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The Role of IFRS Standards in Financial Reporting
Answered

To analyse and evaluate the role of regulation in financial reporting and the calculation and presentation of detailed company accounts.

Write a report to address the following issues:

1)Define and explain what ‘IFRS Standards’ are with reference to supporting academic references;

2)Identify and explain who sets IFRS Standards, with reference to supporting academic references;

3)Describe and explain how IFRS Standards ‘help create trust’ using supporting academic references and real-life examples from your research for this assignment.

4)Critically evaluate whether investors are given ‘confidence’ by the existence and implementation of IFRS standards with reference to academic sources and real-life examples.

5)Critically analyse and conclude on whether or not IFRS Standards improve the ‘quality, robustness and the completeness of the financial information provided by companies.’ Please use relevant academic references and specific examples to support your answer.

Your analysis will follow a critical analytical approach by engaging with relevant academic literature and should include relevant quantitative and qualitative data. You are expected to provide evidence of critical assessment of a range of sources. The exploration of relevant source materials should be clearly evidenced to support your arguments. A list of references is required.

Honours Degrees

1st

2.1

2.2

3rd

Fail

Foundation Degrees

Distinction

Merit

Pass

Pass

Fail

 

Knowledge and

under-standing

Excellent command of highly relevant, extensively-researched material;

very sound understanding of complexities.

Clear, sound understanding of subject matter;

breadth and depth of material, accurate and relevant.

Basic knowledge sound but may be patchy;

reasonable range of source material.

Limited consistency of depth and accuracy of detail; background material relevant but over-reliant on few sources.

 

Content may be thin or irrelevant; scant evidence of background investigation.

 

Cognitive skills

Convincing ability to synthesise a range of views or information and integrate references

sophisticated perception,

critical insight & interpretation;

logical, cogent development of argument.

Ability to synthesise a range of views or information and incorporate references;

perceptive, thoughtful interpretation; well-reasoned discussion; coherent argument.

Evidence of drawing information together; ideas tend to be stated rather than developed;

attempt made to argue logically with supporting evidence, although some claims may be unsubstantiated.

Limited perspective or consideration of alternative views

largely descriptive;

some ability to construct an argument but may lack clarity or conviction, with unsupported assertion.

Superficial use of information; explanations may be muddled at times;

poorly structured, little logic;

may have unsubstantiated conclusions based on generalisation.

 

Practical or professional skills

Expert demonstration, and accomplished and innovative application of specialist skills;

very high level of professional competence.

Good performance; capable and confident application of specialist skills; substantial level of professional competence.

Mostly competent and informed application of specialist skills; sound level of professional competence.

Sufficient evidence of developing specialist skills; satisfactory level of professional competence.

Little evidence of skill development or application; questionable level of professional competence.

 

Communic-ation skills

Very clear, fluent, sophisticated and confident expression; highly effective vocabulary and style; near perfect spelling, punctuation and syntax.

Clear, fluent, confident expression; appropriate vocabulary and style; high standard of accuracy in spelling, punctuation and syntax.

Clearly written, coherent expression;

reasonable range of vocabulary and adequate style; overall competence in spelling, punctuation and syntax.

Expression, vocabulary and style reasonably clear but lack sophistication; inaccuracies in spelling, syntax and punctuation do not usually interfere with meaning.

Expression of ideas insufficient to convey clear meaning; inaccurate or unprofessional terminology; many errors in spelling, punctuation and syntax.

 

Knowledge & understanding

90–100

(1st class/FD Distinction

80–89

(1st class/ FD Distinction)

70–79

(1st class/FD Distinction)

60–69

(upper second/FD Merit)

50–59

(lower second/FD Pass)

40–49

(third class/FD Pass)

30—39

(Fail/FD Fail)

20–29

(Fail/FD Fail)

10–19

(Fail/FD Fail)

0–9

(Fail/FD Fail)

Range and relevance of reading and research

Far-reaching investigation and insight

 

Comprehensive research and coverage of topic integrating wide range of academic sources

Excellent command of highly relevant, extensively-researched material

Wide range of core and background reading, effectively used

Reasonable range of reading; references to relevant but not wide variety of sources

Background reading mostly relevant but over-reliant on few sources

 

Scant evidence of background reading; weak investigation

No evidence of relevant reading

 

 

 

No evidence of reading

 

No use of sources

 

Breadth and depth of knowledge

Develops new knowledge or novel perspective going beyond the literature

 

Extensive subject knowledge with detailed insight into and understanding of relevant theory

