Accounting regulation and politics

Task
Question1: Reflection on feedback given to Assessment 1
3 Marks (300 words)
Please provide reflection on the advice that you were given by the marker for Assessment Item 1 and discuss how you were able to use this feedback to enhance your research and writing skills in the preparation of Assignment -2.
Question 2 Essay
11 marks (1100 words excluding table of content and references)
Find the comment letters received on a current exposure draft or proposal for a new accounting standard. (These can be found on the websites of most standard setting organizations such as IASB, AASB or FASB. Hint: These websites can be quite difficult to navigate, so as a first step try to type “IASB comment letters” in to Google or other search engine of your choice). Read a sample of the comments from a range of respondents and select five respondents, for example from professional accounting bodies, industry, companies or corporate bodies. Include copies of the comment letters you wish to discuss and complete the following task.
a) Describe on your own words the issues that the exposure draft/proposal and comments letters dealt with.
b) Is there agreement among the various groups? Describe the issues where there is agreement/ disagreement and provide examples.
c) In your opinion, which of the three theories of regulation (Public interest theory, Economic interest group theory [Private interest] and Capture theory) explain the comment letters? Justify your answer.

Question 3 Essay
11 marks (1100 words excluding table of content and references)
Read the following article which is available online at http://ro.uow.edu.au/cgi/viewcontent.cgi?article=1298&context=buspapers
Cortese, C. L. (2013). Politicisation of the international accounting standard setting process: evidence from the extractive industries. Journal of New Business Ideas and Trends, 11 (2), 48-57.
The article details many issues of relevance to the accounting theories we have studied this semester.
Relate the concepts, ideas and facts of the article to the following topics;
1. International Accounting Theory
2. The Standard Setting Process
3. Accounting Regulation and Politics
For each theory, outline its major ideas and assumptions and discuss if the article supports or does not support the major ideas of the theory.
Rationale
These assessments are designed to assist you:
• In gathering and integrating knowledge on the theories which you have learned from topics 4 to 7.
• In developing your learning through the application of the concepts covered in topics 4 to 7
• To demonstrate your level of understanding and the level of your research efforts.

Content assessed: Accounting regulation and politics and standard setting process and international accounting.
Key generic skills: Research, critical thinking and analytical writing
Subject Learning Outcomes: To critically evaluate attempts to develop and apply the conceptual framework and to critically appraise the objectives of accounting and relate them to the various concepts of accounting discussed in earlier subjects.

Marking criteria

Assessment 2 – Question 1 Reflection marking criteria
HD D C P Marks
Quality of reflection Provides confirmation of the nature of feedback provided, the students thoughts on this feedback, how the student incorporated this in Assessment 2. Student is able to clearly describe and reflect on what/how they have learned from this process. Describes the nature of feedback provided; describes how this was used in Assessment 2. Student is able to describe and reflect what they have learned from this process. Lists or quotes the feedback provided; attempts to describe how this was used in Assessment 2.
Student describes in depth what they have learned from this process. Gives some detail on the nature of feedback provided but this is not clear. Student attempts to describe what they have learned from this process but this is unclear or inconsistent.
/3
/3

Assessment -2 Question 2 Marking criteria
Criteria High Distinction Distinction Credit Pass Marks
Ability to find comment letters, summarise issues and identify areas of agreement and disagreement

Inclusion of copies of comment letters. Copy of the comment letters included. Insightful articulation and identification of key issues in the comment letters.

All key areas of conjecture are discussed with evidence of all relevant factors. Copy of the comment letters included. Detailed discussion and identification of key issues in the comment letters.

All key areas of conjecture are described. Copy of the comment letters included.

Clear coverage of key issues in comment letters. Most of the areas of conjecture are described. A link to the comment letters provided.

Summary provided, with one or two issues identified, but with various other issues overlooked.
/2
Justification as to why the theory or theories of regulation best explains the comment letters Response clearly applies all of the theories to the various issues in the comment letters and provides an insightful and original justification that critically evaluates the relevance of the theories to the issue. Response applies all the theories and various issues in the comment letters and provides a detailed justification that critically evaluates the relevance of the theories to the issue. Response applies most of the theories to various issues in the comment letters and provides a justification for the chosen theory or theories. Capacity to provide further detail in justification. Response briefly applies some of the theories to one issue in the comment letters and provides a basic justification for the most obvious theory.
/2
Critical Capacity:
Analyse the underlying assumptions of the accounting theories they have used as examples The report discussion clearly addresses the issues raised in the comment letters and analyses, evaluates and contrast the underlying assumption of the theories of regulation.
The report outlines all the major issues of the comment letters and provides a logical investigation and analyses and evaluates the impact of these findings for standard setting process.
The report outlines some of the major issues of the comment letters and attempts to analyses but provides limited evaluation of the theoretical relationship of the comment letters. Discussion has been used to create a general report with little evidence of independent analysis or critical thinking on standard setting process and theoretical insights.
/3
Academic Writing: Is the answer professionally written and presented? Writing is engaging with appropriate structure, accurate use of syntax, spelling and punctuation; correctly refers to an extensive variety of sources to support arguments, including prescribed texts and a broad range of additional readings; reference list of an extensive range of resources used, correctly formatted using APA style. Appropriate structure, accurate use of syntax, spelling and punctuation; correctly refers to an extensive variety of sources to support arguments, including prescribed texts and a broad range of additional readings; reference list of an extensive range of resources used, correctly formatted using APA style. Appropriate structure, accurate use of syntax, vocabulary, spelling and punctuation; correctly refers to more than the minimum requirement of sources to support arguments, including prescribed texts and recommended readings. Reference list formatted in APA style, with few or no errors. Appropriate structure, accurate, mostly accurate syntax, spelling and punctuation; correctly refers to minimum number of sources to support arguments, including prescribed texts. Reference list used, formatted in APA style, with minor errors.
/2
Use of source material Refers to an extensive variety of sources to support arguments, including prescribed texts and a broad range of additional readings. Correct use of relevant sources from within prescribed materials and attempts to include sources beyond prescribed material.
Demonstrates use of multiple appropriate sources. Limited but appropriate source consultation and background reading.
/2
Subtotal /11

