Great Deal! Get Instant $10 FREE in Account on First Order + 10% Cashback on Every Order Order Now

HOLMES INSTITUTE FACULTY OF HIGHER EDUCATION HI6025 Accounting Theory and Current Issues Group Assignment T1 2020 Assessment Details and Submission Guidelines Trimester T1 2020 Unit Code HI6025 Unit...

1 answer below »
HOLMES INSTITUTE

FACULTY OF
HIGHER EDUCATION


HI6025 Accounting Theory and Cu
ent Issues Group Assignment T1 2020
Assessment Details and Submission Guidelines

Trimester T1 2020
Unit Code HI6025
Unit Title Accounting Theory and Cu
ent Issues
Assessment Type Group Assignment
Assessment Title Australian financial reporting regulations: A Critical Review
Purpose of the
assessment (with ULO
Mapping)
Students are required to critically examine the financial reporting regulations for
Australian reporting entities, and the relevance of Positive Accounting Theory (PAT) in
predicting accounting practice. They will have to identify a real-life accounting fraud
case and evaluate it based on their violations of financial reporting regulations.
Students will have to do research on relevant academic literature and demonstrate
understanding and critical evaluation of the Australian financial reporting environment
and its cu
ent regulatory framework, and recommend future directions to the
Australian financial reporting regulators (ULO 1, 2, 4, 6, 7).
Weight 40 % of the total assessments
Total Marks 40
Word limit 3,000 words; ± 500 words
Due Date Group Formation: Registration of groups: before 5:00 pm Friday, Week 8. Please
form the group by self-enrolling in Black Board. There should be minimum 3 and
maximum 5 members in a group.
Email the Unit Coordinator ( XXXXXXXXXX) for any issues with self-
enrolling into groups.

Assignment submission: Final Submission of Group Assignment: 11:59 pm Friday,
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.





mailto: XXXXXXXXXX
Page 2 of 6
HI6025 Accounting Theory and Cu
ent Issues Group Assignment T1 2020
Assignment Specifications
Purpose:
This assignment aims at developing student’s ability to critically examine the financial reporting
egulations for Australian reporting entities, and the relevance of Positive Accounting Theory (PAT)
in predicting accounting practice. They will have to identify a real-life accounting fraud case and
evaluate it based on their violations of financial reporting regulations. Students will have to do
esearch on relevant academic literature and demonstrate understanding and critical evaluation of
the Australian financial reporting environment and its cu
ent regulatory framework, and
ecommend future directions to the Australian financial reporting regulators.

Students are required to review the relevant academic literature, incl. relevant organisation websites
and write in-text citations when answering this assignment.

Required Tasks:
In the body of the assignment, students will have to critically discuss the following issues:

1. Identify and discuss the cu
ent regulatory framework or regulations encompassing the
preparation of financial statements by reporting entities in Australia. (5 marks)

2. In your opinion, is the Australian financial reporting environment over regulated? Justify your
answer. [Hint: Cite relevant literature source(s) to back up your answer]. (5 marks)

3. Identify one (1) real-life ‘financial reporting accounting fraud’ that occu
ed post 1990 (i.e. in
the last 30 years), in any country, and answer the following questions:

a) Summarise the key facts about your chosen ‘financial reporting accounting fraud’ (5
marks)
) Explain which of Positive Accounting Theory’s (PAT’s) hypotheses predicted the practice(s)
of the parties involved in your chosen accounting fraud. (5 marks)
c) Discuss what specific accounting regulations were violated? (5 marks)
d) What valuable lessons can the accounting community (incl. reporting entities and
egulators), learn from the outcomes of your chosen accounting fraud? (5 marks)
e) Provide two (2) recommendations to the Australian financial reporting regulators, to
prevent accounting frauds from happening in the future. (5 marks)


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 T1 2020
To ensure that all students participate equitably in the group assignment and that students are
esponsible for the academic integrity of all components of the assignment. You need to complete
the following table which identifies which student/students are responsible for the various sections
of the assignment

Assignment Section Student/Students











This table needs to be completed and submitted with the assignment as it is a compulsory
component required before any grading is undertaken.


