Critically evaluate, with appropriate examples, how accounting standard setting in the past came through a complex political process in global context.
There are several groups that influence the standard setting process. The standard setting process is a political process that is affected by the impact of several lobbying groups. The government, through the SEC, influences accounting standards. The SEC has the authority to issue accounting standards but has assigned this responsibility to the private sector. Nonetheless, the SEC can exert pressure on the FASB to issue accounting standards and veto the standards promulgated by the FASB. Auditing firms, the corporate sector, creditors, financial analysts, the financial community, accounting organizations, industry groups, and investors can influence the FASB by written comments about Exposure Drafts and participation in public meetings and public roundtables regarding a proposed financial reporting standard.
Critically evaluate, with appropriate examples, how accounting standard setting in the past came through a complex...
Major requirements: Undertake a review of 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. Critically evaluate, with appropriate examples, how accounting standard setting in the past came through a complex political process in global context. 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...
Major requirements: Undertake a review of 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. Critically evaluate, with appropriate examples, how accounting standard setting in the past came through a complex political process in global context. 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...
Do your own research and critically explain how the Australian Accounting Standards Board take part in the global accounting standard setting process (i.e. in setting IFRS). Why is the IFRS set by the International Accounting Standards Board (IASB) not compulsory for the member countries of IASB?
With reference to appropriate statutory and common law examples critically evaluate how company law has sought to protect against the abuse of limited liability.
Based on a review of literature, critically evaluate the accounting standard for fair value accounting.
The process of setting accounting standards has been characterized as a political process. Evaluate this process, citing an example.
Leadership is a complex process that requires leaders to critically appraise the circumstances in which they find themselves to best determine how to lead and influence those around them. There are multiple tactics a leader can employ in any given circumstance to influence a situation or their followers. Compare two leaders you have dealt with in the past. What different tactics did these leaders employ to influence situations or people? Which tactics were successful? Which tactics were not successful? As...
Critically analyse how an accounting system may assist managers in identifying and selecting an appropriate entry market for a new product. You answer should pay particular attention to the roles of reverse income analysis in supporting such decisions.
Discuss the problems associated with accounting standard setting. Explain how regulation by accounting standards differs from other forms of accounting regulation.
First, in developing an accounting standard, the accounting standard setters must select the ‘most appropriate’ policy from a range of alternatives for inclusion in accounting standards. The choice that they make is critical because it virtually determines accounting practice. Second, if there is no accounting standard, or if the standard either implicitly or explicitly allows a choice, the preparers of financial statements must select the most appropriate accounting policy for use in the preparation of financial statements to become creative...