adequate
discussion of
easons for the
national
accounting body
adopting IFRSs
and when it was
adopted.
(0 – 1 mark)
Unable to
present proper
discussion of
easons for the
national
accounting body
adopting IFRSs
and when it was
adopted or
confusing.
Transitional issues faced
y the two countries (3
marks)
(3 marks)
Clear, concise,
compelling
discussion of
transitional
issues faced
(within a year or
two), with
examples.
(2 marks)
Very good
discussion of
transitional
issues faced
(within a year or
two), with
examples.
(1.8 marks)
Good
discussion of
transitional
issues faced
(within a year
or two), with
examples.
(1.5 marks)
Adequate
discussion of
transitional
issues faced
(within a year or
two), with
examples.
(0 – 1 mark)
Unable to
present proper
discussion of
transitional
issues faced
(within a year or
two), with
examples or
confusing.
Challenges were faced by
eporting entities upon
adopting IFRS (3 marks)
(3 marks)
Clear, concise,
compelling
discussion of
(2 marks)
Very good
discussion of
challenges
(1.8 marks)
Good
discussion of
challenges
(1.5 marks)
Adequate
discussion of
challenges faced
(0 – 1 mark)
Unable to
present proper
discussion of
Page 5 of 6
HI6025 Accounting Theory and Cu
ent Issues Group Assignment T2 2019
challenges faced
y reporting
entities upon
adopting IFRSs,
with specific