© MIT Lasted Updated: August, XXXXXXXXXXT2-2021 Assessment Details and Submission Guidelines MA601 Theory and Current Issues in Accounting School Business Course Name Master of Professional Accounting...

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© MIT Lasted Updated: August, 2021 T2-2021 Assessment Details and Submission Guidelines MA601 Theory and Current Issues in Accounting School Business Course Name Master of Professional Accounting (MPA) Unit Code MA601 Unit Title Theory and Current Issues in Accounting Trimester Trimester 2, 2021 Assessment Author Dr Mohobbot Ali Assessment Type Report Assessment Title Assessment Task 3 – Individual Unit Learning Outcomes Addressed: The purpose of this assignment is to assess the following Learning Outcomes: a. Explain, describe and demonstrate mastery of the financial accounting standard setting process of Australia. b. Critically analyse and interpret current issues and developments in accounting theory and financial reporting Weight 20% Total Marks 100 Word limit 1250-1500 Release Date Week Three Due Date Week 6 Submission Guidelines  This assignment should be completed individually.  All work must be submitted on Moodle by the due date along with a completed Assignment Cover Page.  The assignment must be in MS Word format, 1.5 spacing, 11-pt Calibri (Body) font and 2 cm margins on all four sides of your page with appropriate section headings.  Reference sources must be cited in the text of the report, and listed appropriately at the end in a reference list using APA 6th edition for the School of Business. Extension If an extension of time to submit work is required, an Application for Special Consideration and supporting documentation must be submitted directly to the School's Administration Officer via your MIT AMS login [https://online.mit.edu.au/ams/default.aspx?ReturnUrl=%2fams%2f]. You must submit this application no later than three working days after the due date of the specific piece of assessment or the examination for which you are seeking Special Consideration. Further information is available at: http://www.mit.edu.au/about-mit/institute-publications/policies-procedures-and- guidelines/specialconsiderationdeferment Academic Misconduct Academic Misconduct is a serious offence. Depending on the seriousness of the case, penalties can vary from a written warning or zero marks to exclusion from the course or rescinding the degree. Students should make themselves familiar with the full policy and procedure available at: http://www.mit.edu.au/about-mit/institute- publications/policies-procedures-and-guidelines/Plagiarism-Academic-Misconduct- Policy-Procedure. For further information, please refer to the Academic Integrity Section in your Unit Description. https://online.mit.edu.au/ams/default.aspx?ReturnUrl=%2fams%2f http://www.mit.edu.au/about-mit/institute-publications/policies-procedures-and-guidelines/special-considerationdeferment http://www.mit.edu.au/about-mit/institute-publications/policies-procedures-and-guidelines/special-considerationdeferment http://www.mit.edu.au/about-mit/institute-publications/policies-procedures-and-guidelines/special-considerationdeferment http://www.mit.edu.au/about-mit/institute-publications/policies-procedures-and-guidelines/special-considerationdeferment http://www.mit.edu.au/about-mit/institute-publications/policies-procedures-and-guidelines/special-considerationdeferment http://www.mit.edu.au/about-mit/institute-publications/policies-procedures-and-guidelines/special-considerationdeferment http://www.mit.edu.au/about-mit/institute-publications/policies-procedures-and-guidelines/special-considerationdeferment http://www.mit.edu.au/about-mit/institute-publications/policies-procedures-and-guidelines/special-considerationdeferment http://www.mit.edu.au/about-mit/institute-publications/policies-procedures-and-guidelines/special-considerationdeferment http://www.mit.edu.au/about-mit/institute-publications/policies-procedures-and-guidelines/special-considerationdeferment http://www.mit.edu.au/about-mit/institute-publications/policies-procedures-and-guidelines/special-considerationdeferment http://www.mit.edu.au/about-mit/institute-publications/policies-procedures-and-guidelines/special-considerationdeferment http://www.mit.edu.au/about-mit/institute-publications/policies-procedures-and-guidelines/special-considerationdeferment http://www.mit.edu.au/about-mit/institute-publications/policies-procedures-and-guidelines/special-considerationdeferment http://www.mit.edu.au/about-mit/institute-publications/policies-procedures-and-guidelines/Plagiarism-Academic-Misconduct-Policy-Procedure http://www.mit.edu.au/about-mit/institute-publications/policies-procedures-and-guidelines/Plagiarism-Academic-Misconduct-Policy-Procedure http://www.mit.edu.au/about-mit/institute-publications/policies-procedures-and-guidelines/Plagiarism-Academic-Misconduct-Policy-Procedure MA 601 Theory and Current Issues in Accounting Page 2 of 6 Lasted Updated: August, 2021 Assessment Cover Sheet Student ID Number/s: Student Last name/s: Student First name/s: Course: School: Unit code: Unit title: Due date: Date submitted: Campus: Lecturer’s Name: Tutor: Student Declaration I/We declare and certify that: 1. the work contained in this assessment is my/our own work/group work, except where acknowledgement of sources is made; 2. this assessment has not been submitted