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Acct6007_Assignment 2 Brief Critical Analysis Page 1 of 5 ASSESSMENT BRIEF Subject Code and Title ACCT6007 Financial Accounting Theory and Practice Assessment Critical Analysis Individual/Group Individual Length 1500 words +/- 10% Learning Outcomes c. Explain the relationship between accounting theory, the accounting conceptual framework and accounting standards. d. Work individually and in groups to identify and apply appropriate accounting standards to a range of authentic accounting scenarios. Submission Week 9 Sunday midnight (AEST) Weighting 25% Total Marks 100 marks Context: This assignment develops research and critical thinking abilities. It is a critical analysis/review of an academic article and research into the new accounting conceptual framework. This activity will provide students information on new trends in accounting field. Instructions: Conduct research into the revised Conceptual Framework for Financial Reporting issued in May 2019 by AASB 0r (March 2018 by IASB) https://www.aasb.gov.au/admin/file/content105/c9/Conceptual_Framework_05-19.pdf Compare and contrast the differences between the new and previous Accounting Conceptual Frame work. Provide evidence in support from academic resources. Use minimum 10 academic references. Your research should focus on the following topics. 1. Brief history in development of the Accounting Conceptual Framework. 2. Specific changes and development between the Conceptual Framework issued by AASB in March 2016 and compare it with the one issued in 2019 https://www.aasb.gov.au/admin/file/content105/c9/Framework_07- 04_COMPjun14_07-14.pdf https://www.aasb.gov.au/admin/file/content105/c9/Conceptual_Framework_05-19.pdf https://www.aasb.gov.au/admin/file/content105/c9/Framework_07-04_COMPjun14_07-14.pdf https://www.aasb.gov.au/admin/file/content105/c9/Framework_07-04_COMPjun14_07-14.pdf Acct6007_Assignment 2 Brief Critical Analysis Page 2 of 5 or (IASB in 2010 and the one issued in 2018) (Hint locate IFRS Conceptual Framework project summary 2018) e.g. updates in the definitions of assets and liabilities; updates in measurement, presentation and disclosure requirements etc. 3. Future directions and your insights in development of Conceptual Frame work. To assist you with your research you may download and review the following article written by Sylwia Gornik-Tomaszewski and Yeong C. Choi. This article can be found attached along with the assessment brief in the Assessment folder Tomaszewski, S. G. & Choi, Y.C. (2018) The Conceptual Framework: Past, Present, and Future. Review of Business: Interdisciplinary Journal on Risk and Society Vol. 38 No. 1, pp. 47–58, Database: Ebscohost You may review other academic articles, the new and old conceptual frameworks and exposure drafts to research and critically analyse the differences in the Accounting Conceptual Framework. Academic skills resources: Analysing the Brief, Essay Writing, and Critical Thinking These resources can be downloaded from LASU - Learning and Academic Skills Unit on Blackboard following the link: https://laureate- au.blackboard.com/webapps/blackboard/content/listContent.jsp?course_id=_20163_1&content_id=_ 2498849_1 https://laureate-au.blackboard.com/webapps/blackboard/content/listContent.jsp?course_id=_20163_1&content_id=_2498849_1 https://laureate-au.blackboard.com/webapps/blackboard/content/listContent.jsp?course_id=_20163_1&content_id=_2498849_1 https://laureate-au.blackboard.com/webapps/blackboard/content/listContent.jsp?course_id=_20163_1&content_id=_2498849_1 ACCT6007_Assignment 2 Brief Critical Analysis Page 3 of 5 Learning Rubrics Assessment Attributes Fail (Unacceptable) 0%-49% Pass (Functional) 50%- 64% Credit (Proficient) 65%-74% Distinction (Advanced) 75%-84% High Distinction (Exceptional) 85% - 100% Grade Description (Grading Scheme) Evidence of unsatisfactory achievement of one or more of the learning objectives of the course, insufficient understanding of the course content and/or unsatisfactory level of skill development. Evidence of satisfactory achievement of course learning objectives, the development of relevant skills to a competent level, and adequate interpretation and critical analysis skills. Evidence of a good level of understanding, knowledge and skill development in relation to the content of the course or work of a superior quality on the majority of the learning objectives of the course. Demonstration of a high level of interpretation and critical analysis skills. Evidence of a high level of achievement of the learning objectives of the course demonstrated in such areas as interpretation and critical analysis, logical argument, use of methodology and communication skills. Evidence of an exceptional level of achievement of learning objectives across the entire content of the course demonstrated in such areas as interpretation and critical analysis, logical argument, creativity, originality, use of methodology and communication skills. Conceptual Frame Work of Accounting 60 Does not meet minimum standard Demonstrates no awareness of content and/or purpose of the assignment. Meets minimum standard Demonstrates limited awareness of content and/or purpose of the assignment Moves beyond minimum standard Demonstrates consistent awareness of content and/or purpose of the assignment. Exceeds minimum standard Demonstrates an advanced and integrated understanding of content and/or purpose of the assignment. Exceeds minimum standard and exhibits high levels of independence Consistently demonstrates a systematic and critical understanding of content and purpose of the assignment. http://www.tua.edu.au/media/50742/a240_grading-scheme.pdf ACCT6007_Assignment 2 Brief Critical Analysis Page 4 of 5 Critical reasoning, presentation and defence of an argument and/or position 20 Specific position (perspective or argument) fails to take into account the complexities of the issue(s) or scope of the assignment. Makes assertions that are not justified. Specific position (perspective or argument) begins to take into account the issue(s) or scope of the assignment. Justifies any conclusions reached with arguments not merely assertion. Specific position (perspective or argument) takes into account the complexities of the issue(s) or scope of the assignment. Others’ points of view are acknowledged. Justifies any conclusions reached with well-formed arguments not merely assertion. Specific position (perspective or argument) is expertly presented and accurately takes into account the complexities of the issue(s) and scope of the assignment. Justifies any conclusions reached with well- developed arguments. Specific position (perspective or argument) is presented expertly, authoritatively and imaginatively, accurately taking into account the complexities of the issue(s) and scope of the assignment. Limits of position are acknowledged. Justifies any conclusions reached with sophisticated arguments. ACCT6007_Assignment 2 Brief Critical Analysis Page 5 of 5 Use of academic and discipline conventions and sources of evidence. Grammar, spelling and referencing 20 Poorly written with errors in spelling, grammar. Demonstrates inconsistent use of good quality, credible and relevant research sources to support and develop ideas. There are mistakes in using the APA style. Is written according to academic genre (e.g. with introduction, conclusion or summary) and has accurate spelling, grammar, sentence and paragraph construction. Demonstrates consistent use of credible and relevant research sources to support and develop ideas, but these are not always explicit or well developed. There are no mistakes in using the APA style. Is well-written and adheres to the academic genre (e.g. with introduction, conclusion or summary). Demonstrates consistent use of high quality, credible and relevant research sources to support and develop ideas. There are no mistakes in using the APA style. Is very well-written and adheres to the academic genre. Consistently demonstrates expert use of good quality, credible and relevant research sources to support and develop appropriate arguments and statements. Shows evidence of reading beyond the key reading There are no mistakes in using the APA style. Expertly written and adheres to the academic genre. Demonstrates expert use of high-quality, credible and relevant research sources to support and develop arguments and position statements. Shows extensive evidence of reading beyond the key reading There are no mistakes in using the APA Style.