 

Extensive, thorough coverage of topic, focused use of detail and examples

Breadth and depth of coverage, accurate and relevant in detail and example

Content generally relevant and accurate, most central issues identified; basic knowledge sound but may be patchy

Fairly basic knowledge, limited consistency of depth and accuracy of detail; not all aspects addressed, some omissions

Contains very slight detail; content may be thin or irrelevant; issues poorly identified

 

Little relevance of content; unacceptably weak or inaccurate knowledge base

 

Knowledge base extremely weak; content almost entirely irrelevant or erroneous

 

Material not relevant or correct; no evidence of knowledge

 

Understanding of subject matter and theory

Work produced could hardly be bettered when produced under parallel conditions

Sophisticated understanding of complexities of key theoretical models, concepts and arguments

Excellent, very sound understanding of complexities of key theoretical models, concepts and arguments

Clear, sound understanding of subject matter, theory, issues and debate

Reasonable level of understanding of subject matter, theory and ideas; main issues satisfactorily understood

Partial understanding of subject matter, core concepts and relevant issues; basic reference to theory

Very little understanding of subject matter, ideas and issues; may be issue of misreading/ misinterpretation of question

Significant weaknesses and gaps in understanding of subject matter, ideas and issues; misunderstanding of question

Devoid of understanding of subject matter, ideas and issues

 

No relevant understanding evident; response to question virtually nil

 

Textual studies

Outstanding engagement with text

Sophisticated engagement with text

Excellent, consistent engagement with text

Good, careful engagement with text

Reasonably good  ability to respond to text

Some ability to respond to the text

Inadequate familiarity with the text

Little awareness of text

Misunderstanding of text

No reference to text

Contextual studies

Outstanding understanding of artistic or critical context

Sophisticated understanding of artistic or critical context

Comprehensive understanding of artistic or critical context

Good understanding of artistic or critical context

Sound, but may be limited, understanding of artistic or critical context

Adequate but partial understanding of artistic or critical context

Weak understanding of artistic or critical context

Lack of understanding of artistic or critical context

Inaccurate reference to artistic or critical context

 

No awareness demonstrated of artistic or critical context

 

Cognitive

Skills

90–100

(1st class/FD Distinction)

80–89

(1st class/FD Distinction)

70–79

(1st class/FD Distinction)

60–69

(upper second/FD Merit)

50–59

(lower second/FD Pass)

40–49

(third class/FD Pass)

30—39

(Fail/FD Fail)

20–29

(Fail/FD Fail)

10–19

(Fail/FD Fail)

0–9

(Fail/FD Fail)

Selection and use of information

Outstanding level of original synthesis, analysis, argument and evaluation

Creative, innovative synthesis of ideas

 

Convincing ability to synthesise a range of views or information and integrate references

Ability to synthesise a range of views or information and incorporate references

Evidence of drawing information together

Little discrimination in use of material; limited perspective or consideration of alternative views

Superficial use of information, minimal association; references not integrated

Incorrect use of material or information

 

Little or no use of material or information

 

Little or no use of material or information

 

Interpretation of information

Work produced could hardly be bettered when produced under parallel conditions

Sophisticated perception, critical insight and interpretation

Excellent perception, critical insight and interpretation

Perceptive, thoughtful interpretation

Sound explanation; this may be partly descriptive and factual;  ideas tend to be stated rather than developed

Some interpretation or insight; may be largely descriptive, or superficial; over-reliance on narrative or anecdote for explanation

Little attempt to interpret material, or merely descriptive; explanations may be muddled at times

Purely descriptive; very limited discussion

 

Any attempt at discussion limited to personal view; no discernible insight

No interpretation of information

Critical analysis using theory

Work produced could hardly be bettered when produced under parallel conditions

Challenging, comprehensive critical analysis sustained throughout

 

Very good depth and breadth of critical analysis; sustained, thorough questioning informed by theory

Consistent development of critical analysis and questioning, using theory

Some attempt at critical analysis using theory;  may be limited and lack consistency or conviction

Some evidence of rationale; minimal attempt to examine strengths and weaknesses of an argument

Limited breadth and depth of analysis, inadequate critical skills; shallow and superficial

Lacking or erroneous analysis; negligible evidence of thought

 

Isolated statements indicating lack of thought

 

Isolated statements indicating lack of thought

 

Structure and argument

Work produced could hardly be bettered when produced under parallel conditions

Authoritative and persuasive argument

Excellent organisation of ideas; clear, coherent structure and logical, cogent development of argument

