Acct6007_Assignment Brief Critical Analysis Page 1 of 5 ASSESSMENT BRIEF Subject Code and Title ACCT6007 Financial Accounting Theory and Practice Assessment Critical Analysis Individual/Group...

Acct6007_Assignment Brief Critical Analysis Page 1 of 5

ASSESSMENT BRIEF
Subject Code and Title ACCT6007 Financial Accounting Theory and Practice
Assessment Critical Analysis
Individual/Group Individual
Length 1500 words +/- 10%
Learning Outcomes 1. Identify the underlying social and corporate
imperatives that underlie the accounting conceptual
framework.
2. Identify the key players in Australian financial
eporting regulation and articulate the relationship
etween International Financial Reporting Standards
(IFRSs) and Australian Accounting Standards (AASs).
3. Explain the relationship between accounting theory,
the accounting conceptual framework and accounting
standards.
4. Work individually and in groups to identify and apply
appropriate accounting standards to a range of authentic
accounting scenarios.
Submission Week 9 Sunday midnight (AEST)
Weighting 20%
Total Marks 50 marks
Context:
This assignment develops research and critical thinking abilities. It is a critical
analysis
eview of an academic article.
Instructions:
Download and critically analyse academic article written by Antonio Ma
a.
Ma
a, A. (2016), The Pros and Cons of Fair Value Accounting in a Globalized Economy: A
Never Ending Debate. Vol 31 No. 4, pp 582 – 591, Database: Business Source Ultimate
Acct6007_Assignment Brief Critical Analysis Page 2 of 5
You may use an essay format or any other acceptable academic format for critical review. APA
eferencing style guide is required.
Use minimum 10 academic references.
Answer the following questions during your analysis.
1) Explain and explore Pros and Cons of Fair Value (FV) accounting after conducting literature
eview on the topic.
2) What does the author mean by the statement? ‘the estimation follows a three-tier process,
with a strict preference for market-based measures’ p586. Explain the three – tier process in
detail.
3) What qualitative characteristic/s of financial information is considered in using FV method in
financial reporting? FV measurement is most applicable to what element of financial
statements (i.e. Asset, Liability, Owners Equity, Revenue and Expense), and to what aspect of
that element?
Academic skills resources: Analysing the Brief, Essay Writing, and Critical Thinking
These resources can be downloaded from LASU - Learning and Academic Skills Unit on Blackboard
following the link:
https:
laureate-
au.blackboard.com/webapps
lackboard/content/listContent.jsp?course_id=_20163_1&content_id
=_2498849_1
https:
laureate-au.blackboard.com/webapps
lackboard/content/listContent.jsp?course_id=_20163_1&content_id=_2498849_1
https:
laureate-au.blackboard.com/webapps
lackboard/content/listContent.jsp?course_id=_20163_1&content_id=_2498849_1
https:
laureate-au.blackboard.com/webapps
lackboard/content/listContent.jsp?course_id=_20163_1&content_id=_2498849_1

ACCT6007_Assignment Brief Critical Analysis XXXXXXXXXXPage 3 of 5

Learning Ru
ics
Assessment
Attributes
Fail (Unacceptable)
0%-49%
Pass
(Functional)
50%- 64%
Credit
(Proficient)
65%-74%
Distinction
(Advanced)
75%-84%
High Distinction
(Exceptional)
85% - 100%
Grade Description
(Grading Scheme)
Evidence of unsatisfactory achievement
of one or more of the learning
objectives of the course, insufficient
understanding of the course content
and/or unsatisfactory level of skill
development.
Evidence of satisfactory
achievement of course
learning objectives, the
development of
elevant skills to a
competent level, and
adequate
interpretation and
critical analysis skills.
Evidence of a good
level of understanding,
knowledge and skill
development in
elation to the content
of the course or work
of a superior quality on
the majority of the
learning objectives of
the course.
Demonstration of a
high level of
interpretation and
critical analysis skills.
Evidence of a high
level of
achievement of the
learning objectives
of the course
demonstrated in
such areas as
interpretation and
critical analysis,
logical argument,
use of
methodology and
communication
skills.
Evidence of an
exceptional level of
achievement of
learning objectives
across the entire
content of the course
demonstrated in such
areas as
interpretation and
critical analysis, logical
argument, creativity,
originality, use of
methodology and
communication skills.
Pros & Cons of Fair
Value Accounting






40
Does not meet minimum standard

Demonstrates no awareness of content
and/or purpose of the assignment.


