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Financial Acounting

Financial Acounting
‘Question 11
How the objective of financial reporting and the qualitative characteristics of useful financial information affect measurement is discussed in paragraphs 6.6–6.35. The IASB’s preliminary views are that:
(a) the objective of measurement is to contribute to the faithful representation of relevant information about:
(i) the resources of the entity, claims against the entity and changes in resources and claims; and
(ii) how efficiently and effectively the entity’s management and governing board have discharged their responsibilities to use the entity’s resources.
(b) a single measurement basis for all assets and liabilities may not provide the most relevant information for users of financial statements;
(c) when selecting the measurement to use for a particular item, the IASB should consider what information that measurement will produce in both the statement of financial position and the statement(s) of profit or loss and OCI;
(d) the relevance of a particular measurement will depend on how investors, creditors and other lenders are likely to assess how an asset or a liability of that type will contribute to future cash flows. Consequently, the selection of a measurement:
(i) for a particular asset should depend on how that asset contributes to future cash flows; and
(ii) for a particular liability should depend on how the entity will settle or fulfil that liability.
(e) the number of different measurements used should be the smallest number necessary to provide relevant information. Unnecessary measurement changes should be avoided and necessary measurement changes should be explained; and
(f) the benefits of a particular measurement to users of financial statements need to be sufficient to justify the cost.
Do you agree with these preliminary views? Why or why not? If you disagree, what alternative approach to deciding how to measure an asset or a liability would you support?’ (IASB, 2013, p. 132).
As is made clear in this question, you must not only say whether or not you agree or disagree with the preliminary but also give reasons for your views and, if you disagree, argue for an alternative approach. In order to answer this question you need to identify academic journal articles and material from professional or regulatory sources as well as comment letters on the Discussion Paper that can be accessed via the IASB’s web site. You must not merely describe what writers have said but must also consider the reasons they give for their conclusions and you must critically appraise their arguments. It is important that you recognize different sides to the argument rather than consider only a one-sided account. We expect you to use at least 6 authoritative sources from journals or professional/regulatory material and at least 6 Comment Letters. There is no upper limit to the number of sources but remember that marks are given for discussing the views in these sources and not just for describing views. It is unlikely that you are able to evidence a critical appraisal of the views expressed if you have a large number of references.
Word limit and presentations
Your answer should cover no more than 10 sides of A4 paper excluding your references.
Assignments must be presented in the following format:
Assignments must be word-processed in 11 point Arial font and double spaced
All pages must be numbered
The assignment must be presented with an assignment statement of originality that is signed, have a front cover showing the programme title, module number and name, title of the assignment, name of the person submitting the work, student number and submission date
Margins must be as follows: Top: 1 inch, Bottom: 1 inch (2.5 cm), Left: 1.25 inches, Right: 1.25 inches (3.2 cm)
Assignments not complying with this format will be returned to students unmarked.
You must include references to any publications read. These should follow the guidance on the Harvard System of referencing and citing explained in the Business School guide that can be accessed via Brookes Virtual. It is very important that you note the University guidance on cheating and, in particular, avoid plagiarism. You need to keep an electronic version of your work as it may be required for submission through Turnitin.
This assignment counts for 40% of the total assessment on the module.
Assessment Criteria for Financial Accounting Assignment
Learning outcomes 1.2, 1.3, 2.1, 2.2, and 2.3 are assessed in the financial reporting assignment. The assessment criteria are:
Presentation (10%): this includes consideration of general presentation issues such as the inclusion of a separate introduction and conclusion to the works, the use of separate headings identifying the material covered in each section, the use of page layout, the use of paragraphs, accurate spelling, and compliance with presentation instructions. It also includes the presentation of citations in the text and accurate referencing, in the correct format. If you cite sources in the text and do not include them in the list of references, the assumption will be made that you have not in fact consulted these sources but have copied material from another text which included them. This is plagiarism and attracts severe penalties. It is therefore essential that you check your text very carefully to ensure that all citations are listed as references.
Use of literature (25%): under this heading the extent and quality of your sources will be assessed. You are expected to demonstrate that you have undertaken an independent literature search so your list of references should include more than the sources to which you have been directed by the suggested reading. You are also expected to be able to distinguish authoritative sources: these are books and journal articles which have academic authority. Professional magazines, newspaper articles and web sites may be referred to if particularly relevant but should not comprise the majority of your references. Note also that the source of the Comment Letters should be considered. You should only make use of letters from authoritative professional bodies, reliable academics and influential user representatives.
Problem solving, application of theory to practice (40%): under this heading, your ability to demonstrate understanding of theoretical issues will be assessed, primarily in your approach to answering the questions set. You can demonstrate this by referring to real-life examples which support your arguments or by providing concise, original and relevant practical examples to support your arguments where relevant. Your discussion of the issues posed in the questions should also reflect your understanding: you should be able to present an argument, outlining alternative views (derived from your reading) and presenting evidence that supports these and arriving at a conclusion which you have justified from the literature and from practical examples. Your answers to the questions should be clearly focused: read the questions carefully and refer back them frequently while writing your answers, to ensure that you are not wandering off the point and including irrelevant material.
Critical approach to theory (25%): under this heading your ability to reflect on the literature you have read will be assessed. You should be able to identify similarities and differences between authors’ arguments and to use such comparisons to support your arguments. You should be able to demonstrate your own thinking where the questions set require this by presenting an argument and supporting it by reference to evidence that you have collected.

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