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ACCT6007 Financial Accounting Theory And Practice

tag 0 Download 8 Pages / 1,803 Words tag 04-06-2021


  1. Identify the underlying social and corporate imperatives that underlie the accounting conceptual framework.
  2. Identify the key players in Australian financial reporting regulation and articulate the relationshipbetween International Financial Reporting Standards (IFRSs) and Australian Accounting Standards (AASs).
  3. Explain the relationship between accounting theory, the accounting conceptual framework and accounting standards.
  4. Work individually and in groups to identify and apply appropriate accounting standards to a range of authentic accounting scenarios.

You may use an essay format or any other acceptable academic format for critical review. APA referencing style guide is required.

Answer the following questions during your analysis.

1) Explain and explore Pros and Cons of Fair Value (FV) accounting after conducting literature review on the topic.

2) What does the author mean by the statement? ‘the estimation follows a three-tier process, with a strict preference for market-based measures’ p586. Explain the three – tier process in detail.

3) What qualitative characteristic/s of financial information is considered in using FV method in financial reporting? FV measurement is most applicable to what element of financial statements (i.e. Asset, Liability, Owners Equity, Revenue and Expense), and to what aspect of that element?

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