Exam - BUACC3706 - Sem XXXXXXXXXXpages
BUACC3706: Financial Accoun&ng
Assessment Task 3 - Take Home Examina&on - Essays x 3
Contribu&on to overall assessment: 60%
This examination material will be released to students at the beginning of the assessment
Your answers to these examination questions are to be submitted via the Moodle Drop-Box
y no later than 5 pm Friday 19 June 2020.
To be completed: You are to select and address three (3) of the short answer essay
questions from the six (6) questions below. Note: Only three (3) questions should be
answered. If you complete more than three (3) questions only the first three questions (in
chronological order) will be graded.
Length: Each short answer essay question shall be between 600 to 800 words in length.
Essays exceeding this word count will only be graded to the length specified. This word
count does not include the reference list or the front page identifier. No abstract/executive
summary is required in this instance.
Referencing: A minimum of one (1) reference per 100 words is expected within each
Referencing style: APA.
Plagiarism: All essays to be submitted via a Moodle drop box. Federation University, as
with all universities, regard plagiarism as a significant academic misdemeanour and as such
student essays so identified shall be subject to academic penalty.
Note: All questions within this examination are based on the academic material addressed
throughout the semester (per the the Course Description) including Accounting Standards,
Moodle Shell articles, lecture slides and lectures, tutorial questions, textbook and
• Refer to the Federation University guide for essay writing
• Use 12 point Times font with 2 cm margins on your page and 1.5 line spacing.
• Remember to reference your writing and include a reference list at the end of the essay.
Evidence of the use of references is expected throughout the essay.
• It is the student responsibility to ensure essays are lodged in a timely manner. Non
lodgement of an essay will receive a nil grade.
• Each essay is worth 20% of the overall grade (total 3 x 20% = 60%).
• Marking Guide as attached.
Select and address three (3) of the following questions:
1. Compare and contrast the presentation requirements of the Conceptual Framework fo
Financial Reporting and of AASB132 - Financial Instruments: Presentation in relation to
such instruments as convertible notes, particularly when they concern the probability of
conversion. Are you more inclined to agree with the requirements of AASB132 or the
suggestions provided by the conceptual framework? Justify and support you
perspective. (Adapted from Deegan, C., Financial Accounting, 2016).
2. What are the major issues addressed by accountants when dealing with international
financial transactions? How and why do accountants mitigate risk in such instances?
3. The article entitled ‘One third of large Australian Companies pay no tax, ATO Data
Shows’ (ABC, 14 December 2018, Topic 3) states ‘About one third of large companies
have failed to pay tax even though they made a gross profit … but the Tax Office says
most have good reasons…’. In terms of the Code of Ethics for Professional Standards
what issues may arise in this type of situation for the Professional Accountant?
4. When IFRS15/AASB15 Revenue from contracts with customers was released, one of
the large international accounting firms issued a short document entitled IFRS Industry
issues: Construction and Real Estate. In the document the following was stated: ‘The
adoption of IFRS15 may lead to significant changes in the pattern of revenue and profit
ecognition. Careful consideration and planning will be needed for a range of issues,
including the effect on compliance with bank covenants and performance based
compensation.’ Why do you consider this advice was given? Do you agree with this
advice? Why or why not? (Adapted from Deegan, C., Financial Accounting, 2016).
5. Going forward, can you envisage a single universally accepted theory of accounting?
Why or why not? Justify and support your response.
6. If a company adopted a particular accounting policy that the Australian Securities and
Investment Commission (ASIC) considered to be questionable, in principle ASIC might
consider taking legal action against the Company Directors for failing to produce true
and fair statements. However in your opinion why may it be difficult for ASIC to prove in
court that the company’s financial statements were not true and fair. What other action
might ASIC take in this instance? (Adapted from Deegan, C., Financial Accounting,
Marking Guide: for each essay
BUACC3706 Marking Scheme
Names: Student Name and ID:
Bases of assessment Marks Possible
Part A - Content
Amount of relevant information addressing the topic.
Position or viewpoint.
Focus and logic of argument.
Support for position
Evidence and examples.
Part B: Structure
Structure/organisation of the essay.
Linking of material throughout essay
Grammar, spelling, punctuation
Total marks / 100
Total out of 60%