The essay requires you to critically analyse the failure of Vocation Ltd, an Australian education and training provider in 2015. Drawing from the readings, textbooks and your own research as the basis of your arguments, you will write an essay outlining how might a better application of the third edition of ASX Corporate Governance Principles have possibly prevented the failure. In the essay, you must also apply accounting theory when making your arguments. The essay must follow the IDEALS framework and use EndNote for referencing using the APA 6th style. You must email a backup copy of the EndNote file used to develop the article to your Lecturer by the deadline. There is a strict 2,000-word limit on the essay including the reference list. Lecturers will stop marking any content in excess of 2,000 words and students will receive a 10% penalty from the final grade, e.g. 65% becomes 55%. Teacher's note: Enumerate options for the the failure reasons and the Analysis for Corporate governance. The real question from an accounting perspective is how did the intangibles get on the balance sheet in the first place? Simply from an accounting perspective, the asset is a debit, then what was the credit? Was it an income item? Were intangibles used to inflate income and under what accounting treatment was this allowed? In ABCs case, it was about valuing the fair value of contracts, similar to the malaise at Enron before it collapsed.