LO3: Demonstrate why accounting regulations are needed, outline the history of accounting regulation and the affect accounting regulations have on the content of financial statements

  
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ACC5001 Financial Accounting and Reporting 

Assessment Number 1: Essay (30%)
Assessment Title: Accounting Standards / Accounting Framework
Assessment Length: 2,500 words each LO
Submission Deadline:

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Learning Outcomes

Assessment

LO3: Demonstrate why accounting regulations are needed, outline the history of accounting regulation and the affect accounting regulations have on the content of financial statements.

 2,500 words essay

LO4: Appraise and explain how regulatory frameworks exist to aid the preparation and understanding of financial statements and annual reports

 2,500 words essay

Assignment Brief:
The widespread adoption of International Financial Reporting Standards (IFRS) around the world has opened many studies analysing different views on mandatory or voluntary IFRS adoption. In order to achieve the expected benefits of IFRS adoption, with regard to enhanced comparability and transparency of financial reporting, the adoption of IFRS should result in the improvement of accounting quality. However, even though more than 140 countries adopt IFRS in some forms, its impact on the quality of accounting information remains inconsistent.

Required:
Appraise and explain the impact of the transition from UK GAAP standards to IFRS on accounting quality.
You are required to write a 2500-word essay evaluating the impact of the transition from national accounting standards to IFRS followed by a brief reflective summary.

Required for submission.
Assignments must be type-written and submitted using Turnitin (via Moodle) in two WORD files.
Provide full Harvard references (in-text citations and a references list) for secondary sources using the format suggested by the University of Bolton Harvard Referencing Guidelines. No hard copy is required. Your work will be assessed, and feedback provided using the grading criteria set for HE5.
Level HE5 - It is expected that the Reference List will contain between ten and fifteen sources. As a MINIMUM the Reference List should include two refereed academic journals and four academic books

Sources of secondary literature
Most assignments will require you to make use of secondary literature sources. These sources may be available in paper and/or electronic form. The literature sources that you will be expected to refer to when completing your assignments include:

Refereed academic journals – articles in such publications are evaluated by academic peers prior to publication to assess their quality and suitability.
Other academic journals – such publications normally have an editor and/or editorial board to select articles. The relevance and usefulness of such journals vary considerably.
Professional journals – articles included in such publications are often of a practical nature and more closely aligned to professional (practitioner) needs than those in academic journals.
Books – may be aimed at the academic market or at practising professionals. It is likely that those with an academic slant will be of most relevance to you.
Newspapers – a good source of topical events and developments.

ALL LITERATURE SOURCES THAT YOU REFER TO IN THE BODY OF YOUR ASSIGNMENT MUST BE INCLUDED IN A REFERENCES LIST WHICH SHOULD APPEAR AT THE END OF YOUR ASSIGNMENT.

Specific Assessment Criteria:

First class (70% and above):
This piece of work shows evidence of wider research with reference to a number of different academic viewpoints. The essay has recognised relevantly and discussed in detail, all the required factors which affect UK GAAP and IFRS.  Several reasoned and logical arguments have been developed well and supported by a wide range of appropriately researched literature. Reference to two or more academic models is clear, relevant and informative. The presentation is of a high standard and in the appropriate essay style.

Extensive research demonstrating the use of a wide range of current secondary research sources will be evident. Academic style and referencing will be excellent. 

Second class (50-69%):
A clear and informative piece of work with evidence of wider research and discussion. The essay has correctly recognised and discussed, all the required factors which affect UK GAAP and IFRS.  Some reasoned arguments have been developed and supported by a good number of sources.  The reference to two academic models is clear.  Presentation is of a good standard, in the appropriate essay style.  A good number of appropriate sources have been referenced well, with most complying with the Harvard style. Research demonstrating the use of a wide range of current secondary research sources will be evident. Academic style and referencing will be good. 

Third class (40-49%):
A reasonable attempt has been made at researching the essay but greater in-depth discussion and academic debate are required.  The essay has recognised the factors which affect UK GAAP and IFRS, however mostly the discussion is superficial and lacking in any depth.  Reference to two academic models has been attempted. The presentation of the essay is limited. Research demonstrating the use of a range of current secondary research sources will be evident. Academic style and referencing will be fair. 

Fail (39% and below):
Students who do not meet the requirements of a third-class grade will not successfully complete the assessment activity.

Submission Instructions:
See Section 12 of the module guide (Guidelines for the Preparation and Submission of Written Assessments), which will give you details on how to submit your work electronically. You are required to submit only electronic copies of your written assessments unless your Module Tutor advises you otherwise.

Advice:

  • Do not cut and paste phrases or paragraphs from published sources. You should seek to use your own words to explain concepts and theory.
  • If you wish to refer to specific quotes from published sources then you must use the full Harvard presentation. See LEAP online for further guidance.
  • Do not share your work with other students.

ASSIGNMENT MARKING GUIDE
Marks are awarded for the structure and presentation of the report as well as for the extent of depth of analysis/evaluation and formation of a conclusion.

 

Answer is expected to include:

 

 

%

 

Summary of IFRS adoption around the world

 

 

15

 

Examination of accounting quality measurements

 

 

20

 

Evaluation of the impact of IFRS adoptions on accounting quality.

 

 

40

 

Formation of a logical conclusion

 

 

10

 

Structure / presentation/ references.

 

 

10

Reflective Summary

5


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