Emerging Issue in Accounting and Finance - Economic, Political and Cultural Environment of our Society - Accounting and Finance Assignment Help

Assignment Task:

Learning Outcomes: Knowledge and understanding tested in this assignment:

Students are expected to:
CLO1 Analyse the way in which theory, practice and rules in accounting and finance are fit for purpose within the context of the economic, political and cultural environment of our society with specific application to any current controversial reporting issues;

CLO2 Link major accounting regulatory moves to unresolved issues which remain ongoing across the history of accounting and finance theory- i.e concepts such as measurement, judgement, independence, the nature of reality, behaviour, etc;

CLO3 Evaluate the position of accounting & finance in our society from a political and economic standpoint (i.e. the relationship between government, business, society and the accounting profession);

CLO4 Analyse the nature of the relationship between accounting and finance from a practical and theoretical standpoint.

Learning Outcomes: Skills and Attributes tested in this assignment

Students are expected to:
CLO5 Use academic literature to build critical argument and analysis;

CLO6 Argue views on topical issues in an academic manner, using appropriate research while showing their ability to develop an argument and communicate effectively;

CLO7 Advise regulatory bodies, or senior management or a professional body, having undertaken independent research and draw conclusions;

The title of the assignment:

The International Accounting Standard Board (IASB) have revised the Conceptual Framework for Financial Reporting in March 2008. They include a new chapter, which describes the objective and scope of financial statements and provides a description of a reporting entity.

This revised Conceptual Framework stated:
“Determining the appropriate boundary of a reporting entity can be difficult if, for example, the entity is not a legal entity. In such cases, the boundary is determined by considering the information needs of the users of the entity’s financial statements. Those users need information that is relevant and that faithfully represents what it purports to represent. A reporting entity does not comprise an arbitrary or incomplete collection of assets, liabilities, equity, income and expenses”

Those users can be classified into two groups, which are internal and external users. The internal users consist employees, managers and board of directors while the external users contain regulators, investors, academician and public. It is easy to fulfil the internal users as compared to the other users.

In addition, the revised Conceptual Framework mentions that an entity is responsible to give information that upholds stewardship. A company need to provide information about the entity’s economic resources, claim and changes in the resources; and how management discharge their responsibility in using the resources efficiently and effectively. An issue arises here on how the business takes responsibility in upholding the stewardship of natural resources where they need to satisfy the needs of the authorities and public. Environmental accounting has greater impact on accounting and business environment.

Critically examine whether public and regulators need any environmental accounting information.YoushouldalsocriticallyexaminethepossibilityoftheInternationalFinancial reporting standards (IFRS) in helping companies provide essential credible information, in both the financial and environmental accounting across national borders.

Elements should be in the individual assessment:

• You should CRITICALLY explain and examine the following:
• The need for accounting environmental information under the mainstream finance assumption and the behavioural finance assumption.
• The benefits of environmental accounting information for the users of accounting information.
• The extent to which environmental accounting reporting globally exist.
• Some of the environmental accounting reporting requirements globally.
• Evaluate guidelines to assist in preparing reports.
• Measurement and evaluation of environmental accounting.
• How it has an impact on the accounting profession.
• Identification and recommendations for the existing regulatory system to make environmental accounting reporting more socially-responsible.
• The extent of environmental auditing and on how the auditors work at the best interest the public.
• How it changes the current corporate reporting.

In writing this you should make full use of the reading materials provided on this module plus using your own research skills. In preparing, a number of issues could be critically considered, discussed and written about. This is your opportunity to demonstrate that you have rigorously and critically read the literature and understand the issues which formed the basis of this module.

Purpose of the assessment:
The purpose of this is to ensure that you are able to read and write about accounting in a coherent but critical way – that you can construct a sound argument for or against specific aspects of accounting and/or finance and critically discuss why you take the position you do.

In all of your writing, you must demonstrate that you can use the literature to help you make your case. At the same time, demonstrate a critical engagement with that literature. In another word, demonstrate that you do not always have to accept the status quo and there are some “taken for granted assumptions” in accounting which could be forsaken in the search for some other version of reality.

Specific Instructions:

1. Pay attention to the readings on this module and critically note views expressed in them and demonstrate that you understand these even if you reject them.
2. Pay attention to the grading criteria which is the best guide you will get to what we consider to be key aspects of this assignment.
3. Please use the Harvard Referencing style as referencing.
4. The minimum number of references should be 15 peer-reviewed journals.
5. The Turnitin rate should be less than20%

Notes for Guidance:

• Make notes from day 1 and use these to help you to construct your argument as you go along. do not LEAVE this assignment until a week before it is due.
• Youhavetobeselectiveinwhatyouwritesoitisimperativethatyouhoneinonissuesof real relevance. You must demonstrate your ability to critically evaluate current issues in Accounting and finance.
• Ask yourself, how viable are my proposals, are they based on sound theoretical thinking, can you divide your proposals into some short term easy solutions and some longer-term more complex suggestions. How might your overall proposals improve financial markets?

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