LO4: Appraise and explain how regulatory frameworks exist to aid the preparation and understanding of financial statements and annual reports

ACC5001 Financial Accounting and Reporting 2022/23

Assessment Number 1:         Essay (30%)

Assessment Title:                   Accounting Standards / Accounting Framework

Assessment Length:               2,500 words

Submission Deadline:           

Learning Outcomes

Assessment

LO3: Demonstrate why accounting regulations are needed, outline the history of accounting regulation and the affect accounting regulations have on the content of financial statements.

 2,500 words essay

LO4: Appraise and explain how regulatory frameworks exist to aid the preparation and understanding of financial statements and annual reports

 2,500 words essay

Assignment Brief:

The widespread adoption of International Financial Reporting Standards (IFRS) around the world has opened many studies analysing different views on mandatory or voluntary IFRS adoption. In order to achieve the expected benefits of IFRS adoption, with regard to enhanced comparability and transparency of financial reporting, the adoption of IFRS should result in the improvement of accounting quality. However, even though more than 140 countries adopt IFRS in some forms, its impact on the quality of accounting information remains inconsistent.

Required:

Appraise and explain the impact of the transition from UK GAAP standards to IFRS on accounting quality.

You are required to write a 2500-word essay evaluating the impact of the transition from national accounting standards to IFRS followed by a brief reflective summary.

Required for submission.

Assignments must be type-written and submitted using Turnitin (via Moodle) in two WORD files.

Provide full Harvard references (in-text citations and a references list) for secondary sources using the format suggested by the University of Bolton Harvard Referencing Guidelines. No hard copy is required. Your work will be assessed, and feedback provided using the grading criteria set for HE5.

Level HE5 - It is expected that the Reference List will contain between ten and fifteen sources. As a MINIMUM the Reference List should include two refereed academic journals and four academic books

Sources of secondary literature

Most assignments will require you to make use of secondary literature sources. These sources may be available in paper and/or electronic form. The literature sources that you will be expected to refer to when completing your assignments include:

Refereed academic journals – articles in such publications are evaluated by academic peers prior to publication to assess their quality and suitability.

Other academic journals – such publications normally have an editor and/or editorial board to select articles. The relevance and usefulness of such journals vary considerably.

Professional journals – articles included in such publications are often of a practical nature and more closely aligned to professional (practitioner) needs than those in academic journals.

Books – may be aimed at the academic market or at practising professionals. It is likely that those with an academic slant will be of most relevance to you.

Newspapers – a good source of topical events and developments.

ALL LITERATURE SOURCES THAT YOU REFER TO IN THE BODY OF YOUR ASSIGNMENT MUST BE INCLUDED IN A REFERENCES LIST WHICH SHOULD APPEAR AT THE END OF YOUR ASSIGNMENT.

Specific Assessment Criteria:

First class (70% and above):

This piece of work shows evidence of wider research with reference to a number of different academic viewpoints. The essay has recognised relevantly and discussed in detail, all the required factors which affect UK GAAP and IFRS.  Several reasoned and logical arguments have been developed well and supported by a wide range of appropriately researched literature. Reference to two or more academic models is clear, relevant and informative. The presentation is of a high standard and in the appropriate essay style.

Extensive research demonstrating the use of a wide range of current secondary research sources will be evident. Academic style and referencing will be excellent. 

Second class (50-69%):

A clear and informative piece of work with evidence of wider research and discussion. The essay has correctly recognised and discussed, all the required factors which affect UK GAAP and IFRS.  Some reasoned arguments have been developed and supported by a good number of sources.  The reference to two academic models is clear.  Presentation is of a good standard, in the appropriate essay style.  A good number of appropriate sources have been referenced well, with most complying with the Harvard style. Research demonstrating the use of a wide range of current secondary research sources will be evident. Academic style and referencing will be good. 

Third class (40-49%):

A reasonable attempt has been made at researching the essay but greater in-depth discussion and academic debate are required.  The essay has recognised the factors which affect UK GAAP and IFRS, however mostly the discussion is superficial and lacking in any depth.  Reference to two academic models has been attempted. The presentation of the essay is limited. Research demonstrating the use of a range of current secondary research sources will be evident. Academic style and referencing will be fair. 

Fail (39% and below):

Students who do not meet the requirements of a third-class grade will not successfully complete the assessment activity.

Submission Instructions:

See Section 12 of the module guide (Guidelines for the Preparation and Submission of Written Assessments), which will give you details on how to submit your work electronically.  You are required to submit only electronic copies of your written assessments unless your Module Tutor advises you otherwise.