Assessment – 2 Question 3 Marking criteria

Criteria High Distinction Distinction Credit Pass Marks
Demonstrated understanding of the standard setting process Response clearly explains and critically evaluates the theory and its assumptions and applies it to all of the issues raised in the article.
The essay provides an insightful and original discussion that critically evaluates the relevance of the theory to the issue. Response clearly demonstrates an understanding of the standard setting process and underlying theories with reference to the article.
The essay provides a solid discussion that evaluates the theory and the article. Response clearly demonstrates an understanding of the standard setting process and underlying theories with reference to the article.
Some critical insight demonstrated. Response outlines the standard setting process and theories which explain the standard setting process with reference to the article. /2
Demonstrated understanding of accounting regulation and politics The response provides a detailed evaluation of the accounting regulatory environment and with a critical review of the theories that explain the regulatory process.
Link to the article and further source material.
The response provides a detailed evaluation of the accounting regulatory environment and with a review of the theories that explain the regulatory process. Strong link to the article. The response clearly outlines the theories of regulation and the influence of political factors on the standard setting process, providing a strong link with the article. Response outlines the theories of regulation and the influence of political factors on the standard setting process. /3
Critical Perspectives in Accounting Response clearly explains and critically evaluates the theory and its assumptions and applies it to all of the issues raised in the article. The essay provides an insightful and original discussion that critically evaluates the relevance of the theory to the issue.
Response defines and explains the theory and its underlying assumptions and provides a clear connection to the issues raised in the article. The essay provides a detailed discussion that critically evaluates the relevance of the theories to the issue. Response defines and explains the theory and its underlying assumptions and applies it to the issues raised in the article. The essay provides a discussion of the theory. Capacity to provide further detail in justification.
Response defines the theory and its underlying assumptions and briefly applies it to one or two issues raised in the article.The essay provides a basic discussion of the most obvious aspects of the issue.
/2
Academic Writing: Is the answer professionally written and presented? Writing is engaging with appropriate structure, accurate use of syntax, spelling and punctuation; correctly refers to an extensive variety of sources to support arguments, including prescribed texts and a broad range of additional readings; reference list of an extensive range of resources used, correctly formatted using APA style. Appropriate structure, accurate use of syntax, spelling and punctuation; correctly refers to an extensive variety of sources to support arguments, including prescribed texts and a broad range of additional readings; reference list of an extensive range of resources used, correctly formatted using APA style. Appropriate structure, accurate use of syntax, vocabulary, spelling and punctuation; correctly refers to more than the minimum requirement of sources to support arguments, including prescribed texts and recommended readings. Reference list formatted in APA style, with few or no errors. Appropriate structure, accurate, mostly accurate syntax, spelling and punctuation; correctly refers to minimum number of sources to support arguments, including prescribed texts. Reference list used, formatted in APA style, with minor errors. /2
Use of source material Refers to an extensive variety of sources to support arguments, including prescribed texts and a broad range of additional readings. Correct use of relevant sources from within prescribed materials and attempts to include sources beyond prescribed material. Demonstrates use of multiple appropriate sources. Limited but appropriate source consultation and background reading. /2

Question – 3 Subtotal /11
Question – 2 Subtotal /11
Question – 1 Subtotal /3
Total /25

Presentation
• Assessment items should be typed.
• An essay style of answer is expected with an introduction, body and conclusion for each component. Subheadings are acceptable, point form is not.
• Use 1.5 spacing.
• Use a wide left margin. Markers need space to be able to include their comments.
• Use a standard 12pt font such as Times New Roman, Calibri or Arial.
• Left- justify body text.
• Include a separate title page with your name, student number, subject code, assessment number and assessment question. Include class time and tutor’s name if applicable.
• Number your pages (except the cover page).
• Use a header or footer with your name and student number on each page.
• Always keep a copy of your assessments. Both a hard copy and an electronic copy.
• Grammar, spelling and syntax are important. Always use your spelling and grammar checker, but remember that this does not pick up all errors. You must still carefully edit your work. You may find reading your assignment out loud will assist you in identifying and correcting some mistake

Requirements
This assessment requires APA referencing. Marks are specifically allocated both to the consideration of appropriate source material and acknowledging its source through correct referencing. More information on APA can be found at:
http://student.csu.edu.au/study/referencing-at-csu
Assignments must be submitted through Turnitin. Further details about submission are provided in Appendix 1.

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