| Firms’ annual reports may (or may not) |
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Assignment Topic – the Conceptual Framework for Financial Reporting
The International Accounting Standards Board (IASB) has issued the revised Conceptual Framework
for Financial Reporting. It is suggested that this new framework will provide “a comprehensive set
of concepts for financial reporting” (IFRS® Conceptual Framework Project Summary, March 2018).
The textbook has outlined several limitations/criticisms on the previous Framework in pages 73-77;
and we also discussed the limitations in week 2 lecture.
Please point out at least one limitation that you think the revised Framework HAS addressed.
Explain in detail how the issue has been addressed.
If not fully addressed, give your advice on what else could be done to improve it.
Please point out at least one limitation that you think the revised Framework HAS NOT addressed.
Explain why you think the issue was not addressed by IASB when revising the Framework;
Do you think the issue is important (or should have been solved in the Framework)? If it is
important, give your advice on how to solve the issue and improve the Framework.
Find a Fiji firm’s annual report on the South Pacific Stock Exchange (SPSE) website and have a look
at the annual report.
Please discuss how the annual report would be (or would not be) influenced by the revised
Framework, and how the annual report should be further improved.
Link it to the limitations you discussed before if applicable.
You can find some materials on the revised Conceptual Framework from IFRS website:
standard/conceptual–framework–for–financial–reporting/#education
Requirements:
Maximum 1000 words.
Turnitin similarity percentage is not to exceed 15%.
DO NOT just copy and paste what IASB updated on the Framework from the IFRS®
Conceptual Framework Project Summary or any other internet resources.
It is all about how you build your argument, according to your understanding of the previous
Framework and whether the revised Framework achieved improvements. Back up all
criticism with clear examples.
have done more than what the Framework requires
please clearly state the annual report you refer to (e.g. firm, year and/or pages if applicable).
Use APA referencing system.
G r a d i n g
Your assignment will be graded according to the following marking rubric
MARKING RUBRIC FOR AF210 ASSIGNMENT SEMESTER 1- 2019
Title of Assessment: The Conceptual Framework for Financial Reporting
Levels of student autonomy involved in the assessment: Bounded Research (Level 2)
Performance Levels/ Grades/ Scores
Facet of
Element of Marking
No Evidence
Grades D and E
Grades C, C+, B
Grades B+, A, A+
Research
(0%)
(<50%)
(50-70%)
(71-100%)
Incomplete or
Complete but not fully Complete, accurate,
inaccurate
accurate,
comprehensive, and
comprehensive or
insightful/innovative
insightful
Embark and
Students state clearly what
No Statement.
Unclear statement on
Clear statement of
Clear statement of
Clarify
they want to achieve
what the student
what the student
what the student
(5 Marks)
including clear identification
wants to achieve.
wants to achieve.
wants to achieve, with
of the outline of the
clear outlining of the
submitted writing
rest of the submitted
document.
Find and
Clear explanations on
No explanation on
Little explanation on
Clear explanation on
Precise and rich
Generate
whether and how well the
how the previous
how the previous
how the previous
explanation on how
(20 Marks)
limitations are addressed by
Framework has been
Framework has been
Framework has been
the previous
the revised Framework.
improved, or how to
improved, or how to
improved, and how to
Framework has been
Provide clear advice with
further improve it.
further improve it.
further improve it.
improved, and how to
reasons on how the
further improve it.
Framework and Financial
Reporting can be further
improved.
| revised Framework on |
| revised Framework on revised Framework on |
| revised Framework on |
Evaluate and
Evaluating the depth and
No cited material.
One method of data
More than one
More than one
Reflect
breadth of data collection
collection and very
method of data
method of data
(5 Marks)
little reference to
collection with less
collection with more
relevant and recent
than 6 references to
than 3 reference to
accounting journals.
relevant and recent
written documents. In
accounting journals.
addition, a precise
(and very short)
discussion of relevancy
of data collection
method. *
Organize and
All parts of find and generate No structure.
Headings are not
Headings are
Content is well
Manage
are well structured with
related to content.
somewhat related to
structured with
(5 Marks)
short headings (you could
content, but there is
appropriate headings.
choose to, but not
no links between
Good connection and
necessarily, follow the
sections.
Coherence between
assignment question order.
sections.
Analyse and
Critically reflect on the
No critical reflection
Little critical reflection Clear critical reflection Rich critical reflection
Synthesis
impacts of the revised
on the impacts of the
on the impacts of the
on the impacts of the
on the impacts of the
(20 Marks)
Framework on Fiji firms and
how the annual report (incl.
a Fiji firm’s annual
a Fiji firm’s annual
a Fiji firm’s annual
a Fiji firm’s annual
financial reporting) can be
report or how can it be report or how can it be report and how can it
report and how can it
further improved in Fiji.
further improved.
further improved.
be further improved.
be further improved.
Communicate Good command of academic
Incoherent and
Arguments are
Clear articulation of
Ideas are clearly
and Apply
writing in English and
disregard to
somewhat clear but
ideas with use of
explained with
(5 Marks)
accounting language. Proper elementary English
disjointed; little
simple English;
interchange of
use of reference (APA style). language skills; no
references and/or not
reference citation is
accounting
reference
properly cited.
alright but not APA
terminologies with
format.
sophisticated
accounting language.
Links between ideas
are very clear. Proper
APA style referencing.
NOTE:
* Data collection methods includes interviews, document reviews, website analysis, Journal articles
Critical Reflection
This can include but not limited to the following:
1. Explain on what the limitations of the previous Conceptual Framework are.
2.
3.
4.
Discuss on whether or not/ the extent to which the revised Conceptual Framework has addressed the limitations.
Advise on how the Conceptual Framework and General Purpose Financial Reporting can be further improved.
Give your opinion on what are the implications of the revised Conceptual Framework on Fiji firms and how to improve Fiji firms’ annual reports.
5. Others?