© 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...

© 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: February 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 bring IFRS into line with the US standards so that accounting standards are congruent with Sarbanes 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 current 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 current 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 worried 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 both 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 result 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 Rubric 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 Rubric 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 briefly 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 correctly referenced using the Harvard style of referencing • List of References with only the references actually referred 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 issues of the scenario Demonstrates limited understanding of some principles and concepts with no identification of a relationship to the facts and issues of the scenario Demonstrates sufficient understanding of most principles and concepts to identify a relationship to the facts and issues of the scenario Demonstrates a sound understanding of all principles and concepts. Clear identification of the relationship to the facts and issues of the scenario Displays a deeper understanding of and awareness of more subtle concepts. Clear identification of the relationship to the facts and issues of the scenario. Displays a deeper understanding of and an awareness of more subtle concepts in addition to an aptitude to consider the topic in a broader context. Clear identification of the nuances of these concepts in as they relate to the facts and issues of the scenario. 30% Identification links between accounting theories and proposed recommendations No clear links between accounting theories and proposed recommendations Proposed recommendations are identified but links to accounting theories are vague Recommendations proposed are clear with some linking to accounting theories Recommendations proposed are clear, with good identification of links to accounting theories Clear and specific identification of linkages between accounting theories and recommendations proposed 15% Subject: ACACT305A Contemporary Accounting Concepts Assessment 3: Group Research Paper © TAFE NSW – Higher Education Page | 7 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 structure of final report and integration of research No real planning of report structure evident Research integration strategy is not addressed. Minimal report structure planned. Research integration strategy is addressed. Sufficient report structure planned. Research integration strategy is addressed with some idea provided of a cohesive approach Very good report structure planned. Research integration strategy is clearly addressed and indicates a cohesive approach Excellent report structure planned. Research integration strategy is clear and demonstrates a cohesive approach 15% Articulation of arguments supporting proposed recommendations No clear arguments supporting proposed recommendations apparent in outline Some articulation of arguments with some links to proposed recommendations Adequate articulation of arguments linked to recommendations proposed Good articulation of arguments with good links to support proposed recommendations Excellent articulation of arguments with clear links to support proposed recommendations 10% Presentation and structure of outline document No use of headings and subheadings. Dot points used instead of brief paragraphs Minimally structured outline with some use of headings and subheadings. Some use of paragraphs to provide outline. No dot points used. Sufficiently structured outline with appropriate use of headings and subheadings. Use of paragraphs to provide outline. Appropriately structured outline with good use of headings and subheadings. Good use of paragraphs to provide concise outline. Well-structured outline with excellent use of headings and subheadings. Excellent use of paragraphs to provide concise outline. 10% Teacher name & signature: Date: Total marks (%) /100% Comments: Subject: ACACT305A Contemporary Accounting Concepts Assessment 3: Group Research Paper © TAFE NSW – Higher Education Page | 8 ASSESSMENT 3: PART B – GROUP RESEARCH REPORT Subject name Contemporary Accounting Concepts Subject code ACACT305A Student name & ID Campus Assessment No & name Assessment 3: PART B – Group Research Report % Weighting 20% Date Due Criteria Fail 0 – 49% Pass 50 – 64% Credit 65-74% Distinction 75-84% High Distinction 85 – 100% Criteria Weighting Critical evaluation and articulation of main issues Less than two thirds of the main issues are identified or addressed Demonstrated limited understanding of some principles and concepts At least two thirds of the main issues are identified or addressed Demonstrated sufficient understanding of most principles and concepts to answer question All of the main issues are identified Demonstrated a sound understanding of all principles and concepts All of the main issues are identified, and question is answered in full Displays a deeper understanding of and awareness of more subtle concepts All of the main issues are identified including exploration of additional points and the question is answered in full Displays a deeper understanding of and an awareness of more subtle concepts in addition to an aptitude to consider the topic in a broader context 30% Research Insufficient appropriate sources of information Core texts and minimal appropriate sources have been referred to