Contemporary Accounting Theory

Major requirements:

1. Undertake a review of the literature to develop and present your arguments, with examples, explaining how corporate crises/failures in every era lead to improved accounting regulations/standards for financial reporting in the subsequent periods.
2. Critically evaluate, with appropriate examples, how accounting standard setting in the past came through a complex political process in a global context.
3. Carefully read the annual report of the selected ASX company and then identify the accounting standards complied with while preparing financial statements. Introduce each of these accounting standards.
4. Based on a review of literature, critically evaluate the accounting standard for fair value accounting.

This assignment will be marked on the basis of your examples, arguments/critical evaluation of the required phenomena, appropriate references as per APA referencing guide and presentation skill with appropriate grammar. The assignment needs to be submitted in the report format by the due date and time as mentioned in the unit profile. Submit assignment in MS word file with Time Roman 12. Create a file name using your first name and student id (example: Kazi_S0123456).

The format, marking criteria and guidelines

Structure	Specific format	Marks	Guidelines
1.	Introduction and executive summary	2	State the purpose of the report, research plan (how you progressed) and gist of findings.
2.	Explanation of how corporate crises/failures in every era lead to improved accounting regulations/ standards for financial reporting in the subsequent periods	8	Develop your arguments giving examples of at least two eras of corporate crises/failures and post-crisis (failure) developments in accounting regulations/standards. Refer to 4 journal articles in addition to those uploaded in the Moodle site.
3.	Critical evaluation of the political process of accounting standard setting	8	Develop a critical evaluation of the lobbies/influences in the accounting standard setting process. Give examples in US/Australian/global context. Refer to 4 journal articles (not used for req i) in addition to those uploaded in the Moodle site.
4.	Identification and introduction of the accounting standards complied with by the selected company	10	Read the annual report of the ASX company
5.	Critical evaluation of the accounting standard for fair value accounting	5	Refer to 4 journal articles
4.	Conclusion	1	State, in brief, what you learned from this assignment
5.	References in appropriate style	3	Provide a list of references used in the text. Use APA referencing guide.
6.	Quality of presentation, articulation and written English	3	Appropriate grammar/punctuation
Total marks		40

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