ACCT3321: Financial Accounting - XBRL The Business Reporting Standard - Report Writing Assessment Answer

Subject Code: ACCT3321

Report Writing Assessment Answer

Assignment Task: ACCT3321 Part 1 You are a recent graduate working for a Big 4 business services firm (i.e. EY, Deloitte, PWC or KPMG) and your manager has asked you to prepare a report (max 1,500 words) which is to be presented to the Chief Financial Officers (CFO) of the firm’s major clients. The report should: a) Discuss the current and future planned use of XBRL-type reporting globally. The discussion should at least cover the following countries/jurisdictions: Australia, USA, the UK, China, and the European Union. (40%) b) Discuss arguments for and against listed companies in Australia being required by ASIC (Australian Securities and Investments Commission) to lodge their annual reports using XBRL format from the perspectives of the following stakeholders: 1. Investors 2. Listed companies 3. Government (60%) You should use appropriate headings to organise your material. Please cite relevant references informing your discussion. These references should include practitioner articles such as from KPMG, EY, Deloitte, BDO and PWC. References should be in-text (i.e. within the body of the report) as well as in the Reference list at the end of the report. Part 2 You have a friend who has asked you to explain what ‘XBRL’ and ‘IFRS taxonomy’ means. Your friend is a teacher with no accounting knowledge. Your written email response (max 250 words) should be much less formal and should be in a style and format that is easily understood by a non-accountant. No references are required for the email.

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