ACCT19082 â€“ Financial Accounting Theory Assessment 1 – Term 3, 2017 Due Date Week 7 Friday (5 January 2018) 11.59 PM (AEST) Written Assessment Report Weighting 40% Length 3,000 words Submission Online Font size Word document with font size 11 or 12 File type First Name-Student ID (e.g., Kazi_s010001) Reading comprehension/review of the IASBâ€™s Conceptual Framework for Financial Reporting While the International Accounting Standards Board (IASB) shows continuous efforts to develop and update the Conceptual Framework for Financial Reporting, accounting researchers continue to critically appreciate the usefulness (benefits and limitations) of this Framework. Visit the links below and download the required documents: (i) Exposure Draft: Conceptual Framework for Financial Reporting (dated 28 May 2015) http://Conceptual%20framework/IASB/ED-May2015-ed-conceptual-framework.pdf http://kjs.mof.gov.cn/zhengwuxinxi/gongzuotongzhi/201506/P020150629528305757224.pdf (ii) Exposure Draft: Conceptual Framework for Financial Reporting: Basis for Conclusions (dated 28 May 2015) http://archive.ifrs.org/Current-Projects/IASB-Projects/ConceptualFramework/Documents/May%202015/Basis-to-ED_CF_MAY%202015.pdf (iii) Discussion Paper: A Review of the Conceptual Framework for Financial Reporting (dated 18 July 2013) http://archive.ifrs.org/Current-Projects/IASB-Projects/Conceptual-Framework/Discussion-PaperJuly-2013/Documents/Discussion-Paper-Conceptual-Framework-July-2013.pdf The further update is found in the following links: https://www.iasplus.com/en/news/2015/05/cf-ed https://www.iasplus.com/en/projects/major/cf-iasb Requirements: (a) Read the IASBâ€™s pronouncements (documents) and relevant information as provided in the above links, and then provide a detailed explanation of the purpose, history and development of the IASBâ€™s Conceptual Framework for Financial Reporting. (b) Undertake a review of literature regarding potential usefulness (benefits and limitations) of the IASBâ€™s Conceptual Framework for Financial Reporting. Develop your answer by referring to at least four academic journal articles. Search those articles via CQU library databases. (c) Describe at least 8 points that indicate your perception of the new knowledge you gathered after writing this assessment regarding the IASBâ€™s Conceptual Framework. The template of the assignment report and the marking criteria for the above three requirements, for presentation (executive summary, introduction, conclusion and references) and for English expression are provided below.Template and Marking Criteria Contents Guidelines Size Marks Executive summary Key topic and the key points of what you found Half a page 1 mark Introduction Road map to your entire report stating what you searched and how you planned/progressed Half a page 1 mark Literature review Explanation of the purpose, history and development of the Conceptual Framework 1,200 words 12 marks Potential usefulness (benefits and limitations) of the Conceptual Framework 1,200 words 12 marks 8 points that indicate your new knowledge 600 words 8 marks Conclusion Wrapping-up, stating what was your purpose and how you responded to the requirements. Also include (or list) in your conclusion if any aspects of the conceptual framework appear difficult to understand. Half a page 1 mark References Appropriate references in the text and in the list at the end as per APA referencing guide 3 marks Quality of English 2 marks Total 40% of the course 40 marks Flexibility: If necessary, a student can use maximum 200 words more in excess of 3000 words (wherever necessary) to write and present this assessment item.
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