Question 3ACC3116 Accounting and Society Semester 2, 2018 Assignment Important Information...

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Question 3ACC3116 Accounting and Society  Semester 2, 2018  Assignment       Important Information The course specification requires that your Assignment is your own work. You are strongly urged to complete this assignment yourself to receive clear feedback about your level of understanding of the course material.  You will find information regarding plagiarism and academic misconduct, such as collusion and cheating in the course specification and on the USQ website. The course specification also contains information about:  o Assignment late policy o Assignment extension policy Please ensure that any ideas or data that you provide in your answer, other than your own original thoughts are properly referenced using the Harvard referencing style.  A link to the university’s Harvard referencing style page is provided here. http:www.usq.edu.au/liaryeferencing/harvard-agps-referencing-guide You might also find the following book useful: Summers, J. & Smith, B. (2010), Communication Skills Handbook, John Wiley & Sons, Third Edition, Milton QueenslandHow do I prepare and submit the Assignment? o Your Assignment must have a footer on every page, which includes your name and student number.  o Please include a reference page in your assignment, citing all resources used including the articles mentioned in this document.  o You are required to lodge one (1) Microsoft Word file (limit 2MB).  o The assignment must be submitted through the Assignment link on the ACC3116 Study Desk. Remember to press the “SUBMIT” button to complete the submission process.  o The assignment worth 25% is due on Monday, 24 September 2018 at 11.55 p.m. (USQ time).  Submissions will open on Monday, 10 September 2018.http:www.usq.edu.au/liaryeferencing/harvard-agps-referencing-guide How do I name the Microsoft Word file?  The file name should use the following naming convention:  First name, last name, last 4 digits of student number, course code and semester of offer  (e.g. JohnTaylor1234ACC3116S22018.docx).     Do I need to include the electronic version of the USQ cover sheet?  You do not need to include a USQ coversheet in your assignment.     Do I have to send in a hard copy?  No hard copy is required.  The submission system is easy to use and reliable.  You can rely on the system to submit your assignment online.     Technical problems with online submission  If you need help with your online submission, please email the Course examiner  XXXXXXXXXX and if necessary, a system expert may contact you to provide assistance.  If you leave it until after 5pm on the due date, you might have to bear any undesirable consequences (late penalties will not be applied in genuine cases of technical problems but failure to read instructions will be no excuse).  In the rare circumstance that the server is down (e.g. due to a storm), email the assessment file.   Keep your submission details  You need to keep your submission details like date and time of your submission as well as a back-up copy of your assignment file.   Extensions  No extensions will be granted on or after the due date.  All requests for extension must be addressed to the Course examiner  XXXXXXXXXX at least one business day before the due date with supporting documentation (e.g. doctor’s certificate).  Extensions will only be granted in extenuating circumstances.  Crashing of computers, too busy with other assignments, heavy workload, and such reasons are not considered extenuating circumstances.  Requests for extensions due to work commitments will generally NOT be granted.  You must organise your study time around these other commitments.             mailto: XXXXXXXXXXmailto: XXXXXXXXXX Marking Guide  Marks will be awarded based on the marking ruic (separate document available on Study Desk) and the following general guidelines:    High quality answers should address the requirements of the questions asked comprehensively with good grammar, spelling and punctuation.  For the case study question, relevant theories should be explained and applied, citing examples from the case studies as much as possible where appropriate to support your answers.    Please use the assigned maximum word limits in each section and the marking ruic guidelines to gauge the extent and quality of work expected in each section to gain good marks.  Answers should be typed, formatted (at least font size 11) and in paragraphs.  Bullet point answers without explanations are not acceptable.     Assignment Feedback and results  Feedback will be provided to students after marking is completed using the Microsoft Excel template below:  STUDENT NAME:    SECTION A Max Mark Comments (a) CF concepts 7.0   (b) CF status 6.0   Subtotal 13.0SECTION B Max Mark Comments (a) H. assets concepts 7.0    (b) H. assets issues 5.0    Subtotal 12.0SECTION C Max Mark Comments (a) Soc. C/T, Org. Legit. 7.0    (b) Corp. governance 9.0    (c) Ethics, culture 9.0    Subtotal 25.0Total 50.0    The suggested solutions and marking guide to the assignment will be put up for students’ reference after all students have submitted their work for marking.   Note:  The turnaround time for marking of assignments is 3 weeks.  You can expect to receive your results with feedback in the week beginning 15 October 2018.Section A – Conceptual Framework (13 marks)  This section may require you to do some research.  