Meets minimum
standard

Demonstrates limited
awareness of content
and/or purpose of the
assignment

Moves beyond
minimum standard

Demonstrates
consistent awareness
of content and/or
purpose of the
assignment.




Exceeds minimum
standard

Demonstrates an
advanced and
integrated
understanding of
content and/or
purpose of the
assignment.


Exceeds minimum
standard and exhibits
high levels of
independence

Consistently
demonstrates a
systematic and critical
understanding of
content and purpose
of the assignment.




http:
www.tua.edu.au/media/50742/a240_grading-scheme.pdf

ACCT6007_Assignment Brief Critical Analysis XXXXXXXXXXPage 4 of 5

Three-tier hierarchy


















20
Limited understanding of required
concepts and knowledge

Key components of the assignment are
not addressed.












Knowledge or
understanding of the
field or discipline.

Resembles a recall or
summary of key ideas.

Often
conflates/confuses
assertion of personal
opinion with
information
substantiated by
evidence from the
esearch/course
materials.



Thorough knowledge
or understanding of the
field or discipline/s.
Supports personal
opinion and
information
substantiated by
evidence from the
esearch/course
materials.

Demonstrates a
capacity to explain and
apply relevant
concepts.


Highly developed
understanding of
the field or
discipline/s.

Discriminates
etween assertion
of personal opinion
and information
substantiated by
obust evidence
from the
esearch/course
materials and
extended reading.

Well demonstrated
capacity to explain
and apply relevant
concepts.
A sophisticated
understanding of the
field or discipline/s.

Systematically and
critically discriminates
etween assertion of
personal opinion and
information
substantiated by
obust evidence from
the research/course
materials and
extended reading.

Mastery of concepts
and application to
new
situations/further
learning.
What Qualitative
Characteristics and
Elements of Financial
Statement is
considered in FV
method






20
Specific position (perspective or
argument) fails to take into account the
complexities of the issue(s) or scope of
the assignment.

Makes assertions that are not justified.








Specific position
(perspective or
argument) begins to
take into account the
issue(s) or scope of the
assignment.

Justifies any
conclusions reached
with arguments not
merely assertion.
Specific position
(perspective or
argument) takes into
account the
complexities of the
issue(s) or scope of the
assignment. Others’
points of view are
acknowledged.

Justifies any
conclusions reached
with well-formed
Specific position
(perspective or
argument) is
expertly presented
and accurately
takes into account
the complexities of
the issue(s) and
scope of the
assignment.
Justifies any
conclusions
eached with well-
Specific position
(perspective or
argument) is
presented expertly,
authoritatively and
imaginatively,
accurately taking into
account the
complexities of the
issue(s) and scope of
the assignment. Limits
of position are
acknowledged.
ACCT6007_Assignment Brief Critical Analysis XXXXXXXXXXPage 5 of 5

arguments not merely
assertion.
developed
arguments.

Justifies any
conclusions reached
with sophisticated
arguments.
Use of academic and
discipline conventions
and sources of
evidence.

Grammar, spelling
and referencing












20
Poorly written with e
ors in spelling,
grammar.

Demonstrates inconsistent use of good
quality, credible and relevant research
sources to support and develop ideas.

There are mistakes in using the APA
style.


Is written according to
academic genre (e.g.
with introduction,
conclusion or
summary) and has
accurate spelling,
grammar, sentence and
paragraph
construction.

Demonstrates
consistent use of
credible and relevant
esearch sources to
support and develop
ideas, but these are not
always explicit or well
developed.

There are no mistakes
in using the APA style.
Is well-written and
adheres to the
academic genre (e.g.
with introduction,
conclusion or
summary).

Demonstrates
consistent use of high
quality, credible and
elevant research
sources to support and
develop ideas.

There are no mistakes
in using the APA style.




Is very well-written
and adheres to the
academic genre.

Consistently
demonstrates
expert use of good
quality, credible
and relevant
esearch sources to
support and
develop
appropriate
arguments and
statements. Shows
evidence of
eading beyond the
key reading

There are no
mistakes in using
the APA style.
Expertly written and
adheres to the
academic genre.

Demonstrates expert
use of high-quality,
credible and relevant
esearch sources to
support and develop
arguments and
position statements.
Shows extensive
evidence of reading
eyond the key
eading

There are no mistakes
in using the APA Style.
May 13, 2021ACCT6007Torrens University Australia
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