report to IFRS

I a australian student, maybe you can write with some AUS background~~
maximum word length of 1,000 words

Queensland University of Technology

 

Faculty of Business

School of Accountancy

 

AYB200 Financial Accounting – Semester 2, 2011

 

 

You work for the Brisbane office of an international firm of public accountants. You have been asked to prepare a report for the partners on the topic of the United States’ convergence to International Financial Reporting Standards (IFRSs). Some of the firm’s clients, particularly those with international operations, have expressed uncertainty about what is happening and how the United States’ convergence to IFRS might affect their financial reporting practice in the future. The partners require that the report is presented in simple language and in an interesting, easy-to-read format.

Your report should:

  • Provide relevant background information on the topic;
  • Highlight current developments in the relationship between the United States’ Securities and Exchange Commission (SEC), the Financial Accounting Standards Board (FASB), the International Accounting Standards Board (IASB) and other regulatory bodies;
  • Identify obstacles to the United States’ adoption of IFRS;
  • Outline the likely implications of the United States’ convergence to IFRS, particularly for reporting entities in other jurisdictions.

The report is due on Tuesday, 13th September at 6pm, a week before the partners have their annual conference. It is to have a maximum word length of 1,000 words, excluding the one-page executive summary, appendices, and reference list. The report will consist of a cover page, which shows the title of the report and the author, a table of contents, a one-page executive summary, the report itself, a page of references and any appendices. It is required to be prepared in 1.5 line spacing, using a Times New Roman 12 point font, with 2 cm margins on all sides. You are required to cite at least ten (10) current sources which may include academic literature, media, and websites. Since the firm wants to maintain its high reputation, it is vital that the sources used are reliable, reputable, and relevant, cited in an accurate manner and properly referenced using the Harvard method. The report is to be prepared in an electronically-friendly format, but submitted in a print format and an electronic format on a USB stick.

Additional Resources (not exhaustive):

Learning Resources:

  • Ros McCollouch and Andrea Reid will provide 2 x 1hr lectures on Critical Thinking and Written Communication to assist you in compiling your business report.
  • Julie Martyn is the Language and Learning Advisor and is able to assist you in understanding the requirements of the assignment. You can make an appointment to see her (j.martyn@qut.edu.au).
  • Julie Martyn will be conducting some additional workshops in Week 6 (see Week 1 Document for rooms and times).
  • KickStart Program: 4S Tutors are available to assist. You must make a booking through the library to see them: http://www.kickstart.qut.edu.au/studysmart/.

 

Content Resources:

  • Jodie Nelson and Helen Irvine will respond to queries about the Assignment on Blackboard’s Discussion Board. Queries are to relate to the process, or clarification of the assignment requirements, rather than to the content. Students are expected to research these issues themselves.
  • The AYB200 Assignment Criteria Sheet provides students with guidance relating to the marking of the Business Report.
  • Where to start:
    • Academic journals accessed through the QUT library catalogue. You can start your search on Google Scholar for these articles. If the full text is not available through Google Scholar, you can use the library catalogue to access it as QUT has subscriptions to most Accounting journals.
    • Websites of accounting standard setters and other regulators, e.g. IASB, IFRS (www.ifrs.org), FASB, SEC, European Union (EU) Commission, American Institute of CPAs (AICPA), Institute of Chartered Accountants in England and Wales (ICAEW), Association of Chartered Certified Accountants (ACCA), ASIC, ASX, AASB, CPA Australia, Institute of Chartered Accountants in Australia (ICAA), Institute of Public Accountants (IPA).
    • Websites of international accounting firms, e.g. Deloitte, Ernst & Young, KPMG, PWC.
    • Financial media, e.g. Business Review Weekly, The Financial Review – Available through QUT library databases. Financial media from the US and Europe will be especially relevant, e.g. Wall Street Journal, Reuters, The Economist (also available through QUT library databases).
    • Remember, we expect you to look beyond the sources listed here.
    • You are also expected to use a variety of sources (i.e. journals articles, media, professional bodies, standard setters, etc), not just focus on the one type of source.

 

 

AYB200 FINANCIAL ACCOUNTING – ASSIGNMENT CRITERIA SHEET

STUDENT NAME:  ………………………………………………                              STUDENT NO:…………………………. 

 (Please write name in block letters here.  This sheet will be the first page of your assignment.)

 

Content criteria Unsatisfactory ( 1-2 marks)

 

Pass (2.5 marks)    Credit (3- 3.5 marks)                          

 

Distinction (4 marks)

 

High distinction (4.5- 5 marks)      Mark
AoL goal 1.1: Integrate and apply disciplinary theory and skills to practical situations
Background information The report provides insufficient information on the background of US-IFRS convergence or there were major errors in the information given. The report provides some information on the background of US-IFRS convergence though it may not be entirely accurate or relevant. The report provides an outline of the background of US-IFRS convergence with some elements of accuracy and relevance. The report provides accurate, relevant and mostly detailed information on the background to US-IFRS convergence The report provides highly accurate, relevant and detailed information on the background of US-IFRS convergence.  