Requirements:  Your cousin Martin is a first year university accounting student.  Recently, he came across a seemingly complex term “Conceptual Framework” in his accounting class.  He has come to you for assistance.    (a) Explain to Martin what a Conceptual Framework in accounting is, its objectives in financial eporting, a ief history of its development in Australia and the need for one, giving reasons for your opinion.  (7 marks)  (b) The IASB Conceptual Framework project stalled in 2010 due to slow progress and differing priorities of the joint partners.  However, in 2012, the IASB restarted the Conceptual Framework project.    List and iefly explain the key milestones reached since XXXXXXXXXXWhat is the project’s cuent state of affairs as at August 2018?    The following link may be helpful:  http:archive.ifrs.org/Cuent-Projects/IASB-Projects/Conceptual-Framework/Pages/Conceptual-Framework-Summary.aspx  (6 marks)    The overall word limit for Section A is 650 words.  Words in excess of this limit will not be marked.  Section B – Heritage Assets (12 marks)  This section may require you to do some research.  Requirements:  (a) What are heritage assets?  Explain and give examples of 5 classes of such assets. Briefly explain 5 characteristics of heritage assets that differentiate them from other tangible assets.  What are possible objectives of accounting for heritage assets in financial statements to stakeholders?  (7 marks)  (b) The concept of probable future economic benefits, lack of control and absence of an active market makes it difficult and costly to recognise heritage assets on balance sheets.  Explain.  (5 marks)      The overall word limit for Section B is 600 words.  Words in excess of this limit will not be marked.    http:archive.ifrs.org/Cuent-Projects/IASB-Projects/Conceptual-Framework/Pages/Conceptual-Framework-Summary.aspxhttp:archive.ifrs.org/Cuent-Projects/IASB-Projects/Conceptual-Framework/Pages/Conceptual-Framework-Summary.aspxSection C – Case Study (25 marks)  This section covers some recent developments (updated till May 2018) in the ongoing Banking Royal Commission in Australia.  For starters, you may gain a basic understanding of what the Banking Royal Commission is and its coverage by accessing the link provided:The Banking Royal Commission explained. http:www.abc.net.au/news/ XXXXXXXXXX/the-banking-royal-commission-explained/9421474Then read all of the following articles and answer the questions asked using the examples from these articles only.  You may want to do further research to better understand the context of the case but there is no need to use any external resources of this case in your answers. 1. Shockers from the banking royal commissionhttps:www.choice.com.au/moneyanking/everyday-banking/articles/shockers-from-the-banking-oyal-commission2. Bank royal commission recommends AMP face criminal chargeshttps:www.sbs.com.au/yourlanguage/korean/en/article/2018/04/27ank-royal-commission-ecommends-amp-face-criminal-charges3. Banking royal commission has laid bare the financial industry’s toxic culturehttp:www.abc.net.au/news/ XXXXXXXXXXanking-royal-commission-financial-industry-culture-exposed/97055044. Hayne royal Commission and the banking crisis: insiders reveal when the rot set in https:www.afr.com/news/australian-banking-crisis-insiders-reveal-when-the-rot-set-in- XXXXXXXXXXh0zmec  Requirements:  (a) What is a social contract?  What are the explicit and implied terms of the social contract between the banks and the community?  What is meant by organisational legitimacy?  Whose legitimacy had been negatively impacted in this case study and what had led to that?  What are the consequences if the affected parties ignore the expectations of the community?  Explain. (7 marks)http:www.abc.net.au/news/ XXXXXXXXXX/the-banking-royal-commission-explained/9421474https:www.choice.com.au/moneyanking/everyday-banking/articles/shockers-from-the-banking-royal-commissionhttps:www.choice.com.au/moneyanking/everyday-banking/articles/shockers-from-the-banking-royal-commissionhttps:www.sbs.com.au/yourlanguage/korean/en/article/2018/04/27ank-royal-commission-recommends-amp-face-criminal-chargeshttps:www.sbs.com.au/yourlanguage/korean/en/article/2018/04/27ank-royal-commission-recommends-amp-face-criminal-chargeshttp:www.abc.net.au/news/ XXXXXXXXXXanking-royal-commission-financial-industry-culture-exposed/9705504http:www.abc.net.au/news/ XXXXXXXXXXanking-royal-commission-financial-industry-culture-exposed/9705504https:www.afr.com/news/australian-banking-crisis-insiders-reveal-when-the-rot-set-in XXXXXXXXXXh0zmechttps:www.afr.com/news/australian-banking-crisis-insiders-reveal-when-the-rot-set-in XXXXXXXXXXh0zmec (b) What is corporate governance and why is it important to have good corporate governance in a usiness?The separation of management of the corporation from those who contribute resources can lead to the following 4 types of problems with the management of corporations.  These are (i) managers using resources to benefit themselves rather than shareholder (ii) businesses taking actions that shareholders (or society) may not consider desirable (iii) corporations hiding or providing false information to shareholdersegulatory bodies and (iv) directors and executives of corporations eceiving massive payments and benefits even when corporate performance is poor and declining.Explain by providing two examples for each type of problem from the case study and cite relevant