Advice:

  • Do not cut and paste phrases or paragraphs from published sources. You should seek to use your own words to explain concepts and theory.
  • If you wish to refer to specific quotes from published sources then you must use the full Harvard presentation. See LEAP online for further guidance.
  • Do not share your work with other students.

ASSIGNMENT MARKING GUIDE

Marks are awarded for the structure and presentation of the report as well as for the extent of depth of analysis/evaluation and formation of a conclusion.

 

Answer is expected to include:

 

 

%

 

Summary of IFRS adoption around the world

 

 

15

 

Examination of accounting quality measurements

 

 

20

 

Evaluation of the impact of IFRS adoptions on accounting quality.

 

 

40

 

Formation of a logical conclusion

 

 

10

 

Structure / presentation/ references.

 

 

10

Reflective Summary

5

GENERAL ASSESSMENT GUIDELINES – LEVEL HE5

 

Relevance

Learning outcomes must be met for an overall pass

Knowledge and Understanding

Analysis, Creativity and Problem-Solving

Self-awareness and Reflection

Research/

Referencing

Written English

Presentation and Structure

 

Class I
(Exceptional Quality)

85% - 100%

Work is directly relevant and expertly addresses the requirements of the brief.

 

Learning outcomes are met.

Demonstrates an exceptional breadth and depth of knowledge and understanding of theory and practice beyond the threshold expectation for the level.

 

Demonstrates sophisticated conceptual understanding of specialised areas.

Presents a perceptive synthesis and critical evaluation of findings’ drawing on a broad range of relevant sources in order to draw clear, systematic, justified conclusions.

Provides a critical insight and interprets complex matters and ideas comprehensively.

Demonstrates creative flair and a high level of originality.

Demonstrates exceptional problem- solving skills and initiative.

Provides insightful reflection and critical self-awareness in relation to the outcomes of own work and personal responsibility.

A wide range of contemporary and relevant reference sources selected and drawn upon.

 

Sources cited accurately in both the body of text and in the Reference List/ Bibliography.

 

Writing style is clear and appropriate to the requirements of the assessment. An exceptionally well written answer with competent spelling, grammar and punctuation. For example, paragraphs are well structured and include linking and signposting. Sentences are complete and different types are used.

A wide range of appropriate vocabulary is used.

The presentational style and layout are correct for the type of assignment.

Evidence of planning and logically structured.

Where relevant, effective inclusion of, and reference to, figures, tables and images.

Class I
(Excellent Quality)

70% - 84%

Work is relevant and comprehensively addresses the requirements of the brief.

 

Learning outcomes are met.

Demonstrates an excellent breadth and depth of knowledge and understanding of theory and practice for this level.

 

Demonstrates in-depth understanding of key areas in different contexts.

Presents an excellent appraisal of findings through the critical analysis of information sources.

Draws clear, systematic, justified and perceptive conclusions.

Demonstrates creative flair, a high level of originality and initiative.

Demonstrates a critical understanding of problem-solving approaches and applies excellent problem-solving skills.

Provides excellent reflection and self-awareness in relation to the outcomes of own work and personal responsibility.

A wide range of relevant reference sources selected and drawn upon.

 

Sources cited accurately in both the body of text and in the Reference List/ Bibliography.

Writing style is clear and appropriate to the requirements of the assessment. An excellently well written answer with competent, spelling, grammar and punctuation. For example, paragraphs are well structured and include linking and signposting. Sentences are complete and different types are used.

A wide range of appropriate vocabulary is used.

The presentational style and layout are correct for the type of assignment.

Evidence of planning and logically structured

Where relevant, effective inclusion of, and reference to, figures, tables and images.

Class II/i
(Very Good Quality)

60% - 69%

Work is relevant and addresses most of the requirements of the brief.

 

Learning outcomes are met.

Demonstrates a thorough breadth and depth of knowledge and understanding of theory and practice for this level.

Demonstrates very good understanding of key areas in different contexts.

Presents a perceptive appraisal of findings through the critical analysis of information.

Draws clear, justified and thoughtful conclusions.

Demonstrates a very good level of creativity and originality.

Demonstrates a critical understanding of problem-solving approaches and applies strong problem-solving skills.

Provides very good reflection and self-awareness in relation to the outcomes of own work and personal responsibility, as required by the assessment.

A range of appropriate reference sources selected and drawn upon.

 

Sources cited accurately in the main both the body of text and in the Reference List/Bibliography.

Writing style is clear and appropriate to the requirements of the assessment. A very well written answer with competent spelling, grammar and punctuation. For example, paragraphs are well structured and include linking and signposting. Sentences are complete and different types are used.

A range of appropriate vocabulary is used.

The presentational style and layout are correct for the type of assignment.

Evidence of planning and logically structured in the main.

