Various normative theories, measurement issues under IFRS and Conceptual framework high vocabulary no spelling mistakes use high academic language Assessment item 1 Task Content assessed: Various normative theories, measurement issues under IFRS and Conceptual framework Key generic skills: Research, critical thinking and written communication. Subject Learning Outcome for Question 1: be able to analyse the possible usefulness of alternative measurement systems to historical cost and apply theoretical knowledge to analyse and synthesize complex issues in the accounting practice. Question 1 - Report 10 marks ( 2000 words -excluding table of content and references) Measurement in financial reporting: the need for concepts, Write a critical comments report on the above article by focusing on the following points: Why has accounting measurement become an important issue in the recent debate in financial reporting? Provide a critical analysis on why is one of most challenging components (accounting measurements) of the conceptual framework being jointly developed by the FASB and the IASB. Compare and contract measurement choices, explain in your own words the impact of wrong choices of measurement for an organisation. Subject Learning Outcome for Question 2 : Be able to critically analyse established knowledge of be able to analyse the possible usefulness of alternative measurement systems to historical cost;be able to critically appraise the objectives of accounting and relate them to the various concepts of accounting discussed in earlier subjects; Question 2 - Report 5 marks ( 1000 words - excluding table of content and references) Explain the meaning of 'historical cost accounting,' 'modified historical cost.' 'current purchasing power accounting,' 'current cost accounting' and 'continuously contemporary accounting' in your own words. Consider the case of valuation of roads and highways. Provide your opinion in regard to the best measurement method to measure the value of roads and highways. Rationale This assignment is designed to assist you:* to gather and integrate knowledge in order for you to analyse and comment critically on application of accounting theories;* to develop your learning through the application of the concepts covered in topics 1 to 3. Marking criteria Assessment Item 1- Question 1: Criteria Unsatisfactory Satisfactory Pass Competent Credit Accomplished Distinction/ High Distinction Marks Identification of measurement issues in financial reporting The report demonstrates little or a lack of engagement with measurement issues in financial reporting An attempt has been made to identify, measurement issues on financial reporting however shows clear lack of relevance in some areas. Clearly identified measurement issues and an adequate discussion has been conducted Student has produced a comprehensive report on measurement issues in the current financial accounting environment. /2 Justification of movements away from historical to other choices of measurement in accounting standards? There is a lack of evidence and explanation as to why movements are taking place. The discussion addresses most of the issues raised in the task but lacks clarity and relevant discussion Most relevant factors identified with an adequate description of each The report is highly relevant clearly outlines the impact of these findings on measurement issues /2 Impact of measurement issues linked to accounting theory The report discussion fails to address most of the issues raised in the task and the discussion lacks clarity The report at times lacks relevance and/or some of the conclusions drawn are erroneous While some attempts have been made to discuss particle aspect of the measurement issues but lacks of clarity. Each criterion is applied with some critical evaluation of theory which applies to the measurement. Clear links have been managed and made between research and current accounting measurement issues. These links have been explained with clarity and have been correctly applied in the task /2 Critical Capacity: Whether the student has thoroughly evaluated measurement issues The argument/s presented does not support the topic. Little or no attempt has been made to link accounting measurement issue and impact to the discussion and /or the links made are incorrect. Discussion has been limited to create a general report with little or a lack of, evidence of independent critical thinking. The report outlines the major issues of measurement and provides a logical, adequate investigation and the impact of these findings. The report discussion clearly addresses the issues raised in the task and is highly relevant to the current debate in measurement. The report clearly outlines the major findings of the investigation and the impact of these findings to financial accounting reporting. /2 Academic Writing: Is the answer easy to follow and understand? A major improvement in the report is needed. There are many errors in grammar and punctuation which need correction. The report style is inappropriate, the report is not engaging and/or is not easy to read There are some errors in grammar and punctuation The report is not engagingand/or is not easy to read The report is professionally presented The majority of the grammar and punctuation is correct The report is professionally presented. All grammar and punctuation is correct. The report is written in a style appropriate for the client and is highly engaging and easy to read and All sections of the report have been included and correctly constructed /1 Student has used referencing system clearly and accurately. The APA system has not been to record cited sources in the report and/or Not all sources are cited and/or No List of references and/or There are serious errors in the construction of this list The APA referencing system has not been used to record cited sources in the report but have made some major errors in these citations. The APA referencing system has not been used clearly and accurately to record all cited sources in the report The APA referencing system has not been used clearly and accurately to record all cited sources in the report. /1 /10 Assessment Item 1 - Question 2: Criteria Unsatisfactory Satisfactory Pass Competent Credit Accomplished Distinction/ High Distinction Marks Identification of meaning of measurement concepts (HCA, CPPA, CCA and COCOA.) You have not identified and/or made an attempt to discuss important aspects of the measurement concepts Attempt has been made but lack of relevance and clarity in some areas. Clearly identified issues and adequate discussion has been conducted Student has produced a comprehensive report on the measurement concepts . /2 Identification measurement method for roads and highways. There is a lack of evidence on suitable measurement methods for roads and highways. The discussion addresses most of the issues raised in the task but lacks some clarity. Most relevant factors has been identified with an adequate description of each factor. The report is highly relevant to the queries and clearly outlines the major reasons for the selected measurement methods /1 Academic Writing: Is the answer easy to follow and understand? Major improvements In the report are needed. There are many errors in grammar and punctuation which need correction The report style is inappropriate, the report is not engaging and/or is not easy to read There are some errors in grammar and punctuation The report is not engagingand/or is not easy to read The report is professionally presented The majority of the grammar and punctuation is correct The report is professionally presented. All grammar and punctuation is correct. The report is written in a style appropriate for the client and is highly engaging and easy to read and All sections of the report have been included and correctly constructed /1 Student has used referencing system clearly and accurately. The APA system has not been used to record cited sources in the report and/or Not all sources are cited and/or No List of references and/or There are serious errors in the construction of this list The APA referencing system to record cited sources in the report but has made some major errorsin these citations. The APA referencing system has been used clearly and accurately to record all cited sources in the report The APA referencing system to clearly and accurately to record all cited sources in the report. /1 /5