Logically structured; good organisation of ideas; well-reasoned discussion; coherent argument

Reasonable structure; organisation may lack some logical progression; attempt made to argue logically with supporting evidence, although some claims may be unsubstantiated

Basic structure; may be some repetition or deviation; some ability to construct an argument but may lack clarity or conviction, with unsupported assertion

Poorly structured, little logic;

may have unsubstantiated conclusions based on generalisation

Structure confused or incomplete; poor if any relationship between introduction, middle and conclusion; lack of evidence to support views expressed

Lack of recognisable structure or reference to argument; no related evidence or conclusions

Lack of evidence of reasoning


Awareness of self-development, and /or personal engagement

Thorough and sophisticated appreciation of learning gained and impact on self;  pertinent personal analysis;

imaginative, insightful, creative

Thorough and sophisticated appreciation of learning gained and impact on self;  pertinent personal analysis;

imaginative, insightful, creative

Thorough appreciation of learning gained and impact on self; pertinent personal analysis;

imaginative, insightful, creative

Good awareness of learning and self-development; pertinent personal comment; some freshness of insight, some creative thinking and imagination

Reasonable awareness of learning and self-development; may show a little indication of originality or personal engagement

Some awareness of learning and self-development; personal engagement only very slight

Little or muddled awareness of learning and self-development; minimal appraisal

Discussion of own learning and development incoherent ; issues are not appraised

Very little evidence of self-awareness

 

No evidence of self-awareness 



Practical or Professional

Skills

90–100

(1st class/FD Distinction)

80–89

(1st class/FD Distinction)

70–79

(1st class/FD Distinction)

60–69

(upper second/FD Merit)

50–59

(lower second/FD Pass)

40–49

(third class/FD Pass)

30—39

(Fail/FD Fail)

20–29

(Fail/FD Fail)

10–19

(Fail/FD Fail)

0–9

(Fail/FD Fail)

Specialist skills

Outstanding expertise and flair in the application of specialist skills

 

Sophisticated expertise and flair in the application of specialist skills

 

Expert demonstration, accomplished and innovative application of specialist skills

Good performance; capable and confident application of specialist skills

Mostly competent and informed application of specialist skills

Sufficient evidence of developing specialist skills

Little evidence of skill development or application

Very little evidence of specialist skill development

Minimal evidence of specialist skill development

No evidence of skill development

Integration of theory and practice

Skilled integration of theory and practice

Skilled integration of theory and practice

Skilled integration of theory and practice

Useful links drawn between theory and practice

Consideration of related  theory and practice

Consideration of both theory and practice, which may be uneven

Uneven balance between theory and practice

Little appreciation of theory in practice

Relationship between theory and practice not evident

No awareness of theory in practice evident

Professional competence

Extremely high level of

professional competence

Extremely high level of

professional competence

Very high level of professional competence

Substantial level of professional competence

Sound level of professional competence

Satisfactory level of professional competence

Questionable level of professional competence, e.g. may be some evidence of unsafe practice

Lack of professional competence

Serious lack of professional competence

Professional incompetence

Reflective practice

Sophisticated reflection on personal and professional practice

Sophisticated reflection on personal and professional practice

Clear and insightful reflection on personal and professional practice

Clear understanding, reflection and evaluation of implications for personal and professional practice

Sound reflection on personal and professional practice

Adequate but limited reflection on personal and professional practice issues

Inadequate reflection on  personal and professional practice issues

Slight, if any, reflection or reference to personal and professional practice

Slight, if any, reflection or reference to personal and professional practice

Slight, if any, reflection or reference to personal and professional practice

Technical understanding and use of materials

Excellent technical understanding and judgement; work produced could hardly be bettered when produced under parallel conditions

Excellent technical understanding and judgement; exceptional  level of competence in use of materials and appropriate application of working processes and techniques

Thorough technical understanding and judgement; excellent level of competence in use of materials and appropriate application of working processes and techniques

Accurate technical understanding and judgement; good level of competence in use of materials and appropriate application of working processes and techniques

Mostly accurate technical understanding and judgement; satisfactory level of competence in use of materials and appropriate application of working processes and techniques

Adequate though only partially accurate technical understanding and judgement; adequate level of competence in use of materials and application of working processes and techniques

Slight technical understanding and judgement, with inaccuracies; lack of competence in use of materials and erroneous application of working processes and techniques

Feeble technical understanding and judgement; incompetence in use of materials and erroneous application of working processes and techniques

