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ACCT20074 Contemporary Accounting Theory

Question

Answered

Questions:

1. Undertake a review of literature to describe the meaning, objective and significance of measurement in accounting.

2. Explain in detail what qualitative characteristics are necessary to be judged in selecting measurement approaches.

3. Distinguish between the accounting concept and economic concept of income measurement.

4. Based on your study of the IASB’s conceptual framework, explain what measurement bases have been prescribed for the measurement of the items of financial statements.

5. Based upon a review of literature, compare and contrast the four major measurement bases other than the fair value accounting (FVA).

a. Compare the unadjusted and adjusted prices.

b. Calculate the value of unadjusted and adjusted net closing monetary assets.

c. Calculate the net profit or loss at the end of the year and compare the purchasing power to explain how much more or less the firm would have needed to have the same purchasing power they had at the commencement of the year.

6. On the basis of IFRS 13, explain the fair value hierarchy. Also undertake a review of literature to critically appreciate the assumptions of fair value hierarchy.

7. Refer to the ASX company allocated to you. Read the balance sheet (statement of financial position), income statement (statement of financial performance) and relevant notes to the accounts. On the basis of careful reading of these three parts of financial statements, explain the measurement bases applied for different items of these financial statements.

Required

Prepare a report responding to the above questions. Your assessment will also be marked on the basis of your depth of knowledge, executive summary, introduction, conclusion, references and quality of presentation of research report. Refer to the marking criteria and guidelines on the next page

ACCT20074 Contemporary Accounting Theory

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ACC6019-UK and Global Accounting Issues

Questions: The individual assignment Select one of the areas below:  • Evaluate the current state of Corporate Social Responsibility Reporting. • Evaluate the extent to which recent changes to audit regulation has improved the quality of financial reports. • Evaluate the use ...

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Competitive And Technological Conditions

B292 /THE-Final 1of 10 2020-2021/Spring Grades Instructions 1. This examination consists of Four questions. You are required to answer all questions. 2. Keep in mind that any form of cheating will not be tolerated and will subject you to AOU cheating policy. 3. Show all calculations in your ans ...

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HA2011 Management Accounting

Tasks: Assignment Specifications You are recently employed as a graduate consultant in a management consultancy firm. One of your firm’s clients is currently evaluating its budgeting system. The CEO of your client had recently attended a seminar on Balanced Scorecard (BSC) in private compa ...

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