ACC3116: International Standards Helping Financial Reporting – Accounting and Society Assignment Help

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Subject Code: ACC3116
Accounting and Society Assignment Help
TASK:
You are strongly urged to complete this assessment yourself to receive clear feedback about your level of understanding of the course material. You will find information regarding plagiarism and academic misconduct, such as collusion and cheating in the course specification and on the USQ website.
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Accounting Assignment
Section A
(a) Read the article “10 years on, are international standards helping financial reporting?”
In 350 words or less, summarise the article citing the evidence for whether or not IFRS has delivered on its promise of improving financial reporting. What are some of the conditions which could create a more efficient financial reporting system?
(b) Read the article, “Are financial statements still useful?”
In 350 words or less, summarise the two alternative views given on the usefulness of financial statements based on research in the US and in Australia. Explain the two reasons given for the difference between the two countries. What are two pieces of advice given to investors with regard to assessing the financial statements of a company?
(c) Read the article “The push to improve communication in financial reporting”
The IASB is intent on improving the communication value of financial statements. What are at least three of the current problems and what strategies are the IASB adopting to address these weaknesses? Choose one issue and say why you think it is important and whether you believe the strategies suggested will be effective. Give your reasons for your opinion.
Section B
Read the following articles and answer the questions asked.
Banking Royal Commission Final Report Summary
1. Banking royal commission final report Executive Summary by James Thomson updated on 4 Feb 2019
2. NAB Announces Executive Changes 16 Sep. 2018
3. NAB CEO Andrew Thorburn and chair Ken Henry resign in the wake of banking royal commission (PDF)
by Stephanie Chalmers, Stephen Letts and staff on 8 Feb 2019
Requirements:
(a) What is a social contract? Is there a social contract between the banks and the community? If so, what are the explicit and implied terms of the contract? Explain.
(b) Name the various stakeholder groups involved and explain their roles, motivations, and benefits obtained, if any in this case study.
(c) What is meant by organisational legitimacy? Whose legitimacy had been negatively impacted in this case study and what had led to that? What strategies have NAB promised to regain organisational legitimacy? What have they have done? Refer to relevant theories, and give appropriate examples from the case.
(d) Are there other strategies that you can suggest to improve organisational legitimacy? Support your answers with reasons.
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