(this is just pretend, most students are not currently working for an accounting firm, use your imagination to make up a name and letterhead for your accounting firm) explaining the issues and possible implications for clients. You are also required to draft a short letter to the firm’s clients who may be affected by the IFRS project.

Details of the assignment question:

This study period the IFRS project on which the assignment focuses is Conceptual Framework Project that underpins all of the principles of Financial Accounting. This assignment is about: Changes to the definition of a Liability.

Things to include in your memo:

• Compare and contrast the current and the proposed definitions of a The words in the existing and proposed definitions do not count in your word limit. The proposed definition of a liability can be obtained as follows (we want you to obtain it so that you learn how to access resources from the IFRS web site as this is a practical skill useful for accountants):
  1. Go to the IFRS web site ifrs.org
  2. Click on the “Standards development” tab
  3. Select “Work plan for IFRSs”
  4. Half way down the page under “Standard-setting and related projects” click on “Conceptual Framework”
  5. Under the objective of the Conceptual Framework click where is says “Read

More >”

6. Scroll down and click on the Exposure Draft.

• Outline and critically analyse the objections of preparers of financial statements to the proposed changes to the definition of Beginby:

1. Go to the IFRS web site ifrs.org
2. Click on the “Standards development” tab
3. Select “Work plan for IFRSs”
4. Half way down the page under “Standard-setting and related projects” click on “Conceptual Framework”
5. Next click on “Comment letter summaries”
6. Then “Agenda Paper 10E: Conceptual Framework: Feedback summary –

Elements of financial statements – Liabilities”

You may find it useful to refer to the proposed recognition criteria in the Exposure Draft when doing your critical analysis.

• Outline and critically analyse the section of one Comment Letter on their answer to “Question 3 – Definitions of elements” from the IASB about the proposed definition of a To do this:
  1. Go to the IFRS web site ifrs.org
  2. Click on the “Standards development” tab
  3. Select “Work plan for IFRSs”

4. Half way down the page under “Standard-setting and related projects” click on “Conceptual Framework”
5. Click on “Comment letters”. This may take a while to
6. Find a letter that discusses the proposed definition of a Liability under their answer to Question 3 from the Try to use a different Comment letter from anyone you know to minimise the risk of academic integrity issues. The assignments of students using the same Comment Letter will be closely checked for similarities.

7.   You must include the URL/internet link to the Comment Letter you use in square brackets [   ] in your memo and at the beginning of the assignment Template provided.

• Exercise judgement by explaining whether you agree with the proposed change to the definition of a Liability and

Things to include in your letter:

• The client is not interested in all of the technical arguments so don’t include them
• Explain the proposed change in the definition of
• Outline whether this is likely to significantly change what they record as Remember to consider the impact of the recognition criteria outlined in the Exposure Draft on this as well as the change in definition.
• End with a paragraph that summarises the letter and invites the clients to contact your firm if they wish to discuss the impact of the proposed changes on

When you are proud of what you have written, then you are ready to submit!

Resources:

• Exposure Draft (IASB 2015)
• Agenda Paper 10E: Conceptual Framework: Feedback summary – Elements of financial statements – Liabilities
• Comment Letters
• How to set out a business memo and a letter to a You can either use templates provided in Microsoft Word or you can find many examples on the Internet. Remember to reference any Internet site you use.
• Written communication skills: see earlier section for references and

Guidance:

• The memo to your colleagues in the accounting firm should be no more than about 600 to 700 words and should use technical language that accountants could reasonably be expected to The letter to the client should be about 300 to 400 words and in non-technical language and written specifically for their needs. The Course Outline suggests the assignment can be up to 1,000 words. There is no minimum word limit. Anything after 1,200 words will not be marked. The current and proposed definitions of Liabilities and the reference list are not included in the word count.
• There is a lot of material in the suggested resources to answer the The best approach is to read the information, think about it and then summarise it in your own words. If you simply list many of the points from the suggested resources you will be heavily penalized and fail this objective of the assignment. Your colleagues at the accounting firm have the same access as you to the IFRS site so simply copying lists from their papers is a waste or everyone’s time. A list of all the points in the IFRS

reviews would be beyond the understanding of the client. Succinctly summarising the main issues for the readers is of value and will be rewarded.

• Referencing is Remember that changing a few words does not make a quote a paraphrase or “in your own words”. It is still a quote and must have quotation marks ‘ ‘ around it and an in-text reference. If you do manage to summarise or paraphrase ideas from somewhere it does not need quotation marks but it must still have an in- text reference as it is not your idea. Copying and pasting is never okay. If you are not sure how to paraphrase please see: https://lo.unisa.edu.au/mod/book/view.php?id=252144
• Copying and pasting text into your assignment and then altering it gradually by replacing words, rearranging words, using the synonym function in Word to replace words is not paraphrasing and any sections of assignments deemed to have been created this way will receive no marks. This is not an appropriate method of writing and suggests that the writer is not capable of writing something original for themselves.

• As the memo and letter are to be in your own words it is not appropriate to have quotes of more than a line, and no more than a couple of Lack of writing in students’ own words will be heavily penalised as you need to develop this skill. Anyone can cut and paste, a professional can produce original work. As the markers will have read the original documents we have suggested as resources, copying from them would add no value and hence not be worth marks. What students can provide, that no-one else can, is their original writing of what they understand about the issue. That is worth marks.
• Note that it is intended that assignments in this course will be checked, using text comparison software, for instances of plagiarism or
• Seek help early and from appropriate sources, in particular the course Asking your friends, ‘seniors’ or other students for assistance with this assignment is not appropriate. You may seek assistance from the Learnonline Student Forum.
• Read the feedback rubric provided as this shows you the breakdown of the marks and any penalties that
• Make sure you plan well so that when you submit your assignment it is a piece of assessment on which you are very proud to have your