Describe in your own words the issues that the exposure draft/proposal and comments letters are deal

Question 1 - 10 marks (1,000 words)

Find a newspaper article or web page report of an item of accounting news, i.e. it refers to a current event, consideration, comment or decision that has been published after June 2016. Your article could also come from one of the professional journals. The article should not come from an academic journal. Academic journals generally do not contain news articles or articles of less than one page and are usually only published 2 or 4 times a year. If you are having a problem ensuring that your article is from an appropriate source contact your subject coordinator. Explain the article that you have found in your own words and clearly relate the concepts, ideas and facts within the article to one or more of the theories or topics that you have studied this session. For example, this from the Sydney Morning Herald in April could be linked to accounting regulation, ethics and measurement (and perhaps others). Provide a copy of the article or web page, with details of the source, date and page number with your question answer.

Question 2 - 10 marks (1,000 words)

Find a current exposure draft or proposal for a new accounting standard which has been opened for public comments. (These can be found on the websites of most standard-setting organizations, such as the IASB, AASB and FASB. Hint: These websites can be quite difficult to navigate, so as a first step try typing “IASB exposure draft and comment letters”/”FASB exposure draft and comment letters” into Google or other search engine of your choice). Read a sample of the comments from a range of respondents. Select four respondents, for example, from accounting bodies, industry, companies or corporate bodies. If you are having a problem finding suitable comments letters then contact your subject coordinator.

Include copies of the comments letters you wish to discuss and complete the following tasks: a) Describe in your own words the issues that the exposure draft/proposal and comments letters are dealing with.

b) Is there agreement among the various groups? Describe the issues where there is agreement/disagreement and provide examples.

c) In your opinion, which of the three theories of regulation (e.g., public interest, private interest or capture theory) best explains the comment letters? Justify your answer