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PACC6004 Financial Accounting

tag 0 Download 7 Pages / 1,658 Words tag 06-09-2021

Question

Part A

The Global Financial Crisis (GFC) has led to a major debate about fair-value accounting. Many critics argued that fair-value accounting is a root cause of the GFC. Critical discuss your view on the role of accounting standards in the GFC, the responses and actions from the International Accounting Standards Board (IASB) and to what extent the IASB’s actions are likely to have an impact on global financial stability.

Part B

Some particular IASB standards have received much attention during the GFC, for example IAS 39 Financial Instruments. As part of IASB’s responses to the GFC, the IASB amended IAS 39 during the crisis to allow for reclassification of financial instruments; in 2011 IASB issued IFRS 13 Fair Value Measurement; and IFRS 9 Financial Instruments was issued in 2014 effective in 2018. Identify and analyse what are the potential problems associated with prior accounting standards and why the IASB’s took actions to improve fair value accounting.

Part C

Explain how and why the Australian Accounting Standards Board (AASB) responded to the GFC. Critical discuss the influences of IASB on AASB in pursuing an international convergence of Australian accounting standards.

Objectives

The purpose of this assignment is for students to:

1. Demonstrate an understanding of accounting standards and be aware of the authoritative influences that underpin accounting and reporting in the international and Australian regulatory environment; and 

2. Explain the issues surrounding contemporary accounting controversies, in this case on fair value accounting in diverse contexts using social, ethical, economic, regulatory and global perspectives. 
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