Assignment Topic – the Conceptual Framework for Financial Reporting
The International Accounting Standards Board (IASB) has issued the revised Conceptual Framework for Financial Reporting. It is suggested that this new framework will provide “a comprehensive set of concepts for financial reporting” (IFRS® Conceptual Framework Project Summary, March 2018).
The textbook has outlined several limitations/criticisms on the previous Framework in pages 73-77; and we also discussed the limitations in week 2 lecture.
Please point out at least one limitation that you think the revised Framework HAS addressed.
• Explain in detail how the issue has been addressed.
• If not fully addressed, give your advice on what else could be done to improve it.
Please point out at least one limitation that you think the revised Framework HAS NOT addressed.
• Explain why you think the issue was not addressed by IASB when revising the Framework;
• Do you think the issue is important (or should have been solved in the Framework)? If it is important, give your advice on how to solve the issue and improve the Framework.
Find a Fiji firm’s annual report on the South Pacific Stock Exchange (SPSE) website and have a look at the annual report.
• Please discuss how the annual report would be (or would not be) influenced by the revised Framework, and how the annual report should be further improved. • Link it to the limitations you discussed before if applicable.
You can find some materials on the revised Conceptual Framework from IFRS website:
• Maximum 1000 words.
• Turnitin similarity percentage is not to exceed 15%.
• DO NOT just copy and paste what IASB updated on the Framework from the IFRS® Conceptual Framework Project Summary or any other internet resources.
• It is all about how you build your argument, according to your understanding of the previous Framework and whether the revised Framework achieved improvements. Back up all criticism with clear examples.
• Firms’ annual reports may (or may not) have done more than what the Framework requires; please clearly state the annual report you refer to (e.g. firm, year and/or pages if applicable).
• Use APA referencing system.
G r a d i n g
Your assignment will be graded according to the following marking rubric
MARKING RUBRIC FOR AF210 ASSIGNMENT SEMESTER 1- 2019
Title of Assessment: The Conceptual Framework for Financial Reporting
Levels of student autonomy involved in the assessment: Bounded Research (Level 2)
Performance Levels/ Grades/ Scores
Facet of Research Element of Marking No Evidence (0%) Grades D and E
(<50%) Incomplete or inaccurate Grades C, C+, B (50-70%) Complete but not fully accurate, comprehensive or insightful Grades B+, A, A+ (71-100%) Complete, accurate, comprehensive, and insightful/innovative Embark and Clarify (5 Marks) Students state clearly what they want to achieve including clear identification of the outline of the submitted writing No Statement. Unclear statement on what the student wants to achieve. Clear statement of what the student wants to achieve. Clear statement of what the student wants to achieve, with clear outlining of the rest of the submitted document. Find and Generate (20 Marks) Clear explanations on whether and how well the limitations are addressed by the revised Framework. Provide clear advice with reasons on how the Framework and Financial Reporting can be further improved. No explanation on how the previous Framework has been improved, or how to further improve it. Little explanation on how the previous Framework has been improved, or how to further improve it. Clear explanation on how the previous Framework has been improved, and how to further improve it. Precise and rich explanation on how the previous Framework has been improved, and how to further improve it. Evaluate and Reflect (5 Marks) Evaluating the depth and breadth of data collection No cited material. One method of data collection and very little reference to relevant and recent accounting journals. More than one method of data collection with less than 6 references to relevant and recent accounting journals. More than one method of data collection with more than 3 reference to written documents. In addition, a precise (and very short) discussion of relevancy of data collection method. * Organize and Manage (5 Marks) All parts of find and generate are well structured with short headings (you could choose to, but not necessarily, follow the assignment question order. No structure. Headings are not related to content. Headings are somewhat related to content, but there is no links between sections. Content is well structured with appropriate headings. Good connection and Coherence between sections. Analyse and Synthesis (20 Marks) Critically reflect on the impacts of the revised Framework on Fiji firms and how the annual report (incl. financial reporting) can be further improved in Fiji. No critical reflection on the impacts of the revised Framework on a Fiji firm’s annual report or how can it be further improved. Little critical reflection on the impacts of the revised Framework on a Fiji firm’s annual report or how can it be further improved. Clear critical reflection on the impacts of the revised Framework on a Fiji firm’s annual report and how can it be further improved. Rich critical reflection on the impacts of the revised Framework on a Fiji firm’s annual report and how can it be further improved. Communicate and Apply (5 Marks) Good command of academic writing in English and accounting language. Proper use of reference (APA style). Incoherent and disregard to elementary English language skills; no reference Arguments are somewhat clear but disjointed; little references and/or not properly cited. Clear articulation of ideas with use of simple English; reference citation is alright but not APA format. Ideas are clearly explained with interchange of accounting terminologies with sophisticated accounting language. Links between ideas are very clear. Proper APA style referencing. NOTE: * Data collection methods includes interviews, document reviews, website analysis, Journal articles Critical Reflection This can include but not limited to the following: 1. Explain on what the limitations of the previous Conceptual Framework are. 2. Discuss on whether or not/ the extent to which the revised Conceptual Framework has addressed the limitations. 3. Advise on how the Conceptual Framework and General Purpose Financial Reporting can be further improved. 4. Give your opinion on what are the implications of the revised Conceptual Framework on Fiji firms and how to improve Fiji firms’ annual reports. 5. Others?