BUACC3706: ‘Real-World’ Accounting Issue - Financial Accounting Assessment Answer

Subject Code: BUACC3706 Internal Code: 1AHCDG

Financial Accounting Assessment Answer

TASK: 1. PURPOSE Course BUACC3706 is concerned primarily with the use of accounting standards, ethics, and theory. The main purpose of this assignment is to provide students with the opportunity to apply the knowledge and skills acquired during the semester to a ‘real-world’ accounting issue. In par/cular this will enable you to gain insights into and information about ethics, codes of conduct, accounting theory and the expectations of the professional community. This is intended to consolidate students’ understanding of these accounting concepts. 2. ASSESSMENT DETAILS AND REQUIREMENTS The basic requirement is to write a considered and researched essay on the following topic: The final report into Misconduct in the Banking, Superannua/on and Financial Services Industry was tabled in Parliament on 4 February 2019. The Honorable Kenneth Hayne has completed this Royal Commission aXer more than 10,000 submissions and multiple witnesses who were subject to indepth questioning and analysis. There are many elements to the report into Misconduct in the Banking, Superannua/on and Financial Services Industry, however, it is noted that the Australian Banking Association recently released their updated Banking Code of Practice (effective 1 July 2019). The guiding principles of this Code are trust and confidence, integrity, service, transparency and accountability. The Code of Ethics for Professional Accountants – APES 110 (effective 1 January 2020) is the standard under which we will be conducting our services as current and future accountants. Question: Compare the two Codes in terms of similarities and differences. Why was there a need to have these Codes created? Do you expect either (or both) of these Codes to be effective in their fundamental objectives? Explain and jus/fy your perspective. 3. RESEARCH ASSIGNMENT/ESSAY The research assignment/essay should: • Explain briefly the similarities and differences between the two Codes in particular such items should be identified, discussed and, where possible, explained. • Justification of the two Codes including any relevant underlying theory. • Provide a considered and researched perspective of the likelihood of the success or otherwise of these two Codes going forward. A carefully considered opinion will be required as part of this assignment.

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