 

 

  

 

 

  /5                                                                   

  Unsatisfactory (1-4 marks)

 

Pass (5-6 marks)             

 

Credit (6.5- 7 marks)                                Distinction (7.5- 8 marks)

 

High distinction(8.5- 10 marks)                           
Current developments The report does not identify current developments in US-IFRS convergence or there were inaccuracies in the information given. The report identifies current developments in US-IFRS convergence with some errors or omissions. The report identifies the main current developments in US-IFRS convergence with only minor lapses in accuracy. The report mostly accurately identifies the main current developments in US-IFRS convergence. The report accurately identifies a wide range of current developments in US-IFRS convergence.  

 

 

     

 

 

/10

  AoL goal 2.1: Identify, research and critically analyse information relevant to a business problem or issue, be able to synthesise that information in order to evaluate potential solutions, make recommendations or otherwise effectively address the problem or issue
Obstacles to US adoption of IFRS The report provides little or no explanation of the obstacles to US adoption of IFRS. The report provides a partial explanation of the obstacles to US adoption of IFRS. The report provides an overall explanation of the obstacles to US adoption of IFRS. The report provides an explanation, showing some depth in places, of the obstacles to US adoption of IFRS. The report provides a thorough explanation of the obstacles to US adoption of IFRS.           

 

 

 

 

  /10

Implications of US-IFRS convergence The report provides little or no identification or analysis of the implications of US-IFRS convergence. The report identifies and analyses some implications the implications of US-IFRS convergence although there was little insight shown. The report identifies and analyses the main implications of the implications of US-IFRS convergence with some insight shown in places. The report identifies and analyses most of the implications of the implications of US-IFRS convergence with a degree of insight shown throughout. The report identifies and insightfully analyses the full set of implications of the implications of US-IFRS convergence.  

 

 

     

 

/10

Content total:  

 

 

   /35

 

 

 

Communication criteria Unsatisfactory ( 1-2 marks)

 

Pass (2.5 marks)    Credit (3- 3.5 marks)                          

 

Distinction (4 marks)

 

High distinction (4.5- 5 marks)      Mark
AoL goal 3.1: Communicate effectively through written tasks appropriate to varied contexts and audiences
Written expression Use of language fails to make meaning clear; writing lacks fluency and contains many errors of grammar, syntax and spelling. The intended meaning can be discerned although there is some lack of clarity; writing lacks fluency on occasions and there are some errors of grammar, syntax and spelling. Use of language makes overall meaning clear; writing is mostly fluent and there are only minor errors of grammar, syntax and spelling. Use of language makes meaning clear; writing is fluent and there is attention to detail around grammar, syntax and spelling. Use of language makes meaning consistently clear; writing is fluent and there is a high level of attention to grammar, syntax and spelling.  

 

 

 

 

         

 

/5

Structure and format

 

Inappropriate format is used with little or no adherence to the task requirements.

 

An attempt has been made to follow the required report format with errors and deviations from the task requirements.

 

The required report format has been mostly followed though there are minor lapses in adhering to the task requirements.

 

The required report format has been followed with attention to the task requirements.

 

The required report format has been closely followed with consistently high level of attention to the task requirements.

 

 

 

           

 

 

/5

Referencing There is little or no use of the Harvard method of in-text and end-of-text referencing or the use is inaccurate and/or inconsistent; there are less than four (4) references from academic literature, media, and websites and they are either inappropriate or not integrated to support the content. There is an attempt to use the Harvard method of in-text and end-of-text referencing but there are inaccuracies and inconsistencies of use; there are four (4) to five (5) references from academic literature, media, and websites but they may not always be appropriate or integrated to support the content. There is mostly consistent use of the Harvard method of in-text and end-of-text referencing with minor inaccuracies; there are six (6) to seven (7) appropriate references from academic literature, media, and websites with some integration to support the content. There is mostly consistent and accurate use of the Harvard method of in-text and end-of-text referencing; there are eight (8) to nine (9) appropriate references from academic literature, media and websites that are mostly well integrated to support the content. There is consistent and highly accurate use of the Harvard method of in-text and end-of-text referencing; there are ten (10) or more appropriate references from academic literature, media, and websites that are well integrated to support the content.  

 

 

 

 

 

 

 

 

 

 

 

/5

Communication  criteria total:  

           /15

Total marks:         /50

 

 

QUT Grade Key
Grade Mark out of 50
7 (High  distinction) 42.5 – 50
6 (Distinction) 37.5 – 42
5 (Credit) 32.5 – 37
4 (Pass) 25 – 32
3 and below (Fail) <25

 

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