Accounting Theory and Contemporary Issues

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Assessment 3 Information

Subject Code: ACC301

Subject Name: Accounting Theory and Contemporary Issues

Assessment Title: Assessment 3 - Individual Assignment

Assessment Type: Written report (15%) and Video Presentation (5%)

Word Count: 800 Words (+/-10%)

Weighting: 20 %

Total Marks: 20

Submission: Written report via Turnitin and Video Presentation via Moodle

Due Date: Monday of Week 10 at 15:55 AEST

Your Task

Answer the questions below, in a maximum of 800 words or approximately 200 words per question.

You are also required to deliver a 3-minute video presentation where you summarise your findings of your written report.

Assessment Description

Written Report (15 marks)

The International Accounting Standards Board (IASB) has finalised a revised (2018) conceptual framework for financial reporting.

Refer to the following IASB web pages and documents (they may not open in all web browsers) and any other sources of relevance to help you answer the questions below:

http://www.ifrs.org/news-and-events/2018/03/iasb-completes-revisions-to-its-conceptual-

framework/

http://www.ifrs.org/-/media/project/conceptual-framework/exposure-draft/published-

documents/ed- conceptual-framework.pdf

http://www.ifrs.org/-/media/project/conceptual-framework/exposure-draft/published-

documents/ed- conceptual-framework-basis-conclusions.pdf

http://www.ifrs.org/-/media/project/conceptual-framework/current-stage/conceptual-framework-

summary-of- tentative-decisions.pdf

1) Provide a brief background in your own words to the role of a conceptual framework in

accounting, including benefits of having one, together with problems and criticisms of the

current (2010) framework. (3 Marks)

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2) In your own words and in your opinion, what should be the objective of general purpose

financial reporting? (3 Marks)

3) In your own words, explain what you understand by the term ‘prudence’. How can an ‘asymmetrically prudent’ accounting treatment lead to the understatement of income in one period but an overstatement in future periods? (3 Marks)

4) a) In your own words, explain what is meant by the concept of substance over form.

You can use examples from within and/or outside accounting to help answer this

question. (3 Marks)

b) Do you agree with the board’s decision to state explicitly that a faithful representation represents the substance of an economic phenomenon instead of merely representing its legal form? Justify your answer. (3 Marks)

Video Presentation (5 marks)

You are required to deliver a 3-minute video presentation which takes the audience on a journey that chronicles the section of your written report.

Assessment Instructions

• This is an individual assignment. Any work which has been copied or shared between students will

result in a fail grade for all students concerned. So please make sure that your answers are your

own work and referenced correctly.

• Please follow the marking rubric outlined below (p. 4) as you answer each question.

• Please make sure you follow the guidelines noted below, relating to presentation, late policy and academic integrity.

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Important Study Information

Academic Integrity Policy KBS values academic integrity. All students must understand the meaning and consequences of cheating, plagiarism and other academic offences under the Academic Integrity and Conduct Policy. What is academic integrity and misconduct? What are the penalties for academic misconduct? What are the late penalties? How can I appeal my grade? Click here for answers to these questions: http://www.kbs.edu.au/current-students/student-policies/.

Word Limits for Written Assessments Submissions that exceed the word limit by more than 10% will cease to be marked from the point at which that limit is exceeded.

Study Assistance Students may seek study assistance from their local Academic Learning Advisor or refer to the resources on the MyKBS Academic Success Centre page. Click here for this information.

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Assessment Marking Guide

Assignment Rubric: 15% Written Report

Criteria High

Distinction

85 – 100%

Distinction

75 - 84%

Credit

65 – 74%

Pass

50 – 64%

Fail

0 – 49%

Mark

Awarded

(Out of

15)

Written Report

Technical Content

The answer clearly identifies and addresses all the technical issues raised & provides clear, correct & decisive answers displaying an outstanding understanding of each of the questions.

The answer clearly identifies and addresses most of the technical issues raised and provides clear, correct and decisive advice displaying a good understanding of most of the questions.

The answer clearly identifies & addresses some of the technical issues raised and provides reasonably clear, correct and decisive answers displaying a reasonably good understanding of some of the questions.

The answer identifies and addresses some of the technical issues raised and provides fairly clear, but not always correct and/or decisive advice. It displays a reasonable understanding of some of the questions.

The answer

does not

identify or

address the

questions.

It displays a lack of understanding of some or most of the issues raised.

Referencing Is correct throughout

Is correct throughout

Is almost all correct

Has some inaccuracies

Is not correct

in many

cases