TAKE HOME ASSIGNMENT

The boundary of accounting is neither physical nor fixed but conceptual and is subject to modification, expansion, or contraction. The boundary can be altered by those who need additional information (managers, investors etc.) by turning to the traditional source of information, accounting, and demand data of different types more relevant to their needs.

Required:

a) Based on your understanding of a system theory, accounting theory, and International Financial Reporting Standards (IFRS), demonstrate why and how the development of IFRS would be considered an expansion of the boundaries of accounting (Word Limit 3,000 words)

b) Using the then IAS 39 and the current IFRS 9 as well as the then IFRS 4 and the yet-to-be-effective IFRS 17 as examples, examine how the accounting boundary expands as one of the elements of the accounting systems (Word Limit 2,000 words)