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    ACFI3217 - Individual Assignment-1 - Guidance

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    nashra jan
    This document provides guidance for an individual assignment requiring discussion of key themes related to accounting standards in a selected country. The assignment should: 1. Identify the nature of the accounting system used in the country and provide some historical context. 2. Explain the reasons for choosing the selected country and provide some economic indicators. 3. Identify important differences between the accounting standards used in the country and International Financial Reporting Standards (IFRS), explaining the reasons for the differences. 4. Discuss any major issues or concerns these differences may cause for global investors and other stakeholders from their viewpoint. 5. Evaluate whether the country's current position and planned future changes are likely to enable full convergence with

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    ACFI3217 - Individual Assignment-1 - Guidance

    Uploaded by

    nashra jan
    78 views1 page
    This document provides guidance for an individual assignment requiring discussion of key themes related to accounting standards in a selected country. The assignment should: 1. Identify the nature of the accounting system used in the country and provide some historical context. 2. Explain the reasons for choosing the selected country and provide some economic indicators. 3. Identify important differences between the accounting standards used in the country and International Financial Reporting Standards (IFRS), explaining the reasons for the differences. 4. Discuss any major issues or concerns these differences may cause for global investors and other stakeholders from their viewpoint. 5. Evaluate whether the country's current position and planned future changes are likely to enable full convergence with

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    ACFI3217- Individual Assignment-1- Guidance

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    This document provides guidance for an individual assignment requiring discussion of key themes related to accounting standards in a selected country. The assignment should: 1. Identify the nature of the accounting system used in the country and provide some historical context. 2. Explain the reasons for choosing the selected country and provide some economic indicators. 3. Identify important differences between the accounting standards used in the country and International Financial Reporting Standards (IFRS), explaining the reasons for the differences. 4. Discuss any major issues or concerns these differences may cause for global investors and other stakeholders from their viewpoint. 5. Evaluate whether the country's current position and planned future changes are likely to enable full convergence with

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    78 views1 page

    ACFI3217 - Individual Assignment-1 - Guidance

    Uploaded by

    nashra jan
    This document provides guidance for an individual assignment requiring discussion of key themes related to accounting standards in a selected country. The assignment should: 1. Identify the nature of the accounting system used in the country and provide some historical context. 2. Explain the reasons for choosing the selected country and provide some economic indicators. 3. Identify important differences between the accounting standards used in the country and International Financial Reporting Standards (IFRS), explaining the reasons for the differences. 4. Discuss any major issues or concerns these differences may cause for global investors and other stakeholders from their viewpoint. 5. Evaluate whether the country's current position and planned future changes are likely to enable full convergence with

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 1

    ACFI3217

    Guidance for Individual Assignment-1


    Note:
    1. Your “essay” must show a coherent discussion in a good order.
    2. You may therefore aim to follow a good structure which should guide your reader.
    3. Your discussion should be informative, critical and is evidenced by a good use of literature
    4. Please make sure you adhere to these expectations whilst you work on your essay.

    Your task requires you to discuss the following “themes” (refer the assignment brief):
    A. Identification of accounting system i.e., nature of accounting system in the country
    B. Reason(s) for your choice of country to study
    C. Differences with IFRS i.e., any differences between the accounting standards/system used
    in the country under review and International Financial Reporting Standards (IFRS)
    D. Major issues for stakeholders, i.e., whether you believe these differences cause any major
    issues or concerns from the viewpoint of global investors or stakeholders
    E. Evaluation of convergence, i.e., whether the current position and any near future changes
    are likely to lead to issues regarding the country in achieving full convergence with IFRS.

    The following could be taken as guidance which forms the evaluation scheme:

    A. Identification of accounting system i.e., nature of accounting system in the country


     What type of accounting system prevails in the country?
     Why is the accounting system like this? i.e., some history?

    B. Reason(s) for your choice of country to study


     Some example (e.g., traditional, rudimental, modern, and one that may have been influenced
    by some events/agreements- political, trade, taxation, economic, etc.) that shows a stark or
    clear difference in the trend with the existing international regime of accounting;
     Some economic indicators (GDP, size of market, etc.) could also form part of the above;

    C. Differences with IFRS i.e., any differences between the accounting standards/system
    used in the country under review and International Financial Reporting Standards
    (IFRS)
     Identification of some important differences by the way in which some specific but important
    accounting is undertaken which is clearly different than the IFRS mandate in that respect.
    For example, accounting for (1) Goodwill; (2) Financial Instruments accounting such as
    hedge accounting, derivative accounting, (3) long-term biological assets, (4) pensions, (5)
    revenue recognition, (6) dividend payment, etc;
     The identified difference(s) must be able to explain in a clear manner the reason(s); as to
    why it is the case;

    D. Major issues for stakeholders, i.e., whether you believe these differences cause any
    major issues or concerns from the viewpoint of global investors or stakeholders
     Who are these stakeholders? Clear identification
     Which differences concerns them? Some reasons.

    E. Evaluation of convergence, i.e., whether the current position and any near future changes
    are likely to lead to issues regarding the country in achieving full convergence with IFRS.
     Based on the discussions, e.g., regulators and other important agencies in the country,
    how is convergence process taking shape.
     Any relevant and or latest news would be helpful here to demonstrate the politics or
    strategy initiated by the country; how and why?

    Please note that all the above points i.e., the discussion, must evidence a good use of research
    literature- i.e., journal articles, regulator discussions, policy discussions, strategic documents, stock
    market discussions, tax, media etc. Overall, it should show a good synthesis demonstrating a clear
    course of study.

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