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Question

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Question:

Part A

The corporate disclosure practice will help all the stakeholders to understand and measure business operation. Annual financial statement and particularly income statement is one of the most important ones. However, a company's reported profits will be impacted by different factors, including when particular transactions and events are recognised and how such transactions and events are measured.

Requirement:

  • Using earning management concept, discuss why the timing of recognising events that impact income, revenue or profit or expenses are important for managers?

Part B:

ABC Ltd has incorporated a bonus plan that rewards the board of directors (executive members) by providing a bonus of 3 per cent of reported profits. This is an Accounting-based incentive that has the advantage which the accounting results may be based on subunit or divisional performance.

"A well-informed labour market will motivate management to work to maximise the value of its firm. Underperformance might lead to dismissal and, if the labour market is efficient in disseminating data, a 'failed' manager might have difficulty attracting a position with comparable pay elsewhere." (Deegan, 2020)

Requirement:

  • Using Positive Accounting Theory (PAT), discuss the bonus theme in general and why the bonus plan (Accounting-based) was put in place in ABC Ltd?
  • Explain whether the board of directors could be motivated to try to inflate reported profits.
  • Use the opportunistic perspective of PAT to explain the potential for managers to manipulate corporate disclosure.

HI6025 Accounting Theory and Current Issues

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