Marking Criteria – Written Report
Marking Criteria Weighting
Abstract 1%
Introduction 2%
1. Identify and discuss the cu
ent regulatory framework or regulations
encompassing the preparation of financial statements by reporting entities in
Australia.
5%
2. In your opinion, is the Australian financial reporting environment over
egulated? Justify your answer. [Hint: Cite relevant literature source(s) to back up
your answer].
5%
3. Identify one (1) real-life ‘financial reporting accounting fraud’ that occu
ed
post 1990 (i.e. in the last 30 years), in any country, and answer the following
questions:
a) Summarise the key facts about your chosen ‘financial reporting
accounting fraud’



5%
) Explain which of Positive Accounting Theory’s (PAT’s) hypotheses
predicted the practice(s) of the parties involved in your chosen
accounting fraud.
5%
c) Discuss what specific accounting regulations were violated? 5%
d) What lessons have been learnt from your chosen accounting fraud? 5%
e) Provide two (2) recommendations to the Australian financial reporting
egulators, to prevent accounting frauds from happening in the future.
5%
Overall Presentation of Assignment 2%
TOTAL Marks XXXXXXXXXX%
Page 4 of 6
HI6025 Accounting Theory and Cu
ent Issues Group Assignment T1 2020
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.
(1.6 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.
1. Identify and discuss the
cu
ent regulatory
framework or regulations
encompassing the
preparation of financial
statements by reporting
entities in Australia. (5
marks)
XXXXXXXXXXmarks)
Identify 4 or
more cu
ent
egulatory
framework or
egulations
encompassing
the preparation
of financial
statements by
eporting
entities in
Australia, with
excellent
discussion of
them.

XXXXXXXXXXmarks)
Identify 4 or
more cu
ent
egulatory
framework or
egulations
encompassing
the preparation
of financial
statements by
eporting
entities in
Australia, with
very good
discussion of
them.
(3.1 – 3.5 marks)
Identify 2-3
cu
ent
egulatory
framework or
egulations
encompassing
the preparation
of financial
statements by
eporting
entities in
Australia, with
good discussion
of them.
XXXXXXXXXXmarks)
Identify 2-3
cu
ent
egulatory
framework or
egulations
encompassing
the
preparation of
financial
statements by
eporting
entities in
Australia, with
e
ors and/or
omissions in
the discussion.
(0 - 2 marks)
Identify 1 or less
number of the
cu
ent
egulatory
framework or
egulations
encompassing
the preparation
of financial
statements by
eporting
entities in
Australia.
2. In your opinion, is the
Australian financial
eporting environment
over regulated? Justify
your answer. [Hint: Cite
elevant literature
source(s) to back up your
answer]. (5 marks)
XXXXXXXXXXmarks)
Clear, concise,
compelling
explanation on
whether the
Australian
financial
eporting
environment is
over regulated,
with excellent
elevant
literature to
ack up
explanation.
XXXXXXXXXXmarks)
Very good
explanation on
whether the
Australian
financial
eporting
environment is
over regulated,
with very good
elevant
literature to
ack up
explanation.
(3.1 – 3.5 marks)
Good
explanation on
whether the
Australian
financial
eporting
environment is
over regulated,
with adequate
elevant
literature to
ack up
explanation.
XXXXXXXXXXmarks)
Adequate
explanation on
whether the
Australian
financial
eporting
environment
is over
egulated,
with
inadequate
elevant
literature to
ack up
explanation.
(0 - 2 marks)
Unable to
present proper
explanation on
whether the
Australian
financial
eporting
environment is
over regulated,
with inadequate
elevant
literature to
ack up
explanation. or
confusing.


Page 5 of 6
HI6025 Accounting Theory and Cu
ent Issues Group Assignment T1 2020
3. Identify one (1) real-life
‘financial reporting
accounting fraud’ that
occu
ed post 1990 (i.e.
in the last 30 years), in
any country, and answer
the following questions:

a) Summarise the key
facts about your chosen
‘financial reporting
accounting fraud’ (5
marks)

