ACC518 - Current Developments In Accounting Thought

Short Critical Essay


• Assessment item 1
• Short Critical Essays
• Value: 15%
• Due date: 26-Aug-2016
• Return date: 19-Sep-2016
• Length: 2,500 words (guide)
• Submission method options
• Alternative submission method
• Task
• Question 1 - 4 marks (750 words)
• You are required to write an essay analysing the usefulness of alternative measurement systems to historical cost. Your essay needs to identify and describe three alternatives to historical cost accounting. In your essay you should explain the assumptions behind these theories and use examples of how they could be applied. Within your essay analyse the usefulness of the three alternative measurement systems and explain if you think any are a valid alternative to historical cost. Support your arguments with appropriate citations in APA 6 style.

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• Question 2 - 4 marks (750 words)
• You are required to write an essay on the potential beneficiaries of the development of a conceptual framework. Would Hines (1989) argue that financial statement readers or the accounting profession will gain more from the establishment of a conceptual framework?
• Hines, R (1989), -Financial accounting knowledge, conceptual framework projects and the social construction of the Accounting profession-. Accounting, Auditing and Accountability Journal, 2(2), pp. 72-92
• Question 3 - 4 marks (750 words)
• Financial reports can embrace a decision usefulness and/or a stewardship function. You are required to write a short essay explaining what these two terms mean and evaluating which of these two functions the IASB appears to have accepted as being the objective of general purpose financial accounting. Critically appraise the approach of the IASB.
• Academic Writing and Referencing - 3 marks
• Content assessed: Conceptual framework, measurement and normative theories.
• Key generic skills: Research, critical thinking and written communication.

• Rationale
• This assignment has been designed to assess your ability to:
o communicate your understanding of the relevant topics;
o be able to critically evaluate attempts to develop and apply a conceptual framework (SLO1);
o be able to critically appraise the objectives of accounting and relate them to the various concepts of accounting discussed in earlier subjects (SLO2); and
o be able to analyse the possible usefulness of alternative measurement systems to historical cost (SLO3).
Note: Assignment 2 contains two questions which require you to do some research during the session. Read the Assignment 2 questions now so that you can start the research.
Marking criteria

Question 1: High Distinction Distinction Credit Pass
Description and identification of theories of alternatives to historical cost. (SLO 3) Exemplary description of all of the key alternatives. Purpose of the alternatives and underlying assumptions thoroughly articulated. A high level of understanding demonstrated. Clear description/identification of the alternatives to historical cost. Purpose of theories also described. Examples are used to clearly examine the alternatives. Underlying assumptions discussed. Clear description/identification of the alternatives to historical cost. Purpose of theories also described. Examples are used to describe the alternatives. Underlying assumptions discussed. Attempt made at description/identification. Understanding of the theories demonstrated however purpose of theories may lack some clarity. Underlying assumptions identified but not discussed. 2
Critical Capacity and use of Source Material: Does the response demonstrate any analysis of the alternatives to historical cost? Is the critical discussion supported by reference to appropriate sources? Response provides a clear, deep and critical analysis of both the usefulness and the possible implementation of the alternative theories. Well communicated and supported, relying on a wide variety of source material. Response provides a clear, deep and critical analysis of the usefulness of the theories that draws on a wide variety of source material as well as the students own thoughts. Response provides a clear, deep and critical analysis of the usefulness of the theories that draws on source material as well as the students own thoughts. Some evidence of basic critical thought in relation to the various alternatives. That is based on only one source. 2
Question 2: High Distinction Distinction Credit Pass
Attempts to develop an apply a conceptual framework critically evaluated (SLO1) The argument of Hines is thoroughly examined from both the perspective of the accounting profession and financial statement readers. The student investigates the relative gain of both sectors. The argument of Hines is thoroughly examined from both the perspective of the accounting profession and financial statement readers. The essay clearly explains the perspective of Hines. A basic understanding of the perspective of Hines is demonstrated. 1
Critical Capacity and use of Source Material: Response provides a clear, deep and critical analysis that draws on source material as well as the students own thoughts. A well communicated and supported conclusion is reached. Response provides a clear, deep and critical analysis that draws on source material as well as the students own thoughts. The conclusion demonstrates a high level of understanding. Response provides a clear analysis and evaluation of the various perspectives that draws on a variety of source material. The conclusion demonstrates a solid understanding of the topic. Some evidence of basic critical thought in relation to the various perspectives that is based on only one source. A simplistic but clear conclusion is reached. 3
Question 3: High Distinction Distinction Credit Pass
Explanation of decision usefulness and stewardship in the context of the conceptual framework. A detailed explanation of the terms is provided, demonstrating a high level of understanding of the context of the terms within the conceptual framework project. The terms are explained with the additonal use of examples . An advanced explanation of the terms is provided, demonstrating a high level of understanding of the context of the terms within the conceptual framework project. A clear and concise explanation of the terms is provided, strongly linked with the conceptual framework project. A basic explanation of the terms is provided, linked with the conceptual framework project. 1
Evaluation of IASB perspective toward the two functions -Critical analysis of the objectives of financial reporting (SLO2). The priority of the IASB is identified and critiqued. The student's perspective is clearly articulated and supported providing an insightful perspective on the issues surrounding financial reporting. The student identifies a primary objective of the conceptual framework and supports the argument. The priority of the IASB is correctly identified. The student assesses the perspective of the IASB. The student identifies a primary objective of the conceptual framework and supports the argument. The priority of the IASB is correctly identified. The student assesses the perspective of the IASB. The student identifies a primary objective of the conceptual framework and supports the argument. The priority of the IASB is correctly identified. 1
Critical appraisal of the approach of the IASB - Does the response demonstrate any critical evaluation of the issues surrounding conceptual framework projects? Are the arguments supported through the use of external sources? (SLO3) Response provides a clear, deep and critical analysis that draws on source material as well as the student's own thoughts. Well communicated and supported. Response provides a clear, deep and critical analysis that draws on source material as well as the student's own thoughts. Response provides a clear analysis and evaluation of the various perspectives that draws on a variety of source material. Some evidence of basic critical thought in relation to the various perspectives that is based on only one source. 2

Academic Writing: Is the answer well written, easy to follow and understand? Accurate use of syntax, spelling and punctuation. A sophisticated vocabulary is appropriately used. Answer is logically structured with arguments coherently developed and supported. Accurate use of syntax, spelling and punctuation; succinct and effective use of vocabulary. Clear expression and structure. Accurate use of syntax, vocabulary, spelling and punctuation. Writing is easy to follow and understand. Mostly accurate syntax, spelling and punctuation, language is simplistic but appropriate. 2
Adherence to referencing guidelines Reference list included with correct adherence to referencing guidelines. Correct in-text referencing is provided. Reference list and in-text referencing performed in accordance with APA guidelines. Reference list and in-text referencing performed largely in accordance with the APA guidelines. Reference list provided, formatted in APA style with minor errors. Some in-text referencing provided with minor errors 1
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Presentation
Refer to the section in Appendix 1 headed 'Presentation'.
Requirements
Assignments must be submitted through Turnitin. It is recommended that your name, student ID and page number be included in the header or footer of every page of the assignment. Further details about submission are provided in Appendix 1.
For this assessment you are required to use APA 6 referencing to acknowledge the sources that you have used in preparing your assessment. Please refer to the CSU referencing guide In addition a very useful tool for you to use that demonstrates how to correctly use in text referencing and the correct way to cite the reference in your reference list can be found at

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