Accounting Paper Assignment Help on Global Regulation
Requirements:
- A brief explanation of integrated reporting （short part in the report）
- What were the arguments for and against the original move to international standards in 2005? （short part in the report）
- Is it appropriate to allow foreigners to make regulation for locals? （short part in the report）
- Is (more) regulation inherently good or bad?（Important part in the report ）
- Evaluate the various risks involved in each alternative （Important part in the report ）
- What (if any) recommendations can you make to the members of the AASB? （Important part in the report ）
Assignment: Global Regulation
Scenario:
The year is 2020. The US FASB and the London based IASB have agreed in principle to a full merger. This merger will create the Global Accounting Standards Board (GASB) and will probably be based in New York.
As part of the merger, most of the accounting standards will be completely rewritten. Proposed changes are far-reaching and extremely complex. The FASB has demanded that wherever there is a GAAP/IFRS difference, GAAP interpretation should prevail. This will bring IFRS into line with the US standards that are congruent with Sarbanes Oxley and the Dodd Frank Act. The IASB is keen to unite and so has agreed. In return the US has agreed to include environmental performance measurements under the umbrella term of “integrated reporting”.
The changes represent a significant amount of additional regulation; at least double the compliance costs compared to the current system. Cost will be even higher in the first two years due to change over. About 40% of additional load is due to the new environmental performance measurement and auditing. The proposed environmental standards are mostly vague at this time. Further, some of the purely financial accounting changes are likely to negatively impact upon Australian firms and advantage large foreign firms.
Political environment:
The changes are politically controversial. There are many calls for Australia to abandon international standards and replace them with new regulations designed specifically for the Australian environment. This would mostly consist of reverting to pre 2005 Australian GAAP. The Australian Industry Group is worried about compliance costs and uncertainty. Australian Shareholders Association doesn’t believe the changes will provide any additional information.
Conversely CAANZ, CPA Australia and the big 4 accounting firms public support the move on the basis of increased global integration. Many vocal environmental groups (including the Greens) support the environmental changes and interpret them very strictly.
UK Financial Reporting Council, Korean Accounting Standards Board, Financial Reporting and Assurance Standards Canada and the Accounting Standard Board of Japan are publicly committed to joining. Europe is split on the issue. Russia, Brazil, Singapore, China, India, Turkey and South Africa are opposed and have promised to fork their own version of IFRS if the GASB goes ahead.
Board members of the AASB are as yet undecided as to what is the best course of action.
Requirements:
You work at the AASB as a Senior Business Analyst. You have been asked to create a discussion paper on the role of international regulation. This paper will be presented to members of the Board, Treasury and the Australian Government. This discussion paper must address the following issues:
- A brief explanation of integrated reporting
- What were the arguments for and against the original move to international standards in 2005?
- Is it appropriate to allow foreigners to make regulation for locals?
- Is (more) regulation inherently good or bad?
- Evaluate the various risks involved in each alternative
- What (if any) recommendations can you make to the members of the AASB?
Audience:
Primary Audience: The senior members of the AASB (internal) and public servants from Treasury, politicians of the Australian Government (external).
Secondary Audience: Publication on the AASB website which will be scrutinised by the business lobbies, the Australia accounting profession, and the general public at large.
You must remember that not all of your audience will be accounting or business professionals.
Format: A report structure.
Weighting: 30% of final mark for this subject
Deadline: Assignment Due 23:00 Thursday 19 April 2018
Penalties for late lodgement
Assignments submitted late without prior approval are penalised at the rate of 10% of available marks per calendar day. Anything submitted after the time limit of 23:00 is considered one full day.
Word Limit: 1500 – 3000 words. Words are counted by raw word count using Microsoft Word. The word count DOES include in-text references, titles, headings, dates, and abstracts. Word counts do not include the cover sheet, tables of contents, footnotes, endnotes and references in the reference list (bibliography) and other appendices.
A “long essay penalty” is applied of negative one mark (8.333%) for every 100 words, or part there of, over the word limit after the first 100. For example, a submitted essay of 3,456 words will automatically lose four marks out of a total of 30 marks available.
Assessment coversheet
Coversheets are now optional. If you do not use one please add the following words in the header or footer of every single page.
Personal FAMILYNAME 100123456
BAC304 Advanced Accounting Theory
Assignment 2018 S1
If you use a coversheet not that it does NOT count towards your word limit. Holmesglen assessment coversheet which can be found on moodle.
Reference list and appendices
An appended reference list (bibliography) is mandatory. While there is no minimum or maximum number of references, a paper that cites less than 6 references would usually be considered to be under researched.
Any appended material may add weight to your argument, but will not be directly graded. The use of appendices is not mandatory.
Students MUST use the referencing style as set out by the Learning Commons. There is no choice of systems available. More information can be found at http://www.holmesglen.edu.au/services/learning_commons_library/research_and_referencing/referencing
End Note is HIGHLY recommended.
http://holmesglen.libguides.com/c.php?g=243898&p=1623285
Research
The quality of citations and reference works will impact upon your final grade. A research session will be held in tutorial time. Students are encouraged to use Google Scholar <http://scholar.google.com.au> to research their assignment.