Anju P · Accepted Answer

ACC3116 Accounting and Society Semester 2, 2018 Assignment
ACC3116 Accounting and Society Semester 2, 2018 Assignment	
Section A – Conceptual Framework
Part (a)
Conceptual Framework in Accounting
A Conceptual Framework is a concept of bookkeeping organized by an authorized body which could be used to test practical problem objectively. It could be understood as an effort to express the category and applicability of accounting. 
A conceptual framework is a logical device with numerous variants and contexts. It is used to make conceptual divisions and form concepts. Solid conceptual frameworks capture something genuine in a method that is easy to recall and put on.
Objectives of Conceptual Framework in Financial Reporting
· Develop financial reporting by introducing more clear and modified set of concepts;
· support the standard setting authority to improve IFRS standards; 
· assists the authority to advance dependable accounting policies with respect to particular transactions or events for which there are no IFRS Standard set to serve the purpose; and
· assists users of the financial statements to understand the Standards more efficiently and appropriately.
Brief History of Development of Conceptual Framework in Australia
The previously prevailing Conceptual Framework was established by the International Accounting Standards Committee, in 1989.
The need for a revision in the Conceptual Framework arose because of the ‘convergence project’ undertaken by the IASB (International Accounting Standards Board) along with the FASB to unite the different sets of accounting standards they were following.
A joint project has started in 2004, by the IASB and the FASB in order to revise their respective Conceptual Framework as the existing Conceptual Framework had some issues to be addressed like:
a. some significant areas were not enclosed;
b. clarifications provided for some areas were not clear; and
c. certain aspects included were out of date. 
However the work on this project was suspended as they required focusing on other projects that were carried on parallel to the project.
Later in 2011 IASB carried out a public conference in this decision where most respondents considered the Conceptual Framework as a priority project to be taken up by IASB. Accordingly, the IASB, though not been together with FASB, resumed its Conceptual Framework project in 2012.
Need for Conceptual Framework
Conceptual Framework is required in order to have a base for the formation of the foundation of accountancy, the accounting policies. The accounting policies and standards made on the basis of Conceptual Framework makes the accounts prepared, understandable and comparable.
The necessity for Conceptual Framework is emphasized by accounting scandals like Enron, HealthSouth, and many other companies.
Conceptual Framework acts as a reference guide at times of misunderstanding of accounting principles, confusion on accounting and requires clarity on materiality or necessity of accounting certain transactions or items.
Part (b)
Key Mile Stones Reached Since 2012
· A Discussion Paper, prepared to consider the revision of the existing Conceptual Framework, ‘A Review of the Conceptual Framework for Financial Reporting’, was issued in July, 2013.
· Based on the responses to the Discussion Paper, the Board, on 28 May 2015 has developed an Exposure Draft that sets out the suggestions for the revised Conceptual Framework.
· The comments collected on the Exposure Draft will be considered by the Board on the preparation of the revised Conceptual Framework.
· In the March Board meeting, the authorized personnel have presented a scrutiny of the comment received on the Exposure Draft that has been published.
· In the Board meeting held in April, they decided on the project course for revised Conceptual Framework.
· Since May 2016 the Board is considering and aims to conclude the revised Conceptual Framework in early 2017. 
Conceptual Framework Project’s State of Affairs as at August 2018
On 29 March, 2018 The IASB has published the revised ‘Conceptual Framework for Financial Reporting’. The newly introduced Conceptual Framework not institute an extensive revision of the document as was originally envisioned when the project was first taken up in 2004. In its place the IASB concentrated on topics that were not yet considered or that exhibited obvious inadequacies that needed to be dealt with.
Section B – Heritage Assets
Part (a)
Heritage Assets
Heritage Asset is a physical asset with antique, creative, technical, geophysical or ecological potentials that is preserved predominantly for its influence to information and culture. 
Five Classes of Heritage Assets
1. Scheduled Ancient Monument 	
A scheduled Ancient Monument essentially is a monument of which the heritage interest is nationally significant.	
Examples for Scheduled Ancient Monument are: Sydney Opera House, Wolfe Creek Crater, Cradle Mountain.
2. Listed Buildings	
 A building, object or structure that has been arbitrated to be of national significance by advantage of its special architectural or historic interest.
Examples for Listed Buildings: McDonald's – Clifton Hill, Victoria, Stringers Knob Fire Spotting Tower – Gippsland, Victoria, Gus' Cafe – Canberra, Australian Capital Territory.
3. Registered Parks and Gardens	
These are the gardens and other open spaces including grounds that are registered with the heritage assets lists specifically maintained by the authorities.
 Examples: Flecker Botanic Garden, Adelaide Botanic Garden.
4. Conservation Areas 	
A conservation are is a zone of the urban or rural built site set out,

Question 3 ACC3116 Accounting and Society Semester 2, 2018 Assignment Important Information The course specification requires that your Assignment is your own work. You are strongly urged to complete...

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