Perspectives of Harmonisation Versus Standardisation - Development of Social Responsibility - Accounting Assignment Help

Assignment Task :

Scenario 

The year is 2021. The US FASB and the London based IASB have agreed in principle to a full  merger. This merger will create the Global Accounting Standards Board (GASB) and will  probably be based in New York. As part of the merger, most of the accounting standards will  be completely rewritten. Proposed changes are farreaching and extremely complex. The  FASB has demanded that wherever there is a GAAP/IFRS difference, GAAP interpretation  should prevail. This will bring IFRS into line with the US standards that are congruent with  Sarbanes Oxley and the Dodd Frank Act. The IASB is keen to unite and so has agreed. In  return, the US has agreed to include environmental performance measurements under the  umbrella term of "integrated reporting". The changes represent a significant amount of  additional regulation; at least double the compliance costs compared to the current system.  Cost will be even higher in the first two years due to change over. About 40% of additional  load is due to the new environmental performance measurement and auditing. The  proposed environmental standards are mostly vague at this time. Further, some of the  purely financial accounting changes are likely to negatively impact upon Australian firms and  advantage large foreign firms. 

Requirements: 

1. Critically evaluate the development of accounting regulation from the early 20th century  until now and apply your understanding to the contemporary issues that are facing the  accounting profession in the scenario. 

2. The scenario identifies a significant increase in regulation as a result of the proposed  changes, critically evaluate the potential impacts of financial accounting regulation on  various groups of society both in Australia and internationally. 

3. Discuss the perspectives of harmonisation versus standardisation and critically evaluate  the political process and arguments for and against the original move to International Accounting Standards in 2005, then use these insights to infer possible issues or outcomes  that could potentially result from the facts provided in the scenario. 

4. Critically evaluate the development of social responsibility and environmental reporting  including integrated reporting and apply this understanding to discuss what the  ‘environmental performance measurements’ identified in the scenario might look like and  whether their inclusion will drive any significant impact in this area.  

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