assignment refrencing style is harvard APGS
Question 3 ACC3116 Accounting and Society Semester 2, 2018 Assignment Important Information The course specification requires that your Assignment is your own work. You are strongly urged to complete this assignment yourself to receive clear feedback about your level of understanding of the course material. You will find information regarding plagiarism and academic misconduct, such as collusion and cheating in the course specification and on the USQ website. The course specification also contains information about: o Assignment late policy o Assignment extension policy Please ensure that any ideas or data that you provide in your answer, other than your own original thoughts are properly referenced using the Harvard referencing style. A link to the university’s Harvard referencing style page is provided here. http://www.usq.edu.au/library/referencing/harvard-agps-referencing-guide You might also find the following book useful: Summers, J. & Smith, B. (2010), Communication Skills Handbook, John Wiley & Sons, Third Edition, Milton Queensland How do I prepare and submit the Assignment? o Your Assignment must have a footer on every page, which includes your name and student number. o Please include a reference page in your assignment, citing all resources used including the articles mentioned in this document. o You are required to lodge one (1) Microsoft Word file (limit 2MB). o The assignment must be submitted through the Assignment link on the ACC3116 Study Desk. Remember to press the “SUBMIT” button to complete the submission process. o The assignment worth 25% is due on Monday, 24 September 2018 at 11.55 p.m. (USQ time). Submissions will open on Monday, 10 September 2018. http://www.usq.edu.au/library/referencing/harvard-agps-referencing-guide How do I name the Microsoft Word file? The file name should use the following naming convention: First name, last name, last 4 digits of student number, course code and semester of offer (e.g. JohnTaylor1234ACC3116S22018.docx). Do I need to include the electronic version of the USQ cover sheet? You do not need to include a USQ coversheet in your assignment. Do I have to send in a hard copy? No hard copy is required. The submission system is easy to use and reliable. You can rely on the system to submit your assignment online. Technical problems with online submission If you need help with your online submission, please email the Course examiner
[email protected] and if necessary, a system expert may contact you to provide assistance. If you leave it until after 5pm on the due date, you might have to bear any undesirable consequences (late penalties will not be applied in genuine cases of technical problems but failure to read instructions will be no excuse). In the rare circumstance that the server is down (e.g. due to a storm), email the assessment file. Keep your submission details You need to keep your submission details like date and time of your submission as well as a back-up copy of your assignment file. Extensions No extensions will be granted on or after the due date. All requests for extension must be addressed to the Course examiner
[email protected] at least one business day before the due date with supporting documentation (e.g. doctor’s certificate). Extensions will only be granted in extenuating circumstances. Crashing of computers, too busy with other assignments, heavy workload, and such reasons are not considered extenuating circumstances. Requests for extensions due to work commitments will generally NOT be granted. You must organise your study time around these other commitments. mailto:
[email protected] mailto:
[email protected] Marking Guide Marks will be awarded based on the marking rubric (separate document available on Study Desk) and the following general guidelines: High quality answers should address the requirements of the questions asked comprehensively with good grammar, spelling and punctuation. For the case study question, relevant theories should be explained and applied, citing examples from the case studies as much as possible where appropriate to support your answers. Please use the assigned maximum word limits in each section and the marking rubric guidelines to gauge the extent and quality of work expected in each section to gain good marks. Answers should be typed, formatted (at least font size 11) and in paragraphs. Bullet point answers without explanations are not acceptable. Assignment Feedback and results Feedback will be provided to students after marking is completed using the Microsoft Excel template below: STUDENT NAME: SECTION A Max Mark Comments (a) CF concepts 7.0 (b) CF status 6.0 Subtotal 13.0 SECTION B Max Mark Comments (a) H. assets concepts 7.0 (b) H. assets issues 5.0 Subtotal 12.0 SECTION C Max Mark Comments (a) Soc. C/T, Org. Legit. 