Accounting Theory and Current Issues - Positive Accounting Theory - PAT - Accounting and Finance Assignment Help

Assignment Task:

1. The relevance of Positive Accounting Theory (PAT) for financial reporting. Use at least two examples to illustrate your arguments from the relevant accounting literature.

2. Choose one country apart from Australia that has implemented IFRSs for a minimum of 5years, and register the country with your lecturer. No group can choose the same country in the same class. (We have chosen Australi and Newzealand) ( no need to do Compare and contrast the implementation of IFRSs in Australia and the other country of your choice, approved by your Lecturer. For each of the two countries, discuss the following:

i.  Reasons for the national accounting body adopting IFRSs and when it was adopted;
ii. Transitional issues faced (within a year or two), with examples;
iii. What challenges were faced by reporting entities upon adopting IFRSs? Include  specific  examples  of  accounting  standard(s)  and discuss  the  issues  that  made  them  challenging/difficult  to  adopt,  to  support  your arguments;
iv. What were the benefits of adopting IFRSs by reporting entities;
v.  The similarities and differences in the adoption of  IFRSs faced by Australia and the other country you have chosen. Include what factors had caused the differences you found.

3. Based on your findings,  do you think the adoption of  IFRSs were successful in the two countries? Explain your answer.

4. For each of the two countries (Australia and New Zealand), provide two recommendations to the national accounting setting bodies on ways to ensure the IFRSs continue to be relevant to users’ needs and to all sectors of the economy.

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