ACACT305A Contemporary Accounting Concepts- The Potential Impacts

ACACT305A Contemporary Accounting Concepts

Task

Briefing Note

Our research areas can be separated into the following four distinct areas:

1. Impacts on the Accounting Profession

Clearly identify the contemporary issues that are facing the accounting profession in the scenario and apply your understanding of the development of accounting regulation from the early 20th century until now to critically evaluate the potential impacts of the scenario on future accounting regulation and reporting disclosures.

2. Impacts on Society both within Australia and Internationally

There are a number of specific groups named in this scenario, however, the broad changes proposed will have a wide-ranging impact on many groups in our society both in Australia and internationally. Assess the proposed significant increases in financial accounting regulation identified in the scenario, on these groups by first identifying who they are and then predicting any potential impacts.

3. Costs and Benefits to Australia of Adopting International Accounting Standards

From Australia’s perspective, the changes proposed in the scenario could mean taking a backward step, that is ‘reverting to pre 2005 Australian GAAP’. Key to analysing these changes are the concepts of harmonisation versus standardisation. The adoption of the International Standards in Australia in 2005 were contentious and political. Use the for and against arguments raised at the time of the original move to International Accounting Standards in 2005 to analyse the political positions of the players in the scenario to examine and assess any possible issues or outcomes that could potentially result.

4. The usefulness of Environmental Accounting Standards

Environmental sustainability reporting and social responsibility reporting are key factors in managing our global society. Using your understanding of the how the need for social responsibility and environmental reporting has developed over time, predict the types of ‘environmental performance measurements’ identified in the scenario that could be introduced as part of the new standards. Use your predictions to analyse and critically evaluate the value of these types of environmental accounting standards to our future global society.

Summary of Conclusions and Recommendations to the AASB

The final report will comprise the detailed research and potential impacts that the team have identified could result from the proposed merger and provide key advice on the best course of action for the Australian Government.

Part A – Group Research Summary

Complete the Template provided on Moodle
• Use the grid to provide a brief outline of how your group has identified roles and allocated tasks and responsibilities.
• You will need to include names and sections of the assessment each group member is responsible for.
• The team leader can also contribute to the research, writing and presentation but must also take the lead role for the group
• Make sure you clearly outline tasks such as research, writing and collaboration

Remember your final report and presentation must show consensus on the final advice you provide as a group. This will demonstrate that you have collaborated in the preparation of the report and presentation and that each team member is familiar enough with all issues of the scenario to be able to answer questions.

Part B – Group Research Report

Refer to the Rubric in subject guide.
Each group member is required to contribute to the research, writing and editing of the final Group Research Paper which will be used to inform the Group Presentation.

Style and Format Requirements
• 12-point Arial font; double spaced with minimum 2cm margins.
• Title page with group number, each group member’s student details,
• Separate table of contents
• Headings and sub headings as appropriate
• Overall word count is within +/- 10% of 3,500 word limit

Referencing Requirements
• Use at least 6 references comprising of the following:
o 3 academic journal articles
o 3 professional journal articles
• All material that is not your own that is either in direct quotes or paraphrased must be correctly referenced using the Harvard style of referencing
• List of References with only the references actually referred to in the body of the reportshould be included.
• See report marking criteria provided in Subject Guide.  

Part C – Group Research Presentation

Refer to the Rubric in subject guide.
In Week 11, each group will present their analysis and evaluation of the case study scenario, clearly expressing the position held and providing effective justifications to support them.

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