7.0 (b) Corp. governance 9.0 (c) Ethics, culture 9.0 Subtotal 25.0 Total 50.0 The suggested solutions and marking guide to the assignment will be put up for students’ reference after all students have submitted their work for marking. Note: The turnaround time for marking of assignments is 3 weeks. You can expect to receive your results with feedback in the week beginning 15 October 2018. Section A – Conceptual Framework (13 marks) This section may require you to do some research. Requirements: Your cousin Martin is a first year university accounting student. Recently, he came across a seemingly complex term “Conceptual Framework” in his accounting class. He has come to you for assistance. (a) Explain to Martin what a Conceptual Framework in accounting is, its objectives in financial reporting, a brief history of its development in Australia and the need for one, giving reasons for your opinion. (7 marks) (b) The IASB Conceptual Framework project stalled in 2010 due to slow progress and differing priorities of the joint partners. However, in 2012, the IASB restarted the Conceptual Framework project. List and briefly explain the key milestones reached since 2012. What is the project’s current state of affairs as at August 2018? The following link may be helpful: http://archive.ifrs.org/Current-Projects/IASB-Projects/Conceptual-Framework/Pages/Conceptual- Framework-Summary.aspx (6 marks) The overall word limit for Section A is 650 words. Words in excess of this limit will not be marked. Section B – Heritage Assets (12 marks) This section may require you to do some research. Requirements: (a) What are heritage assets? Explain and give examples of 5 classes of such assets. Briefly explain 5 characteristics of heritage assets that differentiate them from other tangible assets. What are possible objectives of accounting for heritage assets in financial statements to stakeholders? (7 marks) (b) The concept of probable future economic benefits, lack of control and absence of an active market makes it difficult and costly to recognise heritage assets on balance sheets. Explain. (5 marks) The overall word limit for Section B is 600 words. Words in excess of this limit will not be marked. http://archive.ifrs.org/Current-Projects/IASB-Projects/Conceptual-Framework/Pages/Conceptual-Framework-Summary.aspx http://archive.ifrs.org/Current-Projects/IASB-Projects/Conceptual-Framework/Pages/Conceptual-Framework-Summary.aspx Section C – Case Study (25 marks) This section covers some recent developments (updated till May 2018) in the ongoing Banking Royal Commission in Australia. For starters, you may gain a basic understanding of what the Banking Royal Commission is and its coverage by accessing the link provided: The Banking Royal Commission explained. http://www.abc.net.au/news/2018-02-12/the-banking-royal-commission-explained/9421474 Then read all of the following articles and answer the questions asked using the examples from these articles only. You may want to do further research to better understand the context of the case but there is no need to use any external resources of this case in your answers. 1. Shockers from the banking royal commission https://www.choice.com.au/money/banking/everyday-banking/articles/shockers-from-the-banking- royal-commission 2. Bank royal commission recommends AMP face criminal charges https://www.sbs.com.au/yourlanguage/korean/en/article/2018/04/27/bank-royal-commission- recommends-amp-face-criminal-charges 3. Banking royal commission has laid bare the financial industry’s toxic culture http://www.abc.net.au/news/2018-04-28/banking-royal-commission-financial-industry-culture- exposed/9705504 4. Hayne royal Commission and the banking crisis: insiders reveal when the rot set in https://www.afr.com/news/australian-banking-crisis-insiders-reveal-when-the-rot-set-in- 20180503-h0zmec Requirements: (a) What is a social contract? What are the explicit and implied terms of the social contract between the banks and the community? What is meant by organisational legitimacy? Whose legitimacy had been negatively impacted in this case study and what had led to that? What are the consequences if the affected parties ignore the expectations of the community? Explain. (7 marks) http://www.abc.net.au/news/2018-02-12/the-banking-royal-commission-explained/9421474 https://www.choice.com.au/money/banking/everyday-banking/articles/shockers-from-the-banking-royal-commission https://www.choice.com.au/money/banking/everyday-banking/articles/shockers-from-the-banking-royal-commission https://www.sbs.com.au/yourlanguage/korean/en/article/2018/04/27/bank-royal-commission-recommends-amp-face-criminal-charges https://www.sbs.com.au/yourlanguage/korean/en/article/2018/04/27/bank-royal-commission-recommends-amp-face-criminal-charges http://www.abc.net.au/news/2018-04-28/banking-royal-commission-financial-industry-culture-exposed/9705504 http://www.abc.net.au/news/2018-04-28/banking-royal-commission-financial-industry-culture-exposed/9705504 https://www.afr.com/news/australian-banking-crisis-insiders-reveal-when-the-rot-set-in-20180503-h0zmec https://www.afr.com/news/australian-banking-crisis-insiders-reveal-when-the-rot-set-in-20180503-h0zmec (b) What is corporate governance and why is it important to have good corporate governance in a business? The separation of management of the corporation from those who contribute resources can lead to the following 4 types of problems with the management of corporations. These are (i) managers using resources to benefit themselves rather than shareholder (ii) businesses taking actions that shareholders (or society) may not consider desirable (iii) corporations hiding or providing false information to shareholders/regulatory bodies and (iv) directors and executives of corporations receiving massive payments and benefits even when corporate performance is poor and declining. Explain by providing two examples for each type of problem from the case study and cite relevant