(4.1 -
Answered Same Day May 31, 2021 HI6025

Solution

Harshit answered on Jun 03 2021
137 Votes
ACCOUNTING THEORY AND CURRENT ISSUES
    Serial Numbe
    Contents
    Page Numbe
    1.
    Abstract
    1
    2.
    Introduction
    2
    3.
    Regulatory Framework
    3-4
    4.
    Financial Reporting Environment
    5-6
    5.
    Real-Life Financial Reporting Accounting Fraud
    7-11
    6.
    Conclusion
    12
    7.
    Referencing
    13
ABSTRACT
The following assignment focuses on the regulations that are issued by various authorities from time to time by the different regulatory bodies in Australia regarding the financial reporting framework. Some of the regulations such as International Accounting Standards also govern the reporting of ASX listed companies. The most important regulator of financial reporting for ASX listed companies in the Australian Securities and Investments Commission (ASIC) which manages overall compliance and looks over the entire regulation of any ASX listed company. In recent times the cases of financial fraud have increased thereby the regulators have to make the compliance part accurate requiring more details to detect and prevent such fraud cases.
INTRODUCTION
All the stakeholders are not involved in the day to day activity of the companies and as they had invested in the company they had to know about the financial performance of the company. Therefore, to maintained the transparency in financial statement and to make sure that financial statements are showing he co
ect figures, the Regulators has issued certain Accounting Standards, Audit Standards, Accounting and Auditing Guidelines along with several reporting regulations under the Corporations Act which is overseen by the Australian Securities and Investments Commission (ASIC) and other regulatory bodies such as Australian Taxation Office (ATO).
The financial reporting framework in Australia is based on the level of public interest in a particular company. The different levels of entity on this basis are as follows:
· Disclosing Entities
· Unlisted Public Company along with certain Proprietary companies
· Small Proprietary Companies.
The level of financial reporting to be disclosed by an entity is categorized in any of the above three lists. The larger the company, the level of Public interest will be higher in the company therefore the financial reporting to be disclosed by the company will also be more.
REGULATORY FRAMEWORK
The disclosing entities have the maximum level of public interest and as discussed above, the level of reporting is based n the level of public interest therefore the disclosing entities have maximum regulation than any other entities. The disclosing entities include the listed companies incorporated under the Corporations Act and the registered investment schemes. The various frameworks regulating the preparation of financial statement and reporting are discussed below:
CORPORATIONS ACT
The preparation, auditing, and filling of the Financial Report of the Companies are regulated by the section 2M.3 of the Corporations Act. All the companies, including Foreign companies, registered under the Corporations Act required to follow this section. These companies have to:
· Prepare the Annual financial statements and report including the Directors report
· Audit the above
· File the same with the Australian Securities and Investments Commission (ASIC)
· Do the same for the half-yearly report and directors’ report.
Australian Accounting Standard Board issues Accounting Standard in Australia. The companies shall prepare the above statements using those Accounting Standards. The Corporations Act applies to all the companies including Small Proprietary Companies on which all the regulations of the corporations act are not applicable and therefore the regulatory compliance of financial reporting.
AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION (ASIC)
ASIC is Australia's regulator of Australian companies, markets, financial services, and professionals who provide advice in investments, superannuation, insurance, deposit taking and credit. All the companies have to reserve their financial records, however, the following companies have to lodge their financial statements and financial reports (Prepared as per the Corporations Act and the relevant Accounting Standards) with the ASIC:
· Any company in which large sums of money is concerned
· The company wherein the money of the general public is invested
· The not for profit organizations and charitable trusts.
The small proprietary companies are not required to follow the above-mentioned compliance. These financial reports are available to the public for verification and viewing (Gilligan, G., Hedges, J., Ali, P., Bird, H., Godwin, A. and Ramsay, I., 2015).
AUSTRALIAN STOCK EXCHANGE (ASX)
The ASX is Australia's primary securities exchange operated by Australian Securities Exchange Ltd. The responsibility of ASX is to maintain transparency of the companies listed on ASX, as the money of the general public is involved in those companies. The entities whose securities are listed on ASX must have to comply with the periodic requirements of ASX Listing Rules in addition to the requirements of the Corporations Act (Athanasoff, J. and Bonomelli, M., 2010). The entities must give a copy to ASX of the documents lodged with ASIC, Annual report, and any other concise report given to shareholders and half-yearly financial reports. Furthermore, mining and oil and gas production and exploration entities have to follow some specific rules in addition to the above.
OTHER REGULATORS
There are many other regulators in the Australia Economy such as:
· Australian financial services license (AFSL)
· Australian credit license (ACL)
· Australian Prudential Regulation Authority (APRA) – APRA is the regulator of the Financial Services Industry includes banks, credit unions, insurance companies, and superannuation industries and it aims to provide financial stability to the institutions to minimize the risk of financial losses to depositors, policyholders, etc.
· Reserve Bank of Australia (RBA)- This is responsible for maintaining financial stability in the country by operating the fiscal and monetary policy and along with that it also controls some part of the compliance of the banks of the country.
FINANCIAL REPORTING ENVIRONMENT IN AUSTRALIA
Many bodies and regulators look after the compliance of the financial reporting framework and reporting environment in...
SOLUTION.PDF

Answer To This Question Is Available To Download

Related Questions & Answers

More Questions »

Submit New Assignment

Copy and Paste Your Assignment Here