ASSESSMENT BRIEFSubject Code and Title ACCT6007 Financial Accounting Theory and PracticeAssessment Critical AnalysisIndividual/Group IndividualLength 1500 words +/10%Learning Outcomes 1. Identify the underlying social and corporate imperatives that underlie the accounting conceptual framework.2. Identify the key players in Australian financial reporting regulation and articulate the relationship between International Financial Reporting Standards (IFRSs) and Australian Accounting Standards (AASs).

ASSESSMENT BRIEF
Subject Code and Title ACCT6007 Financial Accounting Theory and Practice
Assessment Critical Analysis
Individual/Group Individual
Length 1500 words +/- 10%
Learning Outcomes 1. Identify the underlying social and corporate imperatives that underlie the accounting conceptual framework.
2. Identify the key players in Australian financial reporting regulation and articulate the relationship between International Financial Reporting Standards (IFRSs) and Australian Accounting Standards (AASs).
3. Explain the relationship between accounting theory, the accounting conceptual framework and accounting standards.
4. Work individually and in groups to identify and apply appropriate accounting standards to a range of authentic accounting scenarios.
Submission Week 9 Sunday midnight (AEST)
Weighting 20%
Total Marks 50 marks
Context:
This assignment develops research and critical thinking abilities. It is a critical analysis/review of an academic article.
Instructions:
Download and critically analyse academic article written by Antonio Marra.
Marra, A. (2016), The Pros and Cons of Fair Value Accounting in a Globalized Economy: A
Never Ending Debate. Vol 31 No. 4, pp 582 – 591, Database: Business Source Ultimate
Acct6007_Assignment Brief Critical Analysis Page 1 of 5 You may use an essay format or any other acceptable academic format for critical review. APA referencing style guide is required.
Use minimum 10 academic references.
Answer the following questions during your analysis.
1) Explain and explore Pros and Cons of Fair Value (FV) accounting after conducting literature review on the topic.
2) What does the author mean by the statement? ‘the estimation follows a three-tier process, with a strict preference for market-based measures’ p586. Explain the three – tier process in detail.
3) What qualitative characteristic/s of financial information is considered in using FV method in financial reporting? FV measurement is most applicable to what element of financial statements (i.e. Asset, Liability, Owners Equity, Revenue and Expense), and to what aspect of that element?
Academic skills resources: Analysing the Brief, Essay Writing, and Critical Thinking
These resources can be downloaded from LASU – Learning and Academic Skills Unit on Blackboard following the link:
https://laureateau.blackboard.com/webapps/blackboard/content/listContent.jsp?course_id=_20163_1&content_id =_2498849_1
Acct6007_Assignment Brief Critical Analysis Page 2 of 5
Learning Rubrics
Assessment Attributes Fail (Unacceptable) 0%-49% Pass
(Functional)
50%- 64% Credit
(Proficient)
65%-74% Distinction
(Advanced)
75%-84% High Distinction
(Exceptional)
85% – 100%
Grade Description (Grading Scheme)
Evidence of unsatisfactory achievement of one or more of the learning
objectives of the course, insufficient
understanding of the course content and/or unsatisfactory level of skill development. Evidence of satisfactory achievement of course
learning objectives, the development of
relevant skills to a
competent level, and adequate
interpretation and critical analysis skills. Evidence of a good level of understanding, knowledge and skill development in relation to the content of the course or work of a superior quality on the majority of the learning objectives of the course.
Demonstration of a high level of interpretation and critical analysis skills. Evidence of a high level of
achievement of the
learning objectives of the course
demonstrated in such areas as
interpretation and critical analysis,
logical argument, use of
methodology and communication
skills. Evidence of an exceptional level of achievement of learning objectives across the entire content of the course demonstrated in such areas as interpretation and critical analysis, logical argument, creativity,
originality, use of
methodology and communication skills.
Pros & Cons of Fair
Value Accounting
40 Does not meet minimum standard
Demonstrates no awareness of content and/or purpose of the assignment.
Meets minimum standard
Demonstrates limited awareness of content and/or purpose of the assignment
Moves beyond
minimum standard
Demonstrates consistent awareness of content and/or purpose of the assignment.
Exceeds minimum
standard
Demonstrates an advanced and integrated understanding of content and/or purpose of the assignment.
Exceeds minimum standard and exhibits
high levels of
independence
Consistently demonstrates a systematic and critical understanding of content and purpose of the assignment.
Three-tier hierarchy
20 Limited understanding of required
concepts and knowledge
Key components of the assignment are not addressed.
Knowledge or understanding of the field or discipline.
Resembles a recall or summary of key ideas.
Often conflates/confuses assertion of personal opinion with information substantiated by evidence from the research/course materials.
Thorough knowledge or understanding of the field or discipline/s. Supports personal opinion and information substantiated by evidence from the research/course materials.
Demonstrates a capacity to explain and apply relevant concepts.
Highly developed understanding of the field or discipline/s.
Discriminates between assertion of personal opinion and information substantiated by robust evidence from the research/course materials and extended reading.
Well demonstrated capacity to explain and apply relevant concepts. A sophisticated understanding of the field or discipline/s.
Systematically and critically discriminates between assertion of personal opinion and information substantiated by robust evidence from the research/course materials and extended reading.
Mastery of concepts
and application to new
situations/further learning.
What Qualitative
Characteristics and
Elements of Financial Statement is considered in FV method
20 Specific position (perspective or argument) fails to take into account the complexities of the issue(s) or scope of the assignment.
Makes assertions that are not justified.
Specific position (perspective or argument) begins to take into account the issue(s) or scope of the assignment.
Justifies any conclusions reached with arguments not merely assertion. Specific position (perspective or argument) takes into account the complexities of the issue(s) or scope of the assignment. Others’ points of view are acknowledged.
Justifies any conclusions reached with well-formed Specific position (perspective or argument) is expertly presented and accurately takes into account the complexities of the issue(s) and scope of the assignment. Justifies any conclusions reached with well- Specific position (perspective or argument) is presented expertly, authoritatively and imaginatively, accurately taking into account the complexities of the issue(s) and scope of the assignment. Limits of position are acknowledged.
arguments not merely assertion. developed arguments.
Justifies any conclusions reached with sophisticated arguments.
Use of academic and discipline conventions and sources of evidence.
Grammar, spelling and referencing
20 Poorly written with errors in spelling, grammar.
Demonstrates inconsistent use of good quality, credible and relevant research sources to support and develop ideas.
There are mistakes in using the APA style.
Is written according to academic genre (e.g. with introduction, conclusion or summary) and has
accurate spelling, grammar, sentence and paragraph construction.
Demonstrates consistent use of credible and relevant research sources to support and develop ideas, but these are not always explicit or well developed.
There are no mistakes in using the APA style. Is well-written and adheres to the academic genre (e.g. with introduction, conclusion or summary).
Demonstrates consistent use of high quality, credible and relevant research sources to support and develop ideas.
There are no mistakes in using the APA style.
Is very well-written and adheres to the
academic genre.
Consistently demonstrates expert use of good quality, credible and relevant research sources to support and develop appropriate arguments and statements. Shows evidence of reading beyond the key reading
There are no mistakes in using the APA style. Expertly written and adheres to the academic genre.
Demonstrates expert use of high-quality, credible and relevant research sources to support and develop arguments and position statements. Shows extensive evidence of reading beyond the key reading
There are no mistakes in using the APA Style.

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