© TAFE NSW – Higher Education
Assessment Event Due Date
2. GROUP RESEARCH ASSIGNMENT
PART A: Individual Research Outline (10%) – COMPULSORY Week 8
PART B: Group Research Report (20%) Week 12
PART C: Group Research Presentation (10%) Week 12
Subject Code: ACACT305A
Subject Name: Contemporary Accounting Concepts
Weighting: 40% Learning Outcomes: 1, 2, 4, 5
Graduate Attributes: 1, 2, 3, 4, 5, 7 Due: Week 9 and Week 12
Assessment Overview
This assessment requires groups to conduct research based on a case study scenario which will be
provided on the subject Moodle in Week 3. Each group member will be assigned one area to
esearch independently of the group and then integrate their research into the final group report
and presentation.
The focus of this assessment is to use your understanding of the accounting theories and
perspectives to critically analyse and evaluate all the facts of the case study scenario and make
ecommendations supported by the application of accounting theories and perspectives.
Groups will be allocated during class time, and as a group, you are expected to express and justify
your viewpoints both in writing and ve
ally in a group setting.
Version Date: July 2022
ASSESSMENT 2: Group Research
Report and Presentation
Subject: ACACT305A Contemporary Accounting Concepts
Assessment 2: Group Research Pape
© TAFE NSW – Higher Education Page | 2
RESEARCH PAPER SCENARIO
The year is 2030 and you work for one of the big accounting firms in Sydney, Australia.
The US FASB and the London based IASB have just announced that they have agreed in principle to a merger,
however, there are several areas that are still in contention and yet to be resolved.
As part of the merger, the FASB are seeking to
ing IFRS into line with the US standards so that accounting
standards are congruent with Sa
anes Oxley and the Dodd Frank Act. The result of this will be that the
USGAAP will be applied where there are differences with IFRS requiring many of the cu
ent IFRS accounting
standards to be completely rewritten.
The IASB whilst keen to unite is in the process of negotiating key environmental and social responsibility
disclosures being included under the new reporting regime. The US has agreed to this in principle, however,
have indicated that these new performance measurements will create a significant cost in the first two years
of changeover, equating to about 40% of the projected compliance cost increase due to the new
environmental performance measurement and auditing. Whilst there is in principle agreement between the
IASB and the US FASB, there is no clear indication of what will be included in the proposed environmental and
social responsibility accounting standards which at this time are sparse and mostly vague and notional.
In addition, many of the proposed financial accounting changes are far-reaching and extremely complex and
likely to result in a significant amount of additional regulation and compliance, with early projections
estimating that compliance costs will at least double when compared to the cu
ent system.
Some of the purely financial accounting changes are likely to negatively impact upon Australia’s small and
medium sized businesses whilst providing significant advantages for most large multinational corporations.
The impact on the accounting profession will be significant and not surprisingly, the proposed changes have
polarised both the geopolitical landscape and the political environment within Australia with many of the
proposed changes proving to be highly controversial locally.
Internationally, there has been a public backlash with Russia, Brazil, Singapore, China, India, Turkey and South
Africa vocally opposing the merger. They have already indicated that they will not agree to the proposed
merger, and instead have determined they will be establishing their own version of IFRS.
On the other hand, the UK Financial Reporting Council, Korean Accounting Standards Board, Financial
Reporting and Assurance Standards Canada and the Accounting Standards Board of Japan are publicly
committed to joining.
Within Australia, the Australian Industry Group is wo
ied about compliance costs and uncertainty and the
Australian Shareholders Association doesn’t believe the changes will provide any additional information. Both
have joined the calls for the AASB to abandon international standards and replace them with new regulations
designed specifically for Australia which would mostly consist of reverting to pre 2005 Australian GAAP.
Conversely CAANZ, CPA Australia and the big 4 are publicly supporting the move based on increased global
integration and unification.
The board of the AASB however, are still undecided as to what is the best course of action for Australia and
are consulting widely.
Subject: ACACT305A Contemporary Accounting Concepts
Assessment 2: Group Research Pape
© TAFE NSW – Higher Education Page | 3
Your Task
You and your team have been asked to prepare a research paper which will be presented to the Board of the
AASB. The purpose of the presentation is to outline the impacts of the proposed merger on the Australian
Accounting Standards and the business community. Your advice is required to critically analyse and evaluate
the facts of the scenario and based on your analysis provide detailed advice recommending the best course
of action for the AASB.
