Case Study: Advanced Accounting

Order Description

please read carefully the attached file and instructions and since i paid for 6 pages you can write 550 each case study

 

 

200267 Advanced Accounting: Individual Assignment
Length: 1,500 words
Due: 10pm Friday 11th October (week 11)
Value: 15%
Requirements
This assignment is based on the recent discussion paper, A review of the conceptual
framework for financial reporting, published in July 2013 by the International
Accounting Standards Board (IASB). You can find a copy of this discussion paper
and other useful documents in the week 2 folder under learning materials on vUWS.
This discussion paper has been released for comment and you are required to act as
a respondent, taking on one of the stakeholder perspectives listed below for the
purpose of providing a detailed analysis in response to the following three questions.
In your analysis make sure you consider the relevance of the specific issues and
proposals raised in these questions from your nominated perspective. You should
also consider how such proposals would benefit and/or disadvantage the
stakeholder. You might also like to consider the impact on the decision usefulness of
accounting information produced from the perspective of your nominated
stakeholder. The questions can be found in appendix H of the paper. You are
required to write approximately 500 words for each question.
Stakeholders
• Company in the Banking Industry
• Company in the Mining Industry
• Company in the Manufacturing Industry
• Lender/Creditor
• Accounting firm/Auditor
• Professional Accounting body
Questions
Question 3 – p228
Whether uncertainty should play any role in the definitions of an asset and a liability,
and in the recognition criteria for assets and liabilities, is discussed in paragraphs
2.17–2.36. The IASB’s preliminary views are that:
(a) the definitions of assets and liabilities should not retain the notion that an
inflow or outflow is ‘expected’. An asset must be capable of producing economic
benefits. A liability must be capable of resulting in a transfer of economic
resources.
(b) the Conceptual Framework should not set a probability threshold for the rare cases
in which it is uncertain whether an asset or a liability exists. If there could be
significant uncertainty about whether a particular type of asset or liability exists,
the IASB would decide how to deal with that uncertainty when it develops or
revises a Standard on that type of asset or liability.
(c) the recognition criteria should not retain the existing reference to probability.
Do you agree? Why or why not? If you do not agree, what do you suggest, and why?
Question 11 – p232
How the objective of financial reporting and the qualitative characteristics of useful
financial information affect measurement is discussed in paragraphs 6.6–6.35. The
IASB’s preliminary views are that:
(a) the objective of measurement is to contribute to the faithful representation of
relevant information about:
(i) the resources of the entity, claims against the entity and changes in
resources and claims; and
(ii) how efficiently and effectively the entity’s management and governing
board have discharged their responsibilities to use the entity’s resources.
(b) a single measurement basis for all assets and liabilities may not provide the most
relevant information for users of financial statements;
(c) when selecting the measurement to use for a particular item, the IASB should
consider what information that measurement will produce in both the
statement of financial position and the statement(s) of profit or loss and OCI;
(d) the relevance of a particular measurement will depend on how investors,
creditors and other lenders are likely to assess how an asset or a liability of that
type will contribute to future cash flows. Consequently, the selection of a
measurement:
(i) for a particular asset should depend on how that asset contributes to
future cash flows; and
(ii) for a particular liability should depend on how the entity will settle or
fulfil that liability.
(e) the number of different measurements used should be the smallest number
necessary to provide relevant information. Unnecessary measurement changes
should be avoided and necessary measurement changes should be explained; and
(f) the benefits of a particular measurement to users of financial statements need to
be sufficient to justify the cost.
Do you agree with these preliminary views? Why or why not? If you disagree, what
alternative approach to deciding how to measure an asset or a liability would you
support?
Question 23 – p237
Business model
The business model concept is discussed in paragraphs 9.23–9.34. This Discussion Paper
does not define the business model concept. However, the IASB’s preliminary view is
that financial statements can be made more relevant if the IASB considers, when
developing or revising particular Standards, how an entity conducts its business
activities.
Do you think that the IASB should use the business model concept when it develops or
revises particular Standards? Why or why not?
If you agree, in which areas do you think that the business model concept would be
helpful?
Should the IASB define ‘business model’? Why or why not?
If you think that ‘business model’ should be defined, how would you define it?
Submission
The assignment is required to be submitted online via the assignment link available
on vUWS by 10pm Friday 11th October (week 11). All assignments submitted must
be run through the turnitin plagiarism prevention system as part of the submission
process. The link will be made available two weeks prior to the due date. You will be
able to submit as many times as you like up until the due date and time. This will
give you the opportunity to review your turnitin reports upon each submission and
refine your work. Only your final submission will be marked.
Please include the following in your final submission:
1. A signed cover sheet
2. The final version of your Assignment
3. Your latest turnitin report

 
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