ACC7520 - Corporate Disclosure and Financial Reporting

Assignment Task

The existence and efficiency of capital market can be seriously threatened by financial reporting fraud and misconduct. These frauds and misconduct can lead to poor business decisions and negatively impact the confidence of market participants in companies. Manipulation of financial statements which is considered as one of the possibilities of financial reporting fraud and misconduct, can be conceived in different ways under different legal frameworks. As a result, it is essential to critically review the literature on financial reporting fraud and misconduct to provide a comprehensive knowledge of how financial fraud arises and their impact on the capital market. Building on these insights, it is important to assess whether the current financial reporting framework and changes in accounting regulations can help reduce fraud and misconduct in financial reporting.

You are required to write a report that includes the followings:

• The role of the financial reporting in capital market
• A critical review of the literature on financial reporting fraud and misconduct to provide a comprehensive knowledge of how financial fraud arises and their impact on the capital market.
• A critical evaluation of whether the current financial reporting framework and changes in accounting regulations can help reduce fraud and misconduct in financial reporting.

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