Discus Emerging Issues In Accounting

Discus Emerging Issues In Accounting
Historically, producing financial statements that users find useful has been a long-standing challenge around the world. To help meet this challenge the quality of the accounting standards that companies have to comply with has risen strongly since their introduction in the 1970’s. Despite this, there continues to be too many instances where published financial statements don’t help users get a reliable picture of what is happening in a business. A fair conclusion to reach from all this must be that finding the solution to this problem is not the responsibility of the accounting profession as it has done all it can reasonably do.
Critically evaluate this statement and reach a conclusion.
Introduction (Approx. 180 words)
Marks for an introduction are given under presentation and structure. A good introduction will draw the reader in.
Here are some ideas for how you might want to use an introduction
Discus Emerging Issues In Accounting
Opening statement: What subject(s) or theme(s) are you exploring?
Why is this subject interesting/ important? Why does it matter?
What are the objectives of your essay?
How will the rest of this essay be structured? Briefly set out each section, in chronological order.
Section 1 (Approx. 360 words) –1 or 2 references
Historically, producing financial statements that users find useful has been a long-standing challenge around the world. To help meet this challenge the quality of the accounting standards that companies have to comply with has risen strongly since their introduction in the 1970’s.
You will need to look over the material/reading/tutorials for units 4 and 5 and think about some of the key challenges that have been faced when producing financial statements
Key challenge
Discus Emerging Issues In Accounting
It is important not to spend too much of your word count on this as there is very little or no critical evaluation in this section. Most of the marks in this this section are from the content section and remember using your own words is key here.
Section 2 (Approx 540 words) – Minimum of 5 references
Despite this, there continues to be too many instances where published financial statements don’t help users get a reliable picture of what is happening in a business
Is it true that there are too many instances where published financial statements where published financial statements don’t help users get a reliable picture of what is happening in a business? You could use some annual reports for this section or look at some of the FRC/Parliamentary reports. You could also use some of the newspaper articles or use any documentary (CASE will help you with references any of these).
Company Examples
What reason could there be that people would say the financial statements did not give a reliable picture?
Do you agree or not? – you need to decide this based on evidence
Was there an issue with the financial reporting standards or were there/do there appear to be other reasons?
Discus Emerging Issues In Accounting
Section 2 will either conclude that there is a problem with financial reporting standards or it will conclude that there is not financial standards that are the issue
Section 3 (Approx 540 words) – Minimum of 5 references
A fair conclusion to reach from all this must be that finding the solution to this problem is not the responsibility of the accounting profession as it has done all it can reasonably do.
Are there still problems with Accounting standards? – this is a statement that you need to critically evaluate. You may have your own view on this – but it is important that you consider both views – this will give you a high mark for Breadth/Depth
Financial Reporting standards are fine as they are. Again – use your previous discussion from units 1 and 2
Yes – there is still an issue with Accounting standards – look at unit 8 to find resources to support this. You can also use your research from your discussion and units 1 and 2
Conclusion (Approx 180 words) – No new references
Specific marks will go for how you conclude in this essay
(A) Summarise the findings from your previous sections 1-3
For Example
· Section 1 – you might say that your research agrees that regulating financial statements has been a long standing challenge and point to your evidence that agrees with this
· Section 2 – from your research were there examples of company accounts not showing a true picture of the organisation? – Were the accounting profession responsible?
· Section 3 –the accountancy profession has done all it can do? – what are your key points to agree/disagree with this
(B) In my view……..
· What is the conclusion that you have reached? – Do you think the accountancy profession need to do more – if so – why? Or why not?

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