Evidence of reading beyond the core texts and minimum number of appropriate sources Research of relevant current and contemporary academic sources is evident in addition to core texts and minimum number of appropriate sources Extensive research of relevant current academic sources is evident in addition to core texts and minimum number of appropriate sources 20% Application and analysis of referenced material No referencing system applied referenced material does not support the answer/argument Research material is described rather than analysed Appropriate paraphrasing of research material Most citations appropriately referenced Response is partially descriptive but an analytical approach has been attempted Referenced material supports the answer/argument, rather than mere paraphrasing Displays a critical and analytical approach Some links are made between core texts and contemporary or current issues. All citations appropriately referenced. Referenced material is well linked throughout the body of the essay and exceptional skills in the topic area are demonstrated. All citations appropriately referenced. 25% Subject: ACACT305A Contemporary Accounting Concepts Assessment 3: Group Research Paper © TAFE NSW – Higher Education Page | 9 Subject name Contemporary Accounting Concepts Subject code ACACT305A Student name & ID Campus Assessment No & name Assessment 3: PART B – Group Research Report % Weighting 20% Date Due Criteria Fail 0 – 49% Pass 50 – 64% Credit 65-74% Distinction 75-84% High Distinction 85 – 100% Criteria Weighting All citations appropriately referenced Presentation and structure of research report No use of headings to support structure of arguments and discussion Appropriate structure is not evident at all or position is not clear No introduction or conclusion Minimal use of headings to support structure of arguments and discussion Position is clear but structure is vague and supporting paragraphs do not link to one another Basic introduction and conclusion Sufficient use of headings to support structure of arguments and discussion Position is clear and structure is evident and some supporting paragraphs link Good introduction and conclusion. Very good use of headings to support structure of arguments and discussion Structure is good, position clear, supporting paragraphs link and displays an attempt structuring paragraphs as well. Very good introduction and conclusion. Excellent use of headings to support structure of arguments and discussion Well-structured report with clear position and supporting paragraphs which link and flow from one to another methodically and is easy to follow An excellent introduction and conclusion 15% Clarity of written expression Poor grammar, spelling, punctuation Poor sentence structure excessive use of figurative/colloquial speech mostly written in first or second person perspective Some errors in grammar, spelling, and punctuation some sentence structures requiring improvement some presence of figurative/colloquial speech a couple of references to first or second person Minimal grammatical spelling or punctuation errors no sentence structure issues no presence of figurative/colloquial speech written entirely objectively in third person No grammatical spelling or punctuation errors no sentence structure issues no presence of figurative/colloquial speech written entirely objectively in third person Excellent use of concise language No grammatical or sentence structure issues absent of figurative speech, colloquialism or slang written entirely objectively in third person 10% Teacher name & signature: Date: Total marks (%) /100% Comments: Subject: ACACT305A Contemporary Accounting Concepts Assessment 3: Group Research Paper © TAFE NSW – Higher Education Page | 10 ASSESSMENT 3: PART C – GROUP RESEARCH PRESENTATION Subject name Contemporary Accounting Concepts Subject code ACACT305A Student name & ID Campus Assessment No & name ASSESSMENT 3: PART C – GROUP RESEARCH PRESENTATION % Weighting 10% Date Due Criteria Low 0 – 49% Low/Medium 50 – 64% Medium 65-74% Medium/High 75-84% High 85 – 100% Criteria Weighting Justification of arguments and position in a group setting Position or viewpoints are not clear Position is clear but structure or argument is vague, and elements of presentation do not link to one another Position is clear and structure is evident with some linking between presentation elements Structure is good, position clear, supporting presentation elements are linked together well Well-structured presentation with clear position and linkages which link and flow from one to another methodically and is easy to follow /40% Structure and timing of presentation No evident structure of arguments and discussion Allocated time not adhered to Minimal structure to support arguments and discussion Presentation made within allocated timeframe Sufficient structure to support arguments and discussion Presentation made within allocated timeframe Very good structure to support arguments and discussion Presentation made within allocated timeframe Excellent structure supporting arguments and discussion Presentation made within allocated timeframe /20% Articulation of viewpoint in a group setting excessive use of figurative/colloquial speech No viewpoints apparent in presentation some presence of figurative/colloquial speech Some articulation of view points no presence of figurative/colloquial speech Adequate articulation of view points no presence of figurative/colloquial speech Good articulation of view points absent of figurative speech, colloquialism or slang Excellent articulation of view points /40% Teacher name & signature: Date: Total marks (%) /100% Comments:
Apr 10, 2022
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