HA3051 Assignment, This assignment is to be conducted between two people. The assessment...

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HA3051 Assignment,    This assignment is to be conducted between two people.    The assessment carries 20% of the total assessment for this subject.    The assignment is due week 9 (by wednesday 23rd January). You are required to submit a soft-copy to Safeassign (please note, only one member from the team) and a hard-copy (which will be assessed and returned to you).    Word limit: Whilst there is not a maximum limit, the minimum is 2,000 words (1,000 words per person).    Assignment requirements.    You are to read the report “The case for global accounting standards” by Professor Ann Tarca (UWA) and analyse what the key points are of the report. Then prepare a report either supporting or challenging the position of the author.    The report must include clear evidence that you have conducted research to support your position and it must be analytically sound and detailed.    There is not a limit on referenced material BUT all sourced references must be clearly identified (within the body of your report and a list of references at the rear of your paper) and must be accompanied with your own comments and views. The references should be considered in the context of supporting your views.    Sources that you will find useful include;    Websites:  • AASB (website of Australian Accounting Standards Board)  • IASB (website of International Accounting Standards Board)  • FASB (website of US-based Financial Accounting Standards Board  • ICAA (Institute of Chartered Accountants in Australia)  • CPAA (Certified Practising Accountants Australia)    It is also recommended that you utilise Proquest and Google Scholar.    Marks will be given on the soundness of your argument, research conducted, quality of report (presentation, referencing) and the understanding of the issues. Each report will be assessed individually.    Report structure: should consist of summary, introduction, points of discussion and conclusion. It is recommended that you focus on key points within the provided paper and the overall position of the author rather than all the points raised.

David · Accepted Answer

1 The Global Accounting Standards:
The Global Accounting Standards: 
Arguments and Evidences
 
2 The Global Accounting Standards:  
Contents 
Introduction: .................................................................................................................................... 3 
IFRS Adoption: ............................................................................................................................... 4 
Conclusion: ..................................................................................................................................... 7 
References: ...................................................................................................................................... 8
 
3 The Global Accounting Standards: Introduction:
Introduction: 
The accounting or the concept of accounting used by a company is highly influenced by the 
environment in which it operates and the accounting standard that is followed by the country in 
which the company operates. The countries significantly differ in their histories, values, cultures, 
and political and economic systems which highly affects the accounting standards, and financial 
reporting of the companies in that country. With these differences the financial accounting 
standards that are being adopted by different nations vary significantly.  
With the increasing globalization and trade across the nations, the need of global accounting 
standards has increased immensely. With the adoption of global accounting standards, the world 
can improve on its comparability and transparency of the financial information across the globe. 
With global standards, the investors can have quality information with which the market can 
allocate the funds in the market more effectively, with which the firms can achieve lower cost 
capital. With the global accounting standard, the development of national capital markets and the 
integration of markets internationally will also improve.  
IFRS (International Financial Reporting Standards) is gaining momentum as the global norm or 
standard for the financial reporting. These are the standards that have been issued by IASB 
(International Accounting Standards Board), which focuses on converging different accounting 
standards of different countries as per IFRS.  
In this paper, we will discuss various effects of adoption of IFRS as the standard financial 
accounting standard. 
 
4 The Global Accounting Standards: IFRS Adoption: 
IFRS Adoption: 
The development of a set of globally accepted accounting standards formally began in 1973 with 
the establishment of the International Accounting Standards Committee (IASC), which aimed to 
improve and harmonize financial reporting around the world. 
Accounting Standard harmonization has become one of the most important issue across the 
globe, the countries are making a strong move in adopting IFRS or converging the same with 
their current standards. The goal of accounting harmonization is to establish a single global set of 
standards to facilitate cross-border comparisons of financial data, allowing analysts and other 
market participants to better use their current expertise to analyze firms from other countries. 
The main objective behind the same is to enhance the usefulness of the accounting information 
which has a strong focus on the relevance and comparability of the financial reports across the 
globe. (Alford et al.,

HA3051 Assignment, This assignment is to be conducted between two people. The assessment carries 20% of the total assessment for this subject. The assignment is due week 9 (by wednesday 23rd January)....

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