Review literature explaining the contextual issues of implementing IFRS in emerging economies and in developed countries.

Debates on whether the converged International Financial Reporting Standards have resulted in harmonised international accounting practices across countries have been growing over the last ten years. Study based in emerging economies, such as China (He et al., 2012), Romania (Albu et al., 2014), India, Pakistan, and Bangladesh (Ali et al., 2006), South Pacific Island countries (Chand, 2005), United Arab Emeritus (Irvine, 2008), and Turkey (Misirlioglu et al., 2013), have consistently reported the challenge of effectively implementing IFRS in those countries due to country-specific contextual issues. Nobes (2015) also reported challenging issues in implanting IFRS in developed countries. Assignment questions 1. Prepare a report critically arguing why having a single set of accounting standards (i.e. IFRS) for a world-wise use is inherently problematic. 2. Review literature explaining the contextual issues of implementing IFRS in emerging economies and in developed countries. 3. Critique whether adoption and use of IFRS will lead to improved financial reporting quality.

Attachments:

Victoria University – Sydney

College of Business

Group research assignment

 

Assignment instructions

 

  • This assignment must be completed in a group of 2 – 3 members
  • Approximate length of assignment is 2500 words
  • This assignment will contribute 30% towards your final grade
  • Assignment must be submitted on or before Friday, 29th of May, 23.30 pm
  • Late submission will attract 5% (1.5 mark) per day (out of the weighted mark)
  • Extension request after at least two weeks before due date and/or without supporting document will not be considered.

 

 

Assignment background: Issues in Post-IFRS Convergence

 

Debates on whether the converged International Financial Reporting Standards have resulted in harmonised international accounting practices across countries have been growing over the last ten years. Study based in emerging economies, such as China (He et al., 2012), Romania (Albu et al., 2014), India, Pakistan, and Bangladesh (Ali et al., 2006), South Pacific Island countries (Chand, 2005), United Arab Emeritus (Irvine, 2008), and Turkey (Mısırlıoğlu et al., 2013), have consistently reported the challenge of effectively implementing IFRS in those countries due to country-specific contextual issues. Nobes (2015) also reported challenging issues in implanting IFRS in developed countries.

Assignment questions

  1. Prepare a report critically arguing why having a single set of accounting standards (i.e. IFRS) for a world-wise use is inherently problematic.

 

  1. Review literature explaining the contextual issues of implementing IFRS in emerging economies and in developed countries.

 

  1. Critique whether adoption and use of IFRS will lead to improved financial reporting quality.

 

Referencing and style

 

  • Assignment must be typed using Word document, with double alignment, and 1.5-lines space.
  • Assignment is required to use either an APA or Harvard referencing style (see VU library for Referencing Style guides https://www.vu.edu.au/library/access-borrowing/search-browse-resources/library-guides
  • Assignment without proper referencing (in text and end of text) will be subject to substantial deduction of marks. This may result in the assignment being marked zero.

 

Recommended readings for this assignment (You may use some of them if you believe appropriate)

Albu, C. t. l. N., N. Albu, and D. Alexander. 2014. When global accounting standards meet the local context? Insights from an emerging economy. Critical Perspectives on Accounting 25 (6):489-510.

Ali, M. J., K. Ahmed, and D. Henry. 2006. Harmonization of Accounting Measurement Practices in South Asia. Advances in International Accounting 19:25-58.

Chand, P. 2005. Impetus to the success of harmonization: the case of South Pacific Island nations. Critical Perspectives on Accounting 16 (3):209-226.

He, X., T. J. Wong, and D. Young. 2012. Challenges for Implementation of Fair Value Accounting in Emerging Markets: Evidence from China. Contemporary Accounting Research 29 (2):538-562.

Irvine, H. 2008. The global institutionalization of financial reporting: The case of the United Arab Emirates. Accounting Forum 32 (2):125-142.

Mısırlıoğlu, İ. U., J. Tucker, and O. Yükseltürk. 2013. Does Mandatory Adoption of IFRS Guarantee Compliance? The International Journal of Accounting 48 (3):327-363.

Nobes, C. 2015. IFRS Ten Years on: Has the IASB Imposed Extensive Use of Fair Value? Has the EU Learnt to Love IFRS? And Does the Use of Fair Value make IFRS Illegal in the EU? Accounting in Europe, 12 (2):153.

 

Preventing plagiarism

 

Plagiarism is defined as ‘The practice that involves use of another person’s intellectual output and presenting it (without appropriate acknowledgement) as one’s own’. Plagiarism is serious academic offence and therefore assignment found to be plagiarised will be dealt with accordingly.

 

Examples of plagiarism may include:

  • Word-for-word copying of sentences/paragraphs in an assignment without acknowledgement or with insufficient or improper acknowledgement;
  • Downloading essays or assignments from the web and presenting these for assessment;
  • Presenting another student’s work or research data as the student’s work;
  • Copying out parts of any text without acknowledging the source(s). This may be written text, structures within texts, diagrams, formulae, sound files, still photographs, audio-visual material (sound and image files), graphics/animations/multimedia objects, other computer-based material, mathematical proofs, art objects, products and others. This can be done as verbatim copying or paraphrasing.
  • The use of someone else’s concepts, experimental results, experimental conclusions or conclusions drawn from analysing evidence or arguments without acknowledging the originator of the idea(s) or conclusion(s).

 

 

Evidence of group work

You need to complete and submit the followings with your assignment in the appendix section of the assignment. The group member found not be have made a reasonable contribution in completing assignment will get less or zero mark.

Assignment Title

 

 

Group members and workload allocation
Student ID Family Name First/Given Name Allocated task Proposed progress timelines (e.g. first draft to be completed for group discussion by XX week; second draft  by xx; final draft …)
 
Group Meetings/Discussions/Communication
Face-to-face meetings  
Meeting already held by Week 5 Date Place Attendance Issues discussed
Planned Face-to face meetings before assignment submission in Week 11  

 

 

 

 

 

 

 

 

 

Virtual meetings/discussions Which of the following virtual communication tools that your group has used to facilitate your group discussion? Place X to the one that is suitable for your group (you can choose more than one option)
Online meetings  
Email exchange  
Telephone meetings  
Text messages  
Any identified issues?  

 

 

Signature

Student ID Family Name First/Given Name Signature Date (dd/mm/yy)
 

 

 

 

 

 

Assignment Marking Sheet

 

 

Student Names:                                                                     Student Nos:

 

Items Assessment Criteria Possible Marks Marks received
Introduction Use of well-articulated introduction covering (i) clearly outlined overview of the issue, (ii) the significant of issues, (iii) how you going to address the issues and (iv) what format you will follow (summary of structure)

 

5
Question 1 Demonstrate well developed understanding of the concept of the single set of standards (i.e. IFRS), it intended objective and problems facing its world-wide use.

 

25
Question 2 Demonstrates the ability to conduct literature review; understand and synthesise complex ideas; and demonstrates the ability to apply the literature to evaluate the issues in implementing IFRS in countries with different economies level such as emerging vs developed.

 

25
Question 3 Demonstrates the ability to develop persuasive arguments examining from different angles (i.e. positives and negatives)

 

25
Conclusion Well-articulated summarization of the whole document. Must include key information. Your conclusion should not have new information

 

5
Style and presentation and appropriate referencing Prepared and presented professionally by following all specified formatting and presentation requirement, use of proper grammar and language with minimum or no errors and appropriate citation and referencing of all relevant literature.

 

10
Evidence of group work Provide genuinely completed document showing the evidence that all member of the group has contributed approximately equally.

 

5
Total possible marks 100

 

Weighted marks 30