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ACC/ACF3100 Advanced Financial Accounting
发布时间：2022-08-17
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ACC/ACF3100 Advanced Financial Accounting
Critical Analysis Semester 2 2022
Weighting: 10% (marked out of 20)
Due Date: Week 4 (Thursday 18 August 4.30 pm)
Word Limit: The critical analysis should be a maximum of 550 words (+/-
10%), should be in plain English suitable for non-accounting experts.
Issue to be investigated: the regulation of Australian companies’ financial reporting practices
On the 1st of June 2022, the Australian Securities and Investment Commission (ASIC) announced focus areas for 30 June 2022 financial statements. In this announcement, the ASIC highlighted the key areas it will focus on when undertaking its annual review of the financial reporting practices of Australian companies in accordance with Corporations Act 2001 (Cth). The ASIC announcement can be found here:
https://asic.gov.au/about-asic/news-centre/find-a-media-release/2022-releases/22- 124mr-asic-highlights-focus-areas-for-30-june-2022-reporting/
You have recently been appointed as a graduate accountant at a large Australian company. Due to your knowledge of the Australian accounting environment, you have been asked to write a critical analysis, for the CFO of your company, of the ASIC’s role in regulating compliance with the financial reporting requirements of the Corporations Act 2001 (Cth).
Your analysis of this specific case must be guided by: 
two theories commonly used to explain why regulation is introduced ; and 
your perspective on the need for financial reporting regulation in general and,
more specifically, the financial reporting requirements under the Corporations Act 2001.
Your analysis is required to provide new and useful insights into the issue beyond what is included in the Corporations Act 2001 (Cth) and the ASIC description provided above. Therefore, your description/summary of the key points addressed in the ASIC announcement, as well as generic descriptions of theories from the unit materials should be kept to a minimum.
Note: The Monash University guide on Critical thinking may be helpful. For example: 
Applying critical thinking does not mean being negative or focusing on faults. It
means being able to clarify your thinking so that you can break down a problem or a piece of information, interpret it and use that interpretation to arrive at an informed decision or judgement.
When a task requires you to ‘critically analyse’ information, you are expected
to do more than simply describe or summarise it. Analysis of information requires critical interpretation.
In practice, this means creating your own argument that communicates your
own conclusions based on your analytical questions and evaluation of arguments, evidence or methodologies. The argument synthesis process is your opportunity to demonstrate how rigorously you have considered the issue and how well you have synthesised your observations and conclusions.
Further information
*This assessment task must be completed individually.
*A word count must be included. Students exceeding the word limit by more than 10% will incur a mark penalty.
Assessment Criteria:
A rubric outlining the assessment criteria and how your work will be assessed against these criteria will be provided on Moodle. This will assist you in completing the assessment task and to see the allocation of marks.
Additional information:
Your critical analysis is to be submitted as a soft copy in the Critical Analysis
Submission Box in Moodle by the due date and time.
Please note that Turnitin will be enabled when submitting this assessment.
Please refer to the following link for further information:
https://guides.lib.monash.edu/turnitin/using-turnitin
You must keep an electronic copy for your records until the final results have
been published.
When submitting the assessment, there will be an automated declaration
process in Moodle. Therefore, there is no need to include a signed cover page.
Learning objectives assessed:
This assessment task is designed to test your achievement of learning outcome 1.
This assessment is also designed to develop valuable skills and attributes. The issue addressed is a contemporary issue in the accounting arena and one that you need to be aware of upon graduation. As future accountants, it is essential that you understand the regulations and regulatory bodies that govern Australian financial reporting practices.
It is also designed to enable you to demonstrate your written communication ability, a skill that is deemed by your future employers to be essential for graduates. In recent Graduate Outlook surveys, accounting and finance employers rated good communication skills as their number one priority when hiring graduates.
Justification for Selection of this Assessment Task:
In addition to the development of knowledge of a contemporary area that affects accounting, this task is also designed to develop the following generic skills:
Research skills
Judgement
Written communication skills, aimed at both accountants and non-accountants
Penalties for late lodgement: The University has a standard penalty for late submission. See the Marking and Feedback Procedure for more information.