Almost no technical

 understanding or judgement; serious incompetence in use of materials and erroneous application of working processes and techniques

No technical understanding or judgement; uninformed and arbitrary use of material, methods, processes and techniques

Relationship between content, form and technique

Work produced could hardly be bettered when produced under parallel conditions

Excellent design and sophisticated relationship between content, form & technique

Excellent design; strong relationship between content, form & technique

Good design; meaningful relationship between content, form & technique

Fair design; generally sound relationship between content, form & technique

Adequate evidence of some relationship between content, form & technique

Limited or unresolved relationship between content, form & technique

Very limited relationship between content, form & technique

 

Minimal evidence of understanding of relationship between content, form & technique

No evidence of understanding of the relationship between content, form & technique

Analysis of performance

Outstanding critical analysis of performance

Sophisticated critical analysis of performance

Strong and thorough critical analysis of performance

Good critical analysis of performance

Sound analysis of performance

 

Adequate analysis of performance

Limited information about performance  

Very limited information about  performance

 

Insufficient evidence of knowledge of performance  

No evidence of knowledge of performance






Communication Skills

90–100

(1st class/FD Distinction)

80–89

(1st class/FD Distinction)

70–79

(1st class/FD Distinction)

60–69

(upper second/FD Merit)

50–59

(lower second/FD Pass)

40–49

(third class/FD Pass)

30—39

(Fail/FD Fail)

20–29

(Fail/FD Fail)

10–19

(Fail/FD Fail)

0–9

(Fail/FD Fail)

Written vocabulary and style

Exceptional clarity and coherence; highly sophisticated expression;

work produced could hardly be bettered when produced under parallel conditions

Extremely well-written, with accuracy and flair; Highly sophisticated, fluent and persuasive expression of ideas

Very clear, fluent, sophisticated and confident expression; highly effective vocabulary and style

Clear, fluent, confident expression; appropriate vocabulary and style

Clearly written, coherent expression;

reasonable range of vocabulary and adequate style

Expression, vocabulary and style reasonably clear but lack sophistication

Expression of ideas insufficient to convey clear meaning; inaccurate or unprofessional terminology

Lack of clarity, very poor expression; style inappropriate, terminology inadequate and inappropriate

 

Inaccuracies of expression and vocabulary render meaning of written work extremely unclear

 

Incoherent expression

 

 

Spelling, punctuation and syntax

Near perfect spelling, punctuation and syntax

 

Near perfect spelling, punctuation and syntax

 

Near perfect spelling, punctuation and syntax

 

High standard of accuracy in spelling, punctuation and syntax

Overall competence in spelling, punctuation and syntax, although there may be some errors

Inaccuracies in spelling, punctuation and syntax do not usually interfere with meaning

Many errors in spelling, punctuation and syntax

 

Many serious errors of spelling, punctuation and syntax

Many serious errors of even basic spelling, punctuation and syntax

Heavily inaccurate;  inappropriate use of language

Referencing

All sources acknowledged and meticulously presented

All sources acknowledged and meticulously presented

All sources acknowledged and meticulously presented

Sources acknowledged and accurately presented

Sources acknowledged and referencing mostly accurate

Sources acknowledged;  references not always correctly cited/presented

Referencing incomplete or inaccurate

 

Referencing inaccurate or absent

 

No attempt at referencing

 

No attempt at referencing

 

Presentation skills

Complete accuracy in presentation; highly autonomous, thorough and well-managed approach

Great clarity and maturity of presentation; independence in extensive planning and preparation

High standard of presentation; evidence of thorough planning, preparation and organisation

 

Good standard of presentation; well-organised; relevant planning and preparation

Presentation generally sound, maybe some weaknesses; fairly good organisation, planning and preparation

Some confidence in presentation, with some lapses; adequate organisation, planning and preparation

Few presentation skills; weaknesses of organisation, planning and preparation

Ineffective presentation skills; serious deficiency in organisation, planning and preparation

 

Inadequate presentation skills; almost no evidence of organisation, planning or preparation

Presentation totally ineffective; no evidence of organisation, planning or preparation

Dialogic skills

 

 

Outstanding ability to stimulate and enable discussion

Excellent ability to stimulate and enable discussion

Excellent ability to stimulate and enable discussion

Clear evidence of ability to stimulate and facilitate discussion

Capable attempts at participation in discussion

Adequate participation in discussion

Little constructive participation in discussion

Inadequate attention given to discussion

No attention given to discussion

No attention given to discussion

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