Positive Accounting Theory Assignment | Top Universities

Purpose:
This assignment aims at developing a 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
a 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. Get Accounting Homework Help Today.