Where relevant, effective inclusion of, and reference to, figures, tables and images.

 

 

 

Relevance

Learning outcomes must be met for an overall pass

Knowledge and Understanding

Analysis, Creativity and Problem-Solving

Self-awareness and Reflection

Research/

Referencing

Written English

Presentation and Structure

 

Class II/ii
(Good Quality)

50% - 59%

Work addresses key requirements of the brief. Some irrelevant content.

 

Learning outcomes are met.

Demonstrates a sound breadth and depth of knowledge and understanding of theory and practice for this level.

Demonstrates sound understanding of key areas in different contexts.

Presents a logical

appraisal of findings through the critical analysis of information.

 Draws clear and justified conclusions.

Demonstrates creativity and originality.

Demonstrates a critical understanding of problem-solving approaches and applies effective problem-solving skills.

Provides valid reflection and self-awareness in relation to the outcomes of own work and personal responsibility, as required by the assessment.

Relevant reference sources selected and drawn upon.

 

Most sources accurately cited both the body of text and in the Reference List/Bibliography.

Writing style is mostly appropriate to the requirements of the assessment Grammar, spelling and punctuation are generally competent and minor lapses do not pose difficulty for the reader.

Paragraphs are structured and include some linking and signposting. Sentences are complete.

A range of appropriate vocabulary is used.

The presentational style and layout are correct for the type of assignment.

Logically structured in the most part.

Inclusion of figures, tables and images but not all relevant or referred to.

Class III
(Satisfactory Quality)

40% - 49%

Work addresses the requirements of the brief, although superficially in places. Some irrelevant content.

 

Learning outcomes are met.

Demonstrates a sufficient breadth and depth of knowledge and understanding of theory and practice for this level.

 

Demonstrates understanding of a range of key areas in different contexts.

Presents valid appraisal of findings in parts following a critical appraisal of information.

Interprets a number of matters and ideas but with some descriptive passages evident which lack clear purpose.

Demonstrates creativity and originality in places.

Demonstrates a critical understanding of problem-solving approaches and applies sufficient problem- solving skills.

Provides some reflection and self-awareness in relation to the outcomes of own work and personal responsibility, as required by the assessment.

Some relevant reference sources selected and drawn upon.

 

Some weaknesses in referencing technique.

Writing style is occasionally not appropriate for the assessment.

Grammar, spelling and punctuation are generally competent, but may pose minor difficulties for the reader. Some paragraphs may lack structure, and there is limited linking and signposting.

Some appropriate vocabulary is used

The presentational style and layout are largely correct for the type of assignment.

Adequately structured.

Inclusion of some figures, tables and images but not all clear, relevant and/or referred to.

Borderline

Fail
35% - 39%

Work addresses some of the requirements of the brief. Irrelevant and superficial content.

 

One or more learning outcomes have not been met.

Demonstrates a lack of knowledge and understanding of theory and practice for this level. Demonstrates insufficient understanding of a range of areas in different contexts.

Presents a descriptive overview of findings following some analysis of information.

Some passages lack clear purpose.

Demonstrates scant creativity or originality.

Demonstrates a lack of critical understanding of problem-solving approaches and insufficient problem- solving skills.

Provides limited reflection and self-awareness in relation to the outcomes of own work and personal responsibility, when required.

Sources selected are limited and/or lack relevance.

 

Poor referencing technique employed. 

Writing style is unclear and does not match the requirements of the assessment in question.

Deficiencies in spelling, grammar and punctuation makes reading difficult and arguments unclear in places. Paragraphs are poorly structured.

For the type of assignment the presentational style, layout and/or structure are lacking.

Inclusion of figures, tables and images but not clear, relevant and/or referred to.

Fail

<34%

Work does not address the requirements of the brief. Irrelevant and superficial content.

 

One or more learning outcomes have not been met.

Demonstrates inadequate knowledge and understanding of theory and practice for this level.

 

Demonstrates insufficient understanding of relevant areas.

Presents a descriptive overview of findings with little consideration of the quality of information drawn upon.

Demonstrates little or no creativity.

Demonstrates a lack of understanding of problem-solving approaches and limited problem- solving skills.

 

Provides inadequate reflection and self-awareness in relation to the outcomes of own work and personal responsibility, when required.

An absence of academic and relevant sources selected and drawn upon.

 

Poor referencing technique employed.

Writing style is unclear and does not match the requirements of the assessment in question.

Deficiencies in spelling, grammar and punctuation makes reading difficult and arguments unclear. Unstructured paragraphs.

For the type of assignment the presentational style, layout and/or structure are lacking.

 

Inclusion of figures, tables and images but not clear, relevant and/or referred to.

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