Purpose:

This assignment aims at developing student’s ability to critically examine the usefulness of the

financial reporting regulations to Australian reporting entities, namely the relevance of Positive

Accounting Theory (PAT) and the adoption of IFRSs. Students are also required to research on another

country that has adopted IFRSs in the past 5 years. They will have to do research on relevant literature

and demonstrate understanding and critical evaluation of key issues of adopting IFRSs such as the

transitional issues, challenges and benefits, and recommend future directions to the national

accounting setting bodies.

Required Task: In the body of the assignment, students will have to critically discuss the following

issues:

1. The relevance of Positive Accounting Theory (PAT) for financial reporting. Use at least two

examples to illustrate your arguments from the relevant accounting literature.

2. Choose one country apart from Australia that has implemented IFRSs for a minimum of 5

years, and register the country with your lecturer. No group can choose the same country in

the same class.

Compare and contrast the implementation of IFRSs in Australia and the other country of your

choice, approved by your Lecturer. For each of the two countries, discuss the following:

i. reasons for the national accounting body adopting IFRSs and when it was adopted;

ii. transitional issues faced (within a year or two), with examples;

iii. what challenges were faced by reporting entities upon adopting IFRSs. (Do not discuss

transitional issues here). Include specific examples of accounting standard(s) and

discuss the issues that made them challenging/difficult to adopt, to support your

arguments;

iv. what were the benefits of adopting IFRSs by reporting entities;

v. the similarities and differences in the adoption of IFRSs faced by Australia and the

other country you have chosen. Include what factors had caused the differences you

found.

3. Based on your findings, do you think the adoption of IFRSs were successful in the two

countries? Explain your answer.

4. Provide two recommendations to the national accounting setting bodies (incl. AASB) on ways

to ensure the IFRSs continue to be relevant to users’ needs and to all sectors of the economy.

 

"Looking for a Similar Assignment? Get Expert Help at an Amazing Discount!"

Select a retailer or manufacturer of your choice and describe what the main elements of its situation analysis should comprise.

 

"Looking for a Similar Assignment? Get Expert Help at an Amazing Discount!"

1. a. Consider the following production function: Q = K⅔L⅓. Explain the specialcharacteristics of this production function. How is it different from a Linear production function? How is it different from a Leontief production function?(8 marks)

b. Assuming that the firm hires 10 units of capital and 20 units of labour, use the production function given in part a to compute the average and marginal products of labour. (8 marks)

c. Explain how the firm would use the marginal product of labour to determine the profit maximizing quantity of labour which the firm would hire.(4 marks)

 

 2. A firm produces the following units of output, Q, by hiring a fixed quantity of capital, K, and labour, L, as follows:

L: 8, 16, 24, 32, 40, 48, 56, 64, 72, 80

Q: 16, 36, 65, 97, 137, 177, 209. 233, 249, 257

a.      Determine the average and marginal products of labour. (6 marks)

a.      Provide rough graphs of the total product, average product and marginal product curves and explain why they behave in the way they do. Be sure to label your axes correctly. (4 marks)

c. Assuming that the cost of capital is $1,000 and labour costs $10.00 per hour, determine the total variable cost, average variable cost and the marginal cost of the firm for the output levels given above.

d. Provide rough graphs of the TVC, AVC and MC curves and compare their behaviour with the product curves in  part b. Be sure to label your axes correctly. (4 marks)

 

 3. Assume that a firm hires only labour and capital to produce bicycles

a. Explain the cost minimization rule for this firm and why this rule is logical…(8 marks)

b. Suppose that the firm hires 100 units of capital and 500 units of labour and that the MPl is 20 while MPk is 25. If a unit of labour costs $4.00 and a unit of capital costs $5.00, is the firm minimizing costs? Explain.

 

 

"Looking for a Similar Assignment? Get Expert Help at an Amazing Discount!"

What are the external reviews on Cyber security attacks on network with transition mechanisms especially on 4to6 and 6to4 with and without VPN?

 

"Looking for a Similar Assignment? Get Expert Help at an Amazing Discount!"