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ACC301 Accounting Theory and Contemporary Issues

Question:

Answer the questions below, in a maximum of 800 words or approximately 200 words per question. You are also required to deliver a 3-minute video presentation where you summarise your findings of your written report.

1) Provide a brief background in your own words to the role of a conceptual framework in accounting, including benefits of having one, together with problems and  criticisms of the current (2010) framework. (3 Marks)

2) In your own words and in your opinion, what should be the objective of general purpose financial reporting? (3 Marks)

3) In your own words, explain what you understand by the term ‘prudence’. How can an ‘asymmetrically prudent’ accounting treatment lead to the understatement of income in one period but an overstatement in future periods? (3 Marks)

4) a) In your own words, explain what is meant by the concept of substance over form. You can use examples from within and/or outside accounting to help answer this question. (3 Marks)

b) Do you agree with the board’s decision to state explicitly that a faithful representation represents the substance of an economic phenomenon instead ofmerely representing its legal form? Justify your answer. (3 Marks)

Video Presentation (5 marks)

You are required to deliver a 3-minute video presentation which takes the audience on a journeythat chronicles the section of your written report.

Assessment Instructions

  • This is an individual assignment. Any work which has been copied or shared between students willresult in a fail grade for all students concerned. So please make sure that your answers are your own work and referenced correctly.
  • Please follow the marking rubric outlined below (p. 4) as you answer each question.
  • Please make sure you follow the guidelines noted below, relating to presentation, late policy and academic integrity.

Academic Integrity Policy

KBS values academic integrity. All students must understand the meaning and consequencesof cheating, plagiarism and other academic offences under the Academic Integrity and ConductPolicy.

What is academic integrity and misconduct?

What are the penalties for academic misconduct?

What are the late penalties?

How can I appeal my grade?

The answer clearly identifies and addresses all the technical issues raised & provides clear, correct & decisive answers displaying an outstanding understandingof each of the questions.

The answer clearly identifies and addresses most of the technical issues raised and provides clear, correct and decisive advice displaying a good understanding of most of the questions.

The answer clearly identifies & addressessome of the technical issues raised and provides reasonably clear, correct and decisive answers displaying a reasonably good understandingof some of the questions.

The answer identifies and addresses some of the technical issues raised and provides fairly clear, but not alwayscorrect and/or decisive advice. It displays a reasonable understanding of some of the questions.

ACC301 Accounting Theory and Contemporary Issues

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