Research Areas
1. The costs and benefits of accounting regulation
The scenario highlights some of the divisive attitudes regarding accounting regulation and identifies some of
the contemporary issues that are facing the accounting profession, particularly, the power of accounting to
define the direction of the global economy. This proposal may have significant impacts on future accounting
egulation and reporting disclosures across the world.
Analyse and discuss how accounting regulation has developed over time and provide some commentary on
the role that the accounting profession has played in the global economy.
Using your analysis, critically evaluate the costs and benefits of the proposal and in your advice to the AASB,
outline the key considerations for the Australian Accounting Profession.
2. Environmental and Social Responsibility Performance Measures
Environmental sustainability and social responsibility reporting are increasingly critical to our global society
and the fact that they will potentially be reported under the banner of “Global Accounting Standards’ will
place a spotlight on corporations that may reveal some uncomfortable truths.
Analyse and discuss how social responsibility and environmental reporting has developed over time and
provide some commentary on the types of performance measures that could potentially be adopted.
Using your analysis, critically evaluate the value of these types of environmental and social responsibility
accounting standards to our future global society and in your advice to AASB outline the factors that will
impact Australian companies and businesses.
3. Political nature of accounting
It is also well known that the FASB has long opposed a merger and that the adoption of the International
Standards in Australia in 2005 were contentious and highly political. It has been suggested in the scenario
that from Australia’s perspective, the proposed merger could potentially mean taking a backward step, that is
‘reverting to pre 2005 Australian GAAP’.
Analyse and discuss Australia’s adoption of the International Accounting Standards in 2005 and provide some
commentary on the arguments used both for and against the adoption of IFRS at that time.
Using your analysis, critically evaluate the political positions of each of the players in the scenario and in your
advice to the AASB identify any issues or outcomes that might impact the Australian business community.
Summary of Conclusions and Recommendations to the AASB
The final report will detail your research and potential impacts from the proposed merger and provide key
advice on the best course of action for the AASB.
Subject: ACACT305A Contemporary Accounting Concepts
Assessment 2: Group Research Pape
© TAFE NSW – Higher Education Page | 4
Part A – Individual Draft Research Outline (10%) - COMPULSORY
Please see Assessment Criteria in the ru
ic provided
Each group member is required to research their allocated research area (if your group has only two
members then choose only 2 of the 3 research areas) and to prepare an outline for submission as follows:
1. Summary of the Facts
o Write a summary of the facts of the scenario as they pertain to your research area
2. Theories, ideas and practices
o Write down the specific theories, ideas, or practices that you will be applying and explain
how these relate to the facts of the scenario
3. Recommendations and Links
o Write a
ief outline of what you think you might recommendation to the AASB and try to
explain how these link to the theories you have identified above
o Write some ideas about the arguments that you might use to support your recommendations
4. Group Report Integration – Complete in Collaboration with your group (Week 8)
o Explain how you will integrate your research and recommendations into the final group
eport and presentation. Remember you are working together as a team and your final
product needs to be presented professionally and cohesively.
Week 8 workshop will include a Facilitated Group Research Session prior to the submission of the Research
Outline.
Submission: Each group member to upload their completed Draft Research Outline by the due date.
NOTE: This Assessment is COMPULSORY and MUST BE SUBMITTED to be awarded an overall result for
ASSESSMENT 2
Individual Draft Research Outline Requirements
• Word document to be uploaded to Turnitin
• Appropriate headings and subheadings
• Brief paragraphs only, no dot points
• No more than 3 typewritten pages
Part B – Group Research Paper (20%)
Please see Assessment Criteria in the ru
ic provided
Each group member is required to contribute to the research, writing, and editing of the final Group Research
Paper, which will be used to inform the Group Presentation.
Submission: Only ONE group member to upload the completed Group Research Paper on behalf of the
group by the due date.
Report Style and Format Requirements
• Word document to be uploaded to Turnitin
• 12-point Arial font; double spaced with minimum 2cm margins.
• Title page with group number, each group member’s student details,
Subject: ACACT305A Contemporary Accounting Concepts
Assessment 2: Group Research Pape
© TAFE NSW – Higher Education Page | 5
• Separate table of contents
• Executive Summary
iefly outlining each research area and recommendations (not included in word
count)
• The body of the report to include an introduction, section headings and subheadings where required
• A succinct and concise conclusion
• Overall word count is within +/- 10%