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ACC3116: Accounting and Society - USQ’s Assignment Help
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Code: ACC3116
Assignment Feedback and results - ACC3116
Feedback will be provided to students after marking is completed using the Assignment marking rubric shown.
A copy of the suggested solutions to the assignment will be put up for students’ reference after all students have submitted their work for marking.
Note:
The turnaround time for the marking of assignments is 3 weeks. You can expect to receive your results with feedback in the week beginning 8 June 2019.
Section A - ACC3116
(a) Read the article “10 years on, are international standards helping financial reporting?” by Ram Subramaniam.
In 350 words or less, summarise the article citing the evidence for whether or not IFRS has delivered on its promise of improving financial reporting. What are some of the conditions which could create a more efficient financial reporting system?
(b) Read the article, “Are financial statements still useful?” by Tony Kaye.
In 350 words or less, summarise the two alternative views given on the usefulness of financial statements based on research in the US and in Australia. Explain the two reasons given for the difference between the two countries. What are two pieces of advice given to investors with regard to assessing the financial statements of a company?
(c) Read the article “The push to improve communication in financial reporting” by Ram Subramaniam.
The IASB is intent on improving the communication value of financial statements. What are at least three of the current problems and what strategies are the IASB adopting to address these weaknesses? Choose one issue and say why you think it is important and whether you believe the strategies suggested will be effective. Give your reasons for your opinion.
Section B - ACC3116
Read the following articles and answer the questions asked.
? Banking Royal Commission Final Report Summary (PDF)
1. Banking royal commission final report Executive Summary (PDF) by James Thomson updated on 4 Feb 2019
2. NAB Announces Executive Changes 16 Sep. 2018 (PDF)
3. NAB CEO Andrew Thorburn and chair Ken Henry resign in the wake of banking royal commission (PDF) by Stephanie Chalmers, Stephen Letts and staff on 8 Feb 2019 12:29 am
Requirements: ACC3116
(a) What is a social contract? Is there a social contract between the banks and the community? If so, what are the explicit and implied terms of the contract? Explain.
(b) Name the various stakeholder groups involved and explain their roles, motivations and benefits obtained, if any in this case study.
(c) What is meant by organisational legitimacy? Whose legitimacy had been negatively impacted in this case study and what had led to that? What strategies have NAB promised to regain organisational legitimacy? What have they have done? Refer to relevant theories, and give appropriate examples from the case.
(d) Are there other strategies that you can suggest to improve organisational legitimacy? Support your answers with reasons.
Accounting and Society Assessment Answer
Assignment Task: Important Information - ACC3116 The course specification requires that your submission is your own work. You are strongly urged to complete this assessment yourself to receive clear feedback about your level of understanding of the course material. You will find information regarding plagiarism and academic misconduct, such as collusion and cheating in the course specification and on the USQ website. The course specification also contains information about: ? Assignment late policy ? Assignment extension policy Please ensure that any ideas or data that you provide in your answer, other than your own original thoughts are properly referenced using the Harvard referencing style. A link to the university’s Harvard referencing style page is provided here. Assignment Preparation and Submission - ACC3116 Please read the following points carefully. ? This assignment must be lodged using USQ’s Assignment submission link on StudyDesk. ? You are required to lodge one (1) Microsoft Word file (limit 2MB), using the correct file naming protocol (see next page). ? Your submission must have a footer on every page, which includes your name and student number. ? The assessment is due on Monday, 13 May 2019 at 11:55 p.m. (USQ time). Submissions will open on Friday, 29 April 2019. ? Please include a reference page in your assignment, citing all resources used other than the articles mentioned in this document. How do I name the Word file I have to lodge? When naming the Word file to be submitted as your assignment, the file name should use the following naming convention: first name, last name, last 4 digits of student number and course code (e.g. TeruyoOmuracc1234acc3116.docx). Remember to press the “SUBMIT” button to complete the submission process. Do I need to include the electronic version of the USQ cover sheet? You do not need to include a USQ coversheet in your assessment. Do I have to send in a hard copy? No hard copy is required. The submission system is easy to use and reliable. You can rely on the system to submit your assessment online. Keep your submission details You need to keep your submission details like date and time of your submission as well as a back up copy of your assignment file. Extensions - ACC3116 No extensions will be granted after the due date and time for the assignment has passed. All requests for extension must be addressed to the Course leader teruyo.omura@usq.edu.au at least one business day before the due date with supporting documentation (e.g. doctor’s certificate). Extensions will only be granted in extenuating circumstances. Crashing of computers, too busy with other assignments, heavy workload, and such reasons are not considered extenuating circumstances. Requests for extensions due to work commitments generally will NOT be granted. You must organise your study time around these other commitments. Marking Guide - ACC3116 Marks will be awarded based on the marking rubric (separate document available on Study Desk) and the following general guidelines: High-quality answers should address the requirements of the questions asked comprehensively with good grammar, spelling, and punctuation. For case study questions, relevant theories should be explained and applied, citing the contents of the case studies as much as possible where appropriate to support your answers. Please use the assigned maximum word limits in each section and the marking rubric guidelines to gauge the extent and quality of work expected in each section to gain good marks. Answers should be typed and in short answers/essay form. Bullet points are not acceptable.
Assignment Feedback and results - ACC3116
Feedback will be provided to students after marking is completed using the Assignment marking rubric shown.
A copy of the suggested solutions to the assignment will be put up for students’ reference after all students have submitted their work for marking.
Note:
The turnaround time for the marking of assignments is 3 weeks. You can expect to receive your results with feedback in the week beginning 8 June 2019.
Section A - ACC3116
(a) Read the article “10 years on, are international standards helping financial reporting?” by Ram Subramaniam.
In 350 words or less, summarise the article citing the evidence for whether or not IFRS has delivered on its promise of improving financial reporting. What are some of the conditions which could create a more efficient financial reporting system?
(b) Read the article, “Are financial statements still useful?” by Tony Kaye.
In 350 words or less, summarise the two alternative views given on the usefulness of financial statements based on research in the US and in Australia. Explain the two reasons given for the difference between the two countries. What are two pieces of advice given to investors with regard to assessing the financial statements of a company?
(c) Read the article “The push to improve communication in financial reporting” by Ram Subramaniam.
The IASB is intent on improving the communication value of financial statements. What are at least three of the current problems and what strategies are the IASB adopting to address these weaknesses? Choose one issue and say why you think it is important and whether you believe the strategies suggested will be effective. Give your reasons for your opinion.
Section B - ACC3116
Read the following articles and answer the questions asked.
? Banking Royal Commission Final Report Summary (PDF)
1. Banking royal commission final report Executive Summary (PDF) by James Thomson updated on 4 Feb 2019
2. NAB Announces Executive Changes 16 Sep. 2018 (PDF)
3. NAB CEO Andrew Thorburn and chair Ken Henry resign in the wake of banking royal commission (PDF) by Stephanie Chalmers, Stephen Letts and staff on 8 Feb 2019 12:29 am
Requirements: ACC3116
(a) What is a social contract? Is there a social contract between the banks and the community? If so, what are the explicit and implied terms of the contract? Explain.
(b) Name the various stakeholder groups involved and explain their roles, motivations and benefits obtained, if any in this case study.
(c) What is meant by organisational legitimacy? Whose legitimacy had been negatively impacted in this case study and what had led to that? What strategies have NAB promised to regain organisational legitimacy? What have they have done? Refer to relevant theories, and give appropriate examples from the case.
(d) Are there other strategies that you can suggest to improve organisational legitimacy? Support your answers with reasons.
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