The objective of this assignment is to link your understanding of accounting theory and research to accounting practice. One way to tackle this task is to identify one of the more controversial accounting standards that you will be familiar with from previous financial accounting units or this unit. Once you have identified the standard, read the Deegan texts to find out about the background to the development of the standard. You will also find it useful to follow up on some key end of chapter references from the Deegan texts. Following this approach you will develop an understanding of the theoretical and research issues in accounting for the activity. You will then be able to see how these ideas from theory and research have influenced the current accounting standard. Research item Guidance 1. Significance of the issue Examples: Accounting issue e.g. accounting for goodwill, accounting for R&D, accounting for extractive industries, lease accounting, executive compensation, financial instruments, accounting for agriculture. 2. History of the developments of accounting thought Development of accounting thought related to your topic. Start with your textbooks and textbook references. What are the key theoretical issues? Have these changed over time? What have been the research outcomes? 3. How accounting thought developments have impacted standards and practice How have the key theoretical issues influenced accounting standards and accounting practice? 4. Conclusion Has the standard effectively addressed the ideas stemming from accounting theory and accounting research? You may want to link this to the conceptual framework. You may also consider how the consideration of economic and social consequences has had an impact on the development of a standard. 5. Reflection What are the key learning outcomes for me in completing this assignment? What skills have I acquired from completing this assignment? Has this assignment changed my view of accounting research and practice?