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HI6025 Accounting Theory And Current Issue

tag 0 Download 12 Pages / 2,806 Words tag 20-07-2021


a. Download Annual Reports (for 2 years at least) and explore  

b. Assess accounting policies and estimates of your selected ASX listed company  

i. Which accounting policies and estimates used by the firm?

ii. Are there any flexibilities of accounting policies and estimates used by the firm?

iii. Are these accounting policies and estimates used by their competitors?

iv. Show a comparison of accounting policies and estimates used by the firm with one of its rival company.

v. Do you agree with the policies and estimates?

vi. Is accounting strategy hiding or revealing vii. Any Red Flags/questionable number in the accounting report?

viii. Which accounting positions capture them? Why? Explain 

c. Critically evaluate accounting quality by assessing accounting policies and estimates 

i. consider the various pressures, many of which are political in nature, that influence the accounting standard-setting environment

ii. consider the implications of organisations making particular accounting disclosures, whether voluntarily or as a result of a particular mandate

iii. understand the possible implications of an organisation making particular accounting choices and disclosures 

d. Prepare an investigative report on the Managers' Accounting Strategy and Reporting Strategy choices on the basis of the above evaluation. The report should have following sections for minimum:

Section 1: Identify Key Accounting Policies 

Key policies and estimates used to measure risks and critical factors for success must be identified. 

Section 2: Assess Accounting Flexibility Accounting information is more open to distortion if managers have a high degree of flexibility in choosing policies and estimates. 

Section 3: Evaluate Accounting Strategy Flexibility in accounting choices allows managers to strategically communicate economic information or distort performance. 

Issues to consider include:

• Norms for accounting policies with industry peers

• Incentives for managers to manage earnings

Changes in policies and estimates and the rationale for doing so

• Whether transactions are structured to achieve certain accounting objectives. 

Section 4: Evaluate the Quality of Disclosure 

Issues to consider include: Whether disclosures seem adequate Adequacy of footnotes to the financial statements Whether notes sufficiently explain and are consistent with current performance Whether GAAP reflects or restricts the appropriate measurement of key measures of success Adequacy of segment disclosure.

Section 5: Identify Potential Red Flags Issues that warrant gathering more information include: 

Unexplained changes in accounting, especially when performance is poor 

• Unexplained transactions that boost profits

• Unusual increases in inventory or receivables in relation to sales revenue 

• Increases in the gap between net income and cash flows or taxable income Use of R&D partnerships, SPEs or the sale of receivables to finance operations

• Unexpected large asset write-offs

• Large fourth-quarter adjustments

• Qualified audit opinions or auditor changes

• Related-party transactions. 

Section 6: Compliant with the Conceptual Framework 

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Total 12 pages

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