Assessment Information
Subject Code: ACC 301
Subject Name: Accounting Theory & Contemporary Issues
Assessment Title: Analysis of a contemporary issue
Weighting: 25% of overall subject mark
Total Marks: 50 Marks
Due Date: Friday 20 May 2016
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Assessment Description
Learning Outcome 4:
Research, and apply theoretical aspects of financial accounting and reporting to practical scenario(s).
Work in teams (groups) of 3 members (you must obtain your lecturer’s approval for a group of a different number). You may discuss the selection of teams with your lecturer, who may decide to allocate you into teams or he/she may decide to form teams using a random process.
You must notify your lecturer of your teams by the Friday of week 6 and be prepared to be allocated into teams if the lecturer so decides.
Any work which has been copied or shared between groups or teams will result in a Fail grade for all students concerned. So please make sure that the answer to this team assignment is your own work and not copied from any source.
Submission:
The assignment will need to be submitted electronically through the student portal – use the link under
“Assessments” to submit the information.(The portal will close at 11.59pm AEST – Students in Adelaide and
Brisbane please note to adjust for the time difference)
Required:
Answer the questions below, in a maximum of 2,000 words.
Note that marks are also allocated for professional presentation, grammar and spelling.
Please check the marking sheet (included below) for each part to ensure that you have followed all the guidelines for presenting your work.
Please make sure you follow the guidelines noted in your subject outline especially those relating to presentation, late policy and academic integrity.
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Assignment details:
Read the article entitled 'Shining the Light on Leases’ on the IASB website
(http://www.ifrs.org/Features/Pages/Shining-the-Light-on-Leases.aspx) and answer the questions below:
1) Under the existing standard IAS 17 (AASB 117) Leases - what are operating and what are finance leases? Explain the concepts briefly with reference to lessees only, rather than providing all the technical details.
2) What are the main differences between IAS 17 (AASB 117) and the new IFRS 16 (AASB 16) from the lessee perspective?
3) What is meant by ‘off balance sheet liabilities’ in the article?
4) Why will the changes to lease accounting ‘not be popular with everyone’? In particular, why may the
changes lead to ‘defaults on debt covenants’?
5) An alternative viewpoint to those taken into account by the IASB is that no separate standard is required on leases at all. What would the arguments be for this? Would you prefer no leasing standard, the existing standard (IAS 17) or the new standard (IFRS 16)? Please explain your position.
You may find further useful resources on the IASB website, the AASB website and on the websites of major accounting firms.
Please reference all your work and take care to avoid plagiarism.
COMMONWEALTH OF AUSTRALIA Copyright Regulations 1969
This material has been reproduced and communicated to you by or on behalf of Kaplan Business School pursuant to Part VB of the Copyright Act 1968 (‘Act’). The material in this communication may be subject to copyright under the Act. Any further reproduction or communication of this material by you may be the subject of copyright protection under the Act. Kaplan Business School is a part of Kaplan Inc., a leading global provider of educational services. Kaplan Business School Pty Ltd ABN 86 098 181 947 is a registered higher education provider CRICOS Provider Code 02426B.
Assessment Information
ACC 301 ACCOUNTING THEORY & CONTEMPORARY ISSUES
Trimester 1, 2016: Assignment Marking Sheet
Group Name:
Student ID Number Student Name
Allocated Marks Marks Awarded Comment
Question 1
8
Question 2
8
Question 3
8
Question 4 8
Question 5
8
Language & Presentation
10
Total Mark
50.00
COMMONWEALTH OF AUSTRALIA Copyright Regulations 1969
This material has been reproduced and communicated to you by or on behalf of Kaplan Business School pursuant to Part VB of the Copyright Act 1968 (‘Act’). The material in this communication may be subject to copyright under the Act. Any further reproduction or communication of this material by you may be the subject of copyright protection under the Act. Kaplan Business School is a part of Kaplan Inc., a leading global provider of educational services. Kaplan Business School Pty Ltd ABN 86 098 181 947 is a registered higher education provider CRICOS Provider Code 02426B.
Assessment Information