Accounting Theory and Current Issues

Assessment Details and Submission Guidelines
Trimester T3 2020
Unit Code HI6025
Unit Title Accounting Theory and Current Issues
Assessment Type Group Assignment
Assessment Title Conceptual and critical evaluation of theories
Purpose of the assessment (with ULO
Mapping) This is a group assignment. Students are required to conduct a research and analysis of a
theoretical financial reporting issue and present their findings in a written report.
Students will have to do research on relevant literature and demonstrate understanding and critical evaluation
of key disclosure issues relating to application of specific accounting standards. Additionally, they will
demonstrate understanding and critical evaluation of the Australian financial reporting environment and its
current regulatory framework and recommend future directions to the Australian financial reporting
regulators. (ULO 1, 2, 4, 7).
Weight 40 % of the total assessments
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Total Marks 40
Word limit 3,000 words ± 500 words
Due Date Group Formation: Please form the group by self-enrolling in Blackboard. There should be
maximum of 4 members in a group. Email BBHelpdesk@holmes.edu.au for any issues with self-enrolling
into groups.
Assignment submission: Final Submission of Group Assignment: Week 10, Sunday February 7th 2021 at
11:59 pm.
Late submission incurs penalties of five (5) % of the assessment per calendar day unless an extension and/or
special consideration has been granted by Student Services of your campus prior to the assessment deadline.
Submission Guidelines All work must be submitted on Blackboard by the due date along with a completed
Assignment Cover Page.
The assignment must be in MS Word format, no spacing, 12-pt Arial font and 2 cm margins on all four sides
of your page with appropriate section headings and page numbers.
Reference sources must be cited in the text of the report and listed appropriately at the end in a reference list
using Harvard referencing style.
HI6025 Accounting Theory and Current Issues Group Assignment
Page 2 of 6 Assignment Specifications
Part A
In 2006, the Australian Government incorporated research into corporate social responsibilities to determine
if there is a need to include social and environmental responsibilities within the Corporation Act through
amendment procedure. It was decided not to incorporate a particular regulation through legislation, instead
rely upon the ‘market forces’ to encourage companies to do the ‘right thing’. This viewpoint was expressed
that if companies did not look after the environment or did not act in a socially responsible manner, people
would not want to consume the organisations’ products. From the equity market perspective, potential
investors would not want to invest in the organisations, and further workers wouldn’t want to 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.
Requirement:
1) Using theories such as Public Interest Theory, Capture Theory and Economic Interest Group Theory to
critically evaluate and discuss the Government’s decision for not introducing a particular regulation.
-Maximum 1500 words.-
Part B
In an official announcement to the stock market, ABC Ltd noted that the corporation expects its -underlying
profit before tax- to fall below the range previously forecasted and announced to the equity market.
Please read below:
-ABC Ltd on Wednesday said the subdued trading conditions had coincided with a period of -significant
disruption- for the company including introducing a new wage model for its front-end sales staff, an ongoing
review of its shop network and putting in new sales systems. ABC Ltd managing director said the overall
results would be disappointing. Although the company’s corporate results were strong especially in the
United States, United Kingdom and Asia, the sluggish regional result means ABC Ltd now expects its
underlying profit before tax for the 12 months to June 30 to fall to between $535 million and $560 million,
below the $590 million to $620 million range it initially targeted. The mid-point in this new range, $547.5
million, represents a 10 per cent decrease on the record $584.7 million underlying profit before tax it
recorded last year.-
The underlying profit metrics are different from the profit to be reported in the financial statements.
Requirement:
1) Utilising positive accounting theory (PAT) assumption, critically analyse the possible motivation for using
an alternative measure of profit used by ABC Ltd in the announcement.
2) Discuss whether the corporations are allowed to use and disclose this alternative measure even if it fails to
comply with accounting standards? Why would the managers do this?
3) As a user of the corporation’s financial information (ABC Ltd), discuss the potential reaction toward such
an announcement?
-Maximum 1500 words.-
HI6025 Accounting Theory and Current Issues
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Page 3 of 6 Assignment Structure:
Assignment Cover page clearly stating your name(s) and student number(s)
Group’s Assignment Task Allocation table (except for Solo group members) Table of Content
Body of the assignment with appropriate section headings List of references
HI6025 Accounting Theory and Current Issues
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Marking Rubric
Excellent Very Good Good Satisfactory Unsatisfactory
Content
Part A
Evaluate and discuss the Government’s decision using 3 theories
15% Demonstrate superior knowledge of the theory and key concepts. Excellent interpretation with extensive
elaboration of relevant subtopics, appropriately weighted and within the prescribed word count.
Demonstrated in-depth understanding and application of key concepts and terminology relating to the
accounting fundamentals. A detailed outline of knowledge including the supporting theoretical argument.
Providing a thorough understanding of the concepts within the topic. Professional terminology effectively
incorporated. Shows adequate knowledge of the concepts, key points and displays a sound understanding of
theories and results. Relevant professional terminology effectively incorporated. Shows some basic
understanding of the topic. Has managed to cover some of the main points of the case. Displays sufficient
understanding of concepts. Professional terminology adequately incorporated. Inadequate or little
understanding of the theory. Lacks the necessary detail and expression and displays an
underdeveloped understanding of the concepts. Absence of key professional terminology.
