© TAFE NSW – Higher Education
Subject Code: ACACT305A
Subject Name: Contemporary Accounting Concepts
Assessment 3: Group Research Report and Presentation
Weighting: 40%
Due Date: refer to subject guide
Version Date: Fe
uary 2022
Subject: ACACT305A Contemporary Accounting Concepts
Assessment 3: Group Research Paper
© 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 a number of 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.
Many of the proposed changes are far-reaching and extremely complex and likely to result in a significant
amount of additional regulation and compliance. The impact on the accounting profession will be significant.
Early projections estimate that the compliance costs will at least double when compared to the cu
ent
system, with initial costs expected to be even higher in the first two years due to change over.
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.
Not surprisingly, the proposed changes have polarised not only the geopolitical landscape but also 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.
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.
Subject: ACACT305A Contemporary Accounting Concepts
Assessment 3: Group Research Paper
© TAFE NSW – Higher Education Page | 3
Use the various theories of accounting as a framework to direct your research in the following 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 regulation and reporting disclosures across
the world. Critically evaluate the costs and benefits of the proposal and outline the key considerations for the
AASB.
2. Adoption of International Accounting Standards
There are far reaching impacts on society that could result from the proposal in the scenario. It took many
years for the international accounting standards to become widely accepted and resulted in many countries
adopting IFRS in their own ways.
Analyse and critically evaluate, the similarities and differences between the way that IFRS has been adopted
internationally to date and provide detailed advice to the AASB about how this might impact on societies
oth internationally and within Australia.
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 critically evaluate the political positions of each of the players in the scenario and in your advice
to the AASB identify possible issues or outcomes that could potentially result.
Summary of Conclusions and Recommendations to the AASB
The final report will comprise the detailed research and potential impacts that the team have identified could
esult from the proposed merger and provide key advice on the best course of action for the Australian
Government.
Subject: ACACT305A Contemporary Accounting Concepts
Assessment 3: Group Research Paper
© TAFE NSW – Higher Education Page | 4
Part A – Individual Draft Research Outline (10%)
Each group member is required to research their allocated research area and to prepare an outline for
submission as follows:
• Summary of the facts of the scenario as they pertain to your research area
• Details of the theories, ideas or practices that you will be applying and how they relate to the facts of the
scenario
• An outline of your recommendations and how these are linked to the theories that you have identified
• Summary of the arguments that you might use to support your recommendations
• Structure of your section of the final report to meet word count requirements
• Details of how you will integrate your research and recommendations into the final group report and
presentation.
Week 7 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 to the moodle link by
the due date.
Part B – Group Research Paper (20%)
Refer to the Ru
ic provided below.
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 to the moodle link by the due date.
Part C – Group Research Presentation (10%)
Refer to the Ru
ic provided below.
In Week 12, each group will present their analysis and evaluation of the case study scenario, clearly
expressing the position held and providing effective justifications to support them.
Presentations are to be concise and only cover the pertinent information that are relevant for the
presentation to the board of the AASB.
Strict time limits will apply.
Submission: Only ONE group member to upload the completed Group Research Presentation on behalf of
the group to the moodle link after making their presentation.
Subject: ACACT305A Contemporary Accounting Concepts
Assessment 3: Group Research Paper
© TAFE NSW – Higher Education Page | 5
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
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,
• 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% of 3,500 word limit
Referencing Requirements
• Use at least 8 references comprising of the following:
o 4 academic journal articles
o 4 professional journal articles
• All material that is not your own that is either in direct quotes or paraphrased must be co
ectly referenced
using the Harvard style of referencing
• List of References with only the references actually refe
ed to in the body of the report should be
included.
Group Presentation Requirements
• PowerPoint to include a maximum of 10 slides only including title slide and references
• Strict timing of group presentations as follows:
• Introduction – 1 minute
• Body – 3 x 4 minutes (12 minutes total)
• Conclusion – 2 minutes
• Penalties may be applied for not presenting within the given timeframes
Subject: ACACT305A Contemporary Accounting Concepts
Assessment 3: Group Research Paper
© TAFE NSW – Higher Education Page | 6
ASSESSMENT 3: PART A – Individual Draft Research Outline
Subject name Contemporary Accounting Concepts Subject code ACACT305A
Student name & ID Campus
Assessment No & name ASSESSMENT 3: PART A – Individual Draft Research Outline % Weighting 10%
Criteria Low
0 – 49%
Low/Medium
50 – 64%
Medium
65-74%
Medium/High
75-84%
High
85 – 100%
Criteria
Weighting
Identification of
facts and relevant
issues of the
scenario
Less than two thirds
of the facts of the
scenario are identified
or addressed
At least two thirds of
the facts and some of
the relevant issues of
the scenario are
identified or
addressed
All the facts and some
of the relevant issues of
the scenario are
identified or addressed
All the facts and most
of the relevant issues of
the scenario are
identified or addressed
All the facts and relevant
issues of the scenario are
identified including
exploration of additional
points
20%
Understanding of
theories, ideas
and practices and
identification of
the relationship
to the facts and