A critical evaluation

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Please check the attachment the required is second point which is

  • A critical evaluation, using relevant academic literature, of the motives behind the harmonising of accounting practices by these organisations. 500 words thats only whats required. Please check attachment

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BRADFORD UNIVERSITY SCHOOL OF MANAGEMENT INTERNATIONAL ACCOUNTING AFE6009A GROUP ASSIGNMENT 2016-17 1. General Information This group assignment constitutes 30% of the module mark. The word count which should be shown on the front of the assignment MUST NOT exceed 2,500 words, excluding appendices, bibliography contents and cover pages. Please note that you will be penalised for exceeding the word limit. The assignment is to be completed by groups of 4 - 6 people which should be self-selecting and established in the first week of the semester. Once selected, you should provide the participants’ names to the course administrator. If you are unable to get yourself in a group, the course administrator will arrange that for you. Once the groups have been established, no changes will be allowed. The hand in date for the assignment is: 15.00, Wednesday, March 8th 2. The Assignment “Several organisations have been involved in the efforts to harmonise accounting practices either regionally or internationally. The most important players in this effort were the European Union (regionally) and the International Accounting Standards Committee (IASC) (now IASB) (internationally). The International Organisation of Securities Commissions (IOSCO) and the International Federation of Accountants (IFAC) also contributed significantly to the harmonisation efforts at the international level.” Doupnik and Perera, 2009, page 72). REQUIRED: To carry out a critical evaluation, using relevant academic literature, of the work carried out by the EU and IASC/IASB to harmonise accounting practices. Among other things you consider relevant, your evaluation should include: • • • • A brief history of the two organisations (i.e. EU and IASC/IASB), and their objectives, in as far as they relate to accounting practices regionally and/or internationally, as necessary. A critical evaluation, using relevant academic literature, of the motives behind the harmonising of accounting practices by these organisations. The work they have carried out and the challenges they faced in working towards harmonising/converging accounting practices. This section should also show how IOSCO and IFAC have supported the harmonisation efforts of these two organisations. A critical evaluation, using relevant academic literature, of the achievements or successes of both EU and IASC/IASB in harmonising accounting practices. The Output • A single report of no longer than 2,500 words (excluding cover page, contents listing, bibliography and appendices, which should be modest). Please note that you will be penalised for exceeding the word limit. • The assignment report should be submitted by 15.00 on Wednesday, March 8th. • Individual Contributions: Brief details of each individual’s contribution towards the project (please use UB numbers to preserve the anonymity of marking). This should include attendance at meetings, data gathering etc., a diary and an indication of project planning and should be included at the front of the report together with the group’s decision on how the overall marks are to be split if this is to otherwise than equally. Marking Guide The learning outcomes assessed by this assignment are: • To demonstrate your understanding of the efforts of regional and international organisations in harmonising global accounting standards and reporting practices • Critically to evaluate and analyse the harmonisation programmes. • To search for, and use, relevant information, and to work as a team in producing a piece of work. The attached criteria grid will be used when assessing your work. Please note that this grid will be used in conjunction with the Bradford University School of Management’s ‘Assessed Coursework Feedback for Undergraduate Programmes’. With 2,500 words you do not have a lot of room for long introductions, so assume you are writing for a knowledgeable reader who has a good awareness of international accounting issues. A well-structured and logical report with a substantial amount of evaluation and analysis of the key works of the organisations (well supported by appropriate academic literature) will attract high marks – so avoid relying too heavily on descriptive sections. Sources of information include books, internet and journal articles. Useful journals include the British Accounting Review, Accounting and Business Research, Abacus, The International Journal of Accounting, Journal of International Financial Management and Accounting, Journal of International Accounting, Auditing and Taxation, Accounting Horizons, Journal of Accounting and Public Policy, European Accounting Review, International Journal of Accounting, Auditing and Performance evaluation, Contemporary Accounting Review, SSRN.com, etc. Please note that the use of internet sites such as Wikipedia, Investopedia, allbusiness.com, elook.org, etc should be avoided- they are not appropriately rigorous sources for a 3rd year International Accounting course. Plagiarism You should note that the University’s academic awards are given in recognition of an individual’s personal achievement. Therefore, be aware that plagiarism is an offence, and remember to reference your work as necessary! For more details, please refer to: www.brad.ac.uk/admin/acsec/assu/university_policy_on_plagiarism.html. Questions Any questions relating to this assignment MUST be posted on the Blackboard Discussion Board (Blackboard), where responses will also be posted. This should ensure that all groups have access to the same advice, and avoid situations where the same question(s) from different students/groups have to be answered several times.
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Harmonization of Accounting Practices
With a view of increasing accounting practices compatibility, there was a need for setting
bodies that would lay down bounds based on their extent of variation. The UK with a view of
practicing harmonization in their accounting practices, the EU and the IASB were given the
mandate of this task. The EU which is an economic and political union is inclusive of 28 states
located in Europe. Apart from regulating accounting practice, this body was tasked with ensuring
free movement of goods, capital, services and people within the internal market. It also enacted
legislation to the home affairs and justice systems to maintain trade policies.
On the other hand, the IASB which is an acronym for the International Accounting
Standards Board which was initially referred to as the International Accounting Standards
Committed was formed in 1973 (Mechelli). This was in a bid of developing International
Accounting Standards while promoting the application and the use of these standards. In light of
the above opening statements, this paper seeks to discuss the motive of these bodies to
harmonization of accounting practices. Conversely, the paper will tackle the obstacles in the
process of harmonization and efforts by other bodies such as IOSCO and IFAC.
The formulation of IASC before changing to IASB in 2001 was to combat the setback of
differing systems of accounting characteristic of the global system. This body carried out this
task by reducing standard options subsequently increasing comparability. Hence, companies
were supposed to enlist themselves with a member of the IOSCO (Camfferman and Zeff). This

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was done for recognizing the quality standards of IASC as body mandated with the task of
harmonization of accounting practices and for the regulation of the stock exchange by IOSCO
members (Beke). Conversely, the EU on its part in cooperation with the IASB; it required for all
the companies listed with the EU to comply with the standards of the IASB as promulgated in
the year 2005. This had the benefit of allowing investors to compare and understand accounts
from the member states of the EU.
As well it reduces capital costs for these companies while increasing marketing efficiency
subsequently boosting gro...


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