previously for academic credit in this or any other course; 3. I/we have read MIT’s Plagiarism and Academic Misconduct Policy and Procedure, and I/we understand the consequences of engaging in plagiarism, collusion and contract cheating; 4. a copy of the original assignment is retained by me/us and that I/we may be required to submit the original assignment to the Lecturer and/or Unit Co-ordinator upon request; I/we have not plagiarised the work of others or participated in unauthorised collaboration or contract cheating when preparing this assessment. MIT ID Signature Date MA 601 Theory and Current Issues in Accounting Page 3 of 6 Lasted Updated: August, 2021 Assignment Description According to Corporation Act 2001 all reporting entities are required to prepare general purpose financial statements (GPFS), and those statements must be prepared in accordance with AASB standards. It is necessary to determine the objective of GPFS having established that all reporting entities need to prepare GPFS. It is widely accepted that a considerable effort has been made by Australian accounting profession to effectively address the objective of general purpose financial reporting. Henderson et al (2017) argue that Australian accounting profession has commissioned two studies on this topic. The first was by Kenley and Staubus (1972) and the second study was by Barton (1982). Both studies argue that objective of financial reporting is to satisfy the needs of users for financial information on the firm’s operations and its resources and obligations. Critics argue that this is merely an aid to accountability based on Stewardship theory. Australian Accounting Conceptual Framework 2019 revision states that: “The objective of general purpose financial reporting is to provide financial information about the reporting entity that is useful to existing and potential investors, lenders and other creditors in making decisions relating to providing resources to the entity” (Conceptual Framework, 2019 pp 10). Henderson et al (2017) postulate that: “The choice of decision usefulness as the objective for financial reporting is a relatively recent phenomenon and many accountants believe that it cannot be achieved with a measurement basis designed primarily for stewardship or accountability purposes. Therefore, the historical cost measurement basis should be abandoned and replaced by a measurement basis that is specifically designed to meet the decision-usefulness objective” (Henderson et al, 2017 pp41). Requirement: You are required to examine as to why an agreed objective for financial reporting is a prerequisite for the resolution of many disputes in financial accounting practice. In your report: 1. Explain what are financial reporting and general purpose financial statements. 2. Examine the impact of ethical professional behaviour and accountability of accountants on financial reporting using stewardship theory. 3. Describe the objective of general purpose financial reporting in Accounting framework 2019, and explain the financial information that are to be presented in financial statements in order to achieve the objective. 4. Critically evaluate the argument that the preparation of financial statements is merely a support to accountability objective, and they are no use to potential investors. 5. Discuss the arguments that confirmatory and predictive roles as the principle elements of relevance of financial reporting for decision -usefulness objective. 6. Recommend the possible improvements in financial reporting that would meet the needs of financial information users and as to why an agreed objective for financial reporting is a prerequisite for the resolution of many disputes in financial accounting practice. Henderson, S., Peirson, G., Herbohn, K., Artiach, T. and Howieson, B. (2017). Issues in Financial Accounting (16th ed.). AU: Pearson Higher Education. MA 601 Theory and Current Issues in Accounting Page 4 of 6 Lasted Updated: August, 2021 Kenley, W. J. and Staubus, G.J. (1972). Objectives and Concepts of Financial Statements, Accounting Research Study No. 3, Accountancy Research Foundation, Melbourne. Barton, A.D. (1982). ‘Objectives and Basic Concepts of Accounting’, Accounting Theory Monograph No. 2, Australian Accounting Research Foundation, Melbourne. This assignment must be written/structured in the form of a ‘business report’. That is, it must have a/an; (a) Executive summary (between 100 to 150 words), (b) Introduction that succinctly summarizes this assignment’s topic and its key issues, controversies, etc. (no more than 200 words), (c) Body that addresses all the requirements – see above 1-6 (no more 1500 words), (d) Conclusion that sums up the mains issues of this assignment (no more than 200 words), and (e) Reference list containing all cited works. (f) Proper English Grammar, appearance, format, etc. At least 3 recognized journal article should be cited. MA 601 Theory and Current Issues in Accounting Page 5 of 6 Lasted Updated: August, 2021 Marking criteria: MA601 / Theory and Current Issues in Accounting /Semester T2, 2021, Individual Assignment Name: Student Number Assessment Criteria Total Marks Marks awarded Criterion 1 - Structure and Clarity of the Report/Assignment  introductory paragraph  logical flow of clarity and structure of ideas and arguments  appropriate use of paragraph and headings
Answered 7 days AfterAug 13, 2021