Content
Part B (1)
Using the Theory critically analyse the possible motivation
for using an
alternative measure
5%
Demonstrate superior knowledge of the theory and key concepts. Excellent interpretation with extensive
elaboration of relevant subtopics, appropriately weighted and within the prescribed word count.
Demonstrated in-depth understanding and application of key concepts and terminology relating to the
accounting fundamentals. A detailed outline of knowledge including the supporting theoretical argument.
Providing a thorough understanding of the concepts within the topic. Professional terminology effectively
incorporated. Shows adequate knowledge of the concepts, key points and displays a sound understanding of
theories and results.
Relevant professional terminology effectively incorporated. Shows some basic understanding of the topic.
Has managed to cover some of the main points of the case. Displays sufficient understanding of concepts.
Professional terminology adequately incorporated. Inadequate or little understanding of the theory. Lacks the
necessary detail and expression and displays an
underdeveloped understanding of the concepts. Absence of key professional terminology.
HI6025 Accounting Theory and Current Issues
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Content
Part B (2)
If the corporations are allowed to use and disclose this alternative measure?
5% Superior Interpretation of the questions and underlying key points provided.
Outstanding and insightful theoretical discussion with clear empirical evidence provided. Interpretation of the
questions and underlying key points were clearly identified. Demonstrated a strong theoretical discussion and
empirical evidences. Interpretation of questions and underlying key points were partially identified. An
effective theoretical response with some empirical evidence provided. Interpretation of the questions and
underlying key points identified.
Adequate coherence supported with a basic theoretical approach. Appropriate empirical evidence provided.
Inadequate interpretation of the underlying key points.
Inadequate interpretation demonstrating inconsistent and irrelevant thoughts. Inappropriate coherence of the
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key points.
Content
Part B (3) Discuss the potential reaction toward such an announcement?
5% Superior and effective recommendations, solutions, and/or plans of action were provided.
Strong use of data or facts to support the analysis and conclusions. Demonstrates effective recommendations
and/or plans of action were partially provided.
Effective use of data or facts to support the analysis and conclusions. Sound recommendations and/or plans of
action. Sound use of data or facts to support the analysis and conclusions. Some recommendations and/or
plans of action identified.
Some data or facts referred when necessary to support the analysis and conclusions. Inadequate
recommendations and/or plans of action not provided.
Specific data or facts necessary to support the conclusions are inadequate.
Presentation and Referencing
10% Key points were poorly identified and not supported with references. Grammar, spelling, punctuation,
professional writing, and syntax needs significant improvement. Provides an inadequate critical analysis.
Failure to meet referencing
requirements and inappropriate resources used. Key points were identified and supported with sufficient
references. a well thought out rationale based on applying specific concepts in the report.
Grammar, spelling, punctuation, professional writing, and syntax needs some improvement. Referencing
requirements are met and mostly appropriate resources used. Adequate key points were identified and
supported with sound references
Appropriate grammar, spelling, punctuation, professional writing, and syntax. Referencing requirements meet
expectations and appropriate resources used.
Appropriate research demonstrated, and sound resources used. Effective key points were identified and
supported with excellent references Excellent grammar, spelling, punctuation, professional writing, and
syntax. Referencing requirements meet expectations with excellent resources used Advanced research
techniques demonstrated. Superior key points were clearly identified and supported with outstanding
references.
Excellent grammar, spelling, punctuation, professional writing, and syntax Referencing requirements exceeds
expectations and advanced research techniques demonstrated.
HI6025 Accounting Theory and Current Issues
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Academic Integrity
Holmes Institute is committed to ensuring and upholding Academic Integrity, as Academic Integrity is
integral to maintaining academic quality and the reputation of Holmes’ graduates. Accordingly, all assessment
tasks need to comply with academic integrity guidelines. Table 1 identifies the six categories of Academic
Integrity breaches. If you have any questions about Academic Integrity issues related to your assessment
tasks, please consult your lecturer or tutor for relevant referencing guidelines and support resources. Many of
these resources can also be found through the Study Sills link on Blackboard. Academic Integrity breaches
are a serious offence punishable by penalties that may range from deduction of marks, failure of the
assessment task or unit involved, suspension of course enrolment, or cancellation of course enrolment.
Table 1: Six categories of Academic Integrity breaches
Plagiarism Reproducing the work of someone else without attribution. When a student submits their own
work on multiple occasions this is known as self-plagiarism.
Collusion Working with one or more other individuals to complete an assignment, in a way that is not
authorised.
Copying Reproducing and submitting the work of another student, with or without their knowledge. If a
student fails to take reasonable precautions to prevent their own original work from being copied, this may
also be considered an offence.
Impersonation Falsely presenting oneself, or engaging someone else to present as oneself, in an in-person
examination.
Contract cheating Contracting a third party to complete an assessment task, generally in exchange for money
or other manner of payment.
Data fabrication and falsification Manipulating or inventing data with the intent of supporting false
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conclusions, including manipulating images.
Source: INQAAHE, 2020
HI6025 Accounting Theory and Current Issues