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ACC80005 Financial Accounting Theory

tag 1 Download 14 Pages / 3,348 Words tag 05-11-2020


(a) The above article highlights economic and social consequences of the introduction of IFRS 17. Argue whether accounting standards setters should consider economic and social consequences of accounting regulation. When formulating your answer discuss the pros and cons of accounting standard setters considering economic and social consequences that may be associated with the adoption of their standards.

(b) What qualitative characteristics of general purpose financial reporting are the new IFRS 17 upholding? Explain how IFRS 17 is promoting those qualitative  characteristics.

(c) If a reporting entity has a choice of either expensing or capitalising an item of expenditure, and if the entity is subject to a high degree of political scrutiny, then what choice would be predicted by the political cost hypothesis of Positive Accounting Theory (PAT)? Explain your answer.

(d) If senior managers within a company were rewarded by way of accounting-based bonus plans, then would they prefer the use of conservative accounting methods? Explain you answer.

(e) Organisations typically have a number of contractual arrangements with debt holders, with many covenants written to incorporate accounting numbers. Explain using the debt hypothesis of PAT why an organisation would agree to enter into such agreements with debt holders.

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Total 14 pages

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