Answer To: © MIT Lasted Updated: August, XXXXXXXXXXT2-2021 Assessment Details and Submission Guidelines MA601...

Abhishek answered on Aug 21 2021
138 Votes
Running Head: THEORY AND CURRENT ISSUES IN ACCOUNTING                        1
THEORY AND CURRENT ISSUES IN ACCOUNTING                                7
MA601 Theory and Current Issues in Accounting
    Student ID Number/s:
    Student Last name/s:
    Student First name/s:
    
    
    
    Course: Master of Professional Accounting (MPA)
    School: Business
    Unit code: MA601
    Unit title: Theory and Current Issues in Accounting
    Due date:

    Date submitted:
    Campus:
    Lecturer’s Name:
    Tutor:
    Student Declaration
I/We declare and certify that:
1. the work contained in this assessment is my/our work/group work, except where acknowledgement of sources is made;
2. this assessment has not been submitted previously for academic credit in this or any other course;
3. I/we have read MIT’s Plagiarism and Academic Misconduct Policy and Procedure and I/we understand the consequences of engaging in plagiarism, collusion and contract cheating;
4. a copy of the original assignment is retained by me/us and that I/we may be required to submit the original assignment to the Lecturer and Unit Coordinator upon request;
I/we have not plagiarised the work of others or participated in unauthorised collaboration or contract cheating when preparing this assessment.
    MIT ID
    Signature
    Date
    
    
    
Executive Summary
The basic objective of financial reporting and the impact of ethical business operations in attaining the objectives have been clarified in this report. Stewardship is a significant factor of financial reporting, but maintaining transparency is not the sole objective; but there are other points to be considered by investors in the financial statements, which have been discussed. Recommendations have also been provided to boost the disputes that might arise and need to be resolved as a prerequisite for reporting.
Table of Contents
Executive Summary    2
Introduction    4
1. Financial Reporting and General-Purpose Financial Statements    4
Impact of Ethical Professional Behaviour and Accountability of Accountants, Using Stewardship Theory    4
3. Objective of General Purpose Financial Reporting in Accounting Framework 2019    5
4. Critical Evaluation of Given Argument    5
4. Discussing the Arguments    6
6. Recommendations for Improvements in Financial Reporting    6
Conclusion    6
References    7
Introduction
Financial reporting is a critical step in managing, organising, decision-making and investing, which is complicated and tough to make out error-free to bring the maximum potential to a company (Barton, 1982). The accountability maintained in financial statements is not the sole purpose but also making the investors more interested in bigger investments is what should be the purpose of financial reporting. This report will discuss the basic objectives of financial reporting and its role in decision-making. This has also highlighted the major objectives of financial reporting, which fulfilled the need of investors. Based on that, recommendations will be provided, which can enhance this reporting strategy to be more attractive to the investors.
1. Financial Reporting and General-Purpose Financial Statements
Accounting practice where financial statements are used for disclosing the financial information of a company and their performance of a year or on a bi-annual basis and in some cases every quarter. This is the simple equation of the source of the money that is coming for an organisation, how that is being utilised, which helps make informed decisions based on the financial capacity of the organisations. This is the basis, on which the investors take their decisions before investing their money into a company. The basic objective of a financial statement is to track the business activities.
They use it to analyse the business activities for future purposes where resource usage, cash flows and the business's financial health are evaluated, which helps the investors to make a proper decision as to whether to...
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