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ACC707 Contemporary Issues In Accounting

tag 0 Download 11 Pages / 2,514 Words tag 08-09-2020
  • Course Code: ACC707
  • University: Kings Own Institute
    icon is not sponsored or endorsed by this college or university

  • Country: Australia


1)Why Regulate Accounting?
I am a lawyer - and a rule for me is the start of a discussion about how to best to use the rule to my client's advantage. Eg. do not murder, really means, do not take a life in an unacceptable manner (there are acceptable murders - e.g. self-defence, defence of property, or in war). Please do not hurt me.
Do we really need accounting regulation?
The goal of international accounting regulation is for accounts to be comparable between countries and jurisdictions. Is there really comparability?
Do we really know how people make judgments around the principles of IFRS?

2)Creative Accounting, Derivatives

The GFC (Global Financial Crisis) is a complex topic and we will examine this over three weeks. However, I want to know what you know about this.
What was the GFC about?

3) Accounting Education
A number of my professors when I was studying accounting openly suggested that the role of accounting education was to prepare me for practicing accounting the moment I graduated. I was struck, though, when I graduated that I frankly had no idea what accountants actually did. I knew that the numbers games we played in exams and assignments could not be real, because where did the numbers come from.

4) Effectiveness and Agency Theory

Agency theory is presented in quite an 'innocent' manner to explain an alignment problem between shareholders and managers.
It is also a reason for accounting (information flows).
Can you explain how agency theory might be criticized (in the sense that it is not as innocent)?

5) Accounting and the Public Interest

The public interest is a complex idea and it informs both accounting regulation and accounting practice (and ethics).
a) What does the concept of the public interest mean to you?
b) What is the impact of public interest in relation to accounting practice? In what contexts do you think this is a relevant concept for practicing accountants?
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Total 11 pages

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