questions are from accounting and society ACC3116
Question 3 ACC3116 Accounting and Society Semester 1, 2018 Assignment Due Date: Monday, 14 May 2018 Value: 25% Important Information The course specification requires that your submission 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 Please refer to the following information in relation to assignment lodgement. Assignment Preparation and Submission Please read the following points carefully. o This assignment must be lodged using USQ’s Assignment submission link on Study Desk. o You are required to lodge one (1) Microsoft Word file (limit 2MB), using the correct file naming protocol (see next page). o Your submission must have a footer on every page, which includes your name and student number. o The assignment is due on Monday, 14 May 2018 at 11.55 p.m. (USQ time). Submissions will open on Tuesday, 1 May 2018. o Please include a reference page in your assignment, citing all resources used other than the articles mentioned in this document. http://www.usq.edu.au/library/referencing/harvard-agps-referencing-guide How do I name the Word file I have to lodge? When naming the Word file to be submitted as your assignment, the file name should use the following naming convention: first name, last name, last 4 digits of student number and course code (e.g. JohnTaylor1234acc3116.docx). Remember to press the “SUBMIT” button to complete the submission process. 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 after the due date and time for submission of the assignment has passed. 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 case study questions, relevant theories should be explained and applied, citing the contents of 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 and in short answers/essay form. Bullet points are not acceptable. Assignment Feedback and results Feedback will be provided to students after marking is completed using the template below: STUDENT NAME: Minimum mark per grade SECTION A MAX HD A B C F+ MIN Total (a) 10 years on … 7.00 5.95 5.25 4.55 3.50 2.80 0.00 (b) Do financial statements still matter? 8.00 6.80 6.00 5.20 4.00 3.20 0.00 (c) The push to improve communication … 7.00 5.95 5.25 4.55 3.50 2.80 0.00 SECTION A/22 0.00 SECTION B MAX HD A B C F+ MIN Total (a) Social contract and terms 6.00 5.10 4.50 3.90 3.00 2.40 0.00 (b) Stakeholder groups involved 6.00 5.10 4.50 3.90 3.00 2.40 0.00 (c) Organisational legitimacy and strategies 10.00 8.50 7.50 6.50 5.00 4.00 0.00 (d) Suggestions to improve legitimacy 6.00 5.10 4.50 3.90 3.00 2.40 0.00 SECTION B/28 0.00 TOTAL/50 0.00 Comments: A copy of the suggested solutions 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 4 June 2018. Section A (22 marks) Requirements: (a) Read the article “10 years on, are international standards helping financial reporting?” by Ram Subramaniam. https://www.intheblack.com/articles/2016/10/04/10-years-on-are-international-standards-helping- financial-reporting In 350 words or less, summarise the article citing the reasons on whether IFRS has delivered on its promise of improving financial reporting. What are some of the suggestions made to create a more efficient financial reporting system? (7 marks) (b) Read the article “Do financial statements still matter?” by Jan McCallum. https://www.intheblack.com/articles/2017/12/19/financial-statements-still-matter According to Lev and Gu, in today’s business environment, are financial statements still relevant? Why? What has changed? Explain. According to some Australian researchers, there are differences between the usefulness of financial statements in Australia and the United States. Highlight these differences and explain the reasons for them. (8 marks) (c) Read the article “The push to improve communication in financial reporting” by Ram Subramaniam. https://www.intheblack.com/articles/2017/03/01/improve-communication-financial-reporting The IASB is intent on improving the communication value of financial statements. What are some of the current problems and what strategies are they adopting to address these weaknesses? Explain. (7 marks) The overall word limit for Section A is 1,100 words. Words in excess of this limit will not be marked. https://www.intheblack.com/articles/2016/10/04/10-years-on-are-international-standards-helping-financial-reporting https://www.intheblack.com/articles/2016/10/04/10-years-on-are-international-standards-helping-financial-reporting https://www.intheblack.com/articles/2017/12/19/financial-statements-still-matter https://www.intheblack.com/articles/2017/03/01/improve-communication-financial-reporting Section B (28 marks) Read the following articles and answer the questions asked. 1. ATM fees dropped by the big four banks. http://www.abc.net.au/news/2017-09-24/commonwealth-bank-and-westpac-axe-atm-fees-for- non-customers/8979250 2. Fears big banks will start shutting down ATMs after announcing they’ll lose $500 million by scrapping withdrawal fees. http://www.dailymail.co.uk/news/article-4915888/Fears-banks-cut-ATMs-withdrawal-fees- removed.html#ixzz5916PQ1eZ 3. Scott Morrison warns banks to absorb cost of dumping ATM fees. http://www.afr.com/news/scomo-warns-banks-to-absorb-atm-fee-costs-20170924-gynlxs 4. ATM fee removal comes with a catch. http://www.news.com.au/finance/business/banking/atm-fee-removal-comes-with-a-catch/news- story/d62b3513646d98d24a8cae9a74419163 Requirements: (a) What is a social contract? Is there a social contract between the banks and the community? If so, what are the explicit and implied terms of the contract? Explain. (6 marks) (b) Name the various stakeholder groups involved and explain their roles, motivations, strategies adopted and benefits obtained, if any in this case study. (6 marks) (c) What is meant by organisational legitimacy? Whose legitimacy had been negatively impacted in this case study and what had led to that? What strategies have been used to regain organisational legitimacy and have they been genuinely implemented? Explain with relevant theories, appropriate examples from the case and applications. (10 marks) (d) Are there other strategies that you can suggest to improve organisational legitimacy? Support your answers with reasons. (6 marks) The overall word limit for Section B is 1,400 words. Words in excess of this limit will not be marked. http://www.abc.net.au/news/2017-09-24/commonwealth-bank-and-westpac-axe-atm-fees-for-non-customers/8979250 http://www.abc.net.au/news/2017-09-24/commonwealth-bank-and-westpac-axe-atm-fees-for-non-customers/8979250 http://www.dailymail.co.uk/news/article-4915888/Fears-banks-cut-ATMs-withdrawal-fees-removed.html#ixzz5916PQ1eZ http://www.dailymail.co.uk/news/article-4915888/Fears-banks-cut-ATMs-withdrawal-fees-removed.html#ixzz5916PQ1eZ http://www.afr.com/news/scomo-warns-banks-to-absorb-atm-fee-costs-20170924-gynlxs http://www.news.com.au/finance/business/banking/atm-fee-removal-comes-with-a-catch/news-story/d62b3513646d98d24a8cae9a74419163 http://www.news.com.au/finance/business/banking/atm-fee-removal-comes-with-a-catch/news-story/d62b3513646d98d24a8cae9a74419163