ACCT6007: Financial Accounting Theory and Practice - Case Study - Accounting Assignment Help

Assignment Task:

Learning Outcomes:

a) Identify the underlying social and corporate imperatives that underlie the accounting conceptual framework.

b) Identify the key players in Australian financial reporting regulation and articulate the relationship between International Financial Reporting Standards (IFRSs) and Australian Accounting Standards (AASs).

c) Explain the relationship between accounting theory, the accounting conceptual framework and accounting standards.

d) Work individually and in groups to identify and apply

Context: 

The purpose of the assessment is to assess understanding of the topics covered at the beginning of the trimester, specifically understanding of the AASB Conceptual Framework and accounting theories. Students are expected to utilise the knowledge covered in the first two modules as well as conduct their own research. 

Instructions: 

Part A 

Part A consists of 3 separate tasks you need to address and combine into one assessment document. Please follow the submission instructions on Blackboard. Submit the assessment file in a Word or Pdf format including cover sheet and reference list using the APA referencing style. 

Part B 

Since the assessment replaces an invigilated class test, the purpose of part B is to prove the authenticity of the student completing Part A. 

• Marks will be awarded for your understanding of the subject content, as well as the presentation itself. 

• Visual aids can be used to support your presentation although it is required that you present in front of the camera at all times. 

• Reading from notes should be avoided. 

• Please introduce yourself and the purpose of your presentation.

Part A 

Task 1 

The AASB Accounting Conceptual Framework provides six qualitative characteristics, including two fundamental and four enhancing qualities. 

Utilising AASB Conceptual Framework and relevant evidence, compare and contrast ‘relevance’ and ‘faithful representation’ qualities. Discuss whether there is a trade- off between the two or they can be considered equally important. 

Task 2 

In an article that appeared in The Australian on 28 July 2014 entitled ‘Southern Cross CFO quit over write-down’ (by Darren Davidson) it was reported that: 

Mr Lewis joined Southern Cross after it issued a profit downgrade in May. The owner of the 2DayFM radio network said that it expected full-year net profit to fall 10 per cent below the previous year’s underlying NPAT of $89 million. Although the company’s gearing remains within its banking covenant of less than 3.5 times earnings before interest, taxes, depreciation and amortisation, there is concern in the market the company is slipping into a danger zone with its debt covenants. Some market analysts believe that if revenues continue to deteriorate, gearing of above three times EBITDA could trigger a breach of banking covenants. 

REQUIRED 

Critically analyse the above scenario using Positive Accounting Theory. 

Task 3 

In 2016, the Australian Government established an inquiry into corporate social responsibilities with the aim of deciding whether the Corporations Act should be amended so as to specifically include particular social and environmental responsibilities within the Act. At the completion of the inquiry it was decided that no specific regulations would be added to the legislation, and that instead, ‘market forces’ would be relied upon to encourage companies to do the ‘right thing’ (that is, the view was expressed that if companies did not look after the environment, or did not act in a socially responsible manner, then people would not want to consume the organisations’ products, and people would not want to invest in the organisation, work for them, and so forth. Because companies were aware of such market forces they would do the ‘right thing’ even in the absence of legislation). 

REQUIRED 

Critically analyse the decision of the Australian Government not to regulate social and environmental responsibilities from the perspective of the Public Interest Theory and Capture Theory.

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