(Question and Answer): he Senior Partner of the firm you work for has appointed you to a new role. It is now your responsibility to review upcoming acc

he Senior Partner of the firm you work for has appointed you to a new role. It is now your responsibility to review upcoming accounting standards and provide a report to the partners on the proposed standard and the opinions of other industry players on the changes.

Firstly, you are required to find a current exposure draft or proposal for a new accounting standard which has been opened for public comments. (These can be found on the websites of most standard-setting organisations, such as the IASB, AASB and FASB. Hint: These websites can be quite difficult to navigate, so as a first step try typing “IASB exposure draft and comment letters”/”FASB exposure draft and comment letters” into Google or other search engine of your choice). Read a sample of the comments from a range of respondents. Select four respondents, ideally from different types of organisations for example, from accounting bodies, industry, companies or corporate bodies. If you are having a problem finding suitable comments letters then contact your subject coordinator.

Don't use plagiarized sources. Get Your Custom Essay on
(Question and Answer): he Senior Partner of the firm you work for has appointed you to a new role. It is now your responsibility to review upcoming acc
Get an essay WRITTEN FOR YOU, Plagiarism free, and by an EXPERT!
Order Essay

In your own words, supporting your evaluation with appropriate citations, appropriately referenced in APA 6 style, you are required to include the following information in the report.

An outline of the major issues covered in the exposure draft (what is the exposure draft introducing or changing?).

An assessment as to whether (or not) the behaviour of the regulator in introducing the exposure draft can be explained by public interest theory.

An outline of the views presented in the comments letters which highlights the areas of agreement and disagreement with the exposure draft.

An assessment as to whether the comments letters can be interpreted as being ‘for’ or ‘against’ which provides relevant examples.

An application of each of the theories of regulation (public interest, private interest and capture) to the comments letters and a justification as to which theory best explains the comments.

Please note: you need to attach the comment letters you selected for your report (there is no need to attach the exposure draft)

Academic Writing and Referencing – 6 marks

Content assessed: Accounting regulation, current financial reporting issues and topics(s) that your research is related to.
Key generic skills: Research, critical thinking and written communication.


This assessment is designed to test your ability to:

communicate your understanding of the topic areas; and

be able to critically evaluate selected current financial reporting and management accounting issues (SLO4).

Expert Answer


Exposure Draft selected – The International Accounting Standards Board (IASB) has published an exposure draft ‘Property, Plant and Equipment — Proceeds before Intended Use (Proposed amendments to IAS 16)’ on proceeds from selling items produced while bringing an asset into the location and condition necessary for it to be capable of operating in the manner intended by management. Comments are requested by 19 October 2017.

1. The major chnges proposed are – ED/2017/4 Property, Plant and Equipment — Proceeds before Intended Use (Proposed amendments to IAS 16) proposes to amend IAS 16 to prohibit deducting from the cost of an item of property, plant and equipment any proceeds from selling items produced while bringing that asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Instead, an entity would recognise the proceeds from selling such items, and the cost of producing those items, in profit or loss.

2. The changes proposed by the regulator is not to reduce the selling cost of items used to bring the product to its functioning way. The additional cost will reduce the profits. Apart from this the draft also requires the recognition of revenue. The draft addresses specific industries and provides a clarification towards recognition of value of assets during testing period for specific industries. It is debatable from the point of public interest theory.

3. Overview of letters – A general disagreement in the comment letters are for the amemdements in Pra 17(e). Also the letters agree for the more clarification over the definitions as specified in the exposure draft.

4. The letters in all cannot be determined as ‘for’ or ‘against’ the draft. Each selected letter has their own agreements and disagreement points. Also for seperate questions the comments are ‘for’ and ‘against’. The conclusion which can be drawn is that the comments suggest for more additions in the recommended proposals.

The letters selected are of :

1. Pisapati Sri Venkata Sumanth

2. Adam Harper, Director of Strategy & Professional Standards

3. Andreas Barckow, President, Deutsches Rechnungslegungs Standards Committee e.V. Accounting Standards Committee of Germany

4. Reshma Mahase, FCCA

Top Grade Homework
Order NOW For a 10% Discount!
Pages (550 words)
Approximate price: -

Why Work with Us

Top Quality and Well-Researched Papers

We always make sure that writers follow all your instructions precisely. You can choose your academic level: high school, college/university or professional, and we will assign a writer who has a respective degree.

Professional and Experienced Academic Writers

We have a team of professional writers with experience in academic and business writing. Many are native speakers and able to perform any task for which you need help.

Free Unlimited Revisions

If you think we missed something, send your order for a free revision. You have 10 days to submit the order for review after you have received the final document. You can do this yourself after logging into your personal account or by contacting our support.

Prompt Delivery and 100% Money-Back-Guarantee

All papers are always delivered on time. In case we need more time to master your paper, we may contact you regarding the deadline extension. In case you cannot provide us with more time, a 100% refund is guaranteed.

Original & Confidential

We use several writing tools checks to ensure that all documents you receive are free from plagiarism. Our editors carefully review all quotations in the text. We also promise maximum confidentiality in all of our services.

24/7 Customer Support

Our support agents are available 24 hours a day 7 days a week and committed to providing you with the best customer experience. Get in touch whenever you need any assistance.

Try it now!

Calculate the price of your order

Total price:

How it works?

Follow these simple steps to get your paper done

Place your order

Fill in the order form and provide all details of your assignment.

Proceed with the payment

Choose the payment system that suits you most.

Receive the final file

Once your paper is ready, we will email it to you.

Our Services

No need to work on your paper at night. Sleep tight, we will cover your back. We offer all kinds of writing services.


Essay Writing Service

No matter what kind of academic paper you need and how urgent you need it, you are welcome to choose your academic level and the type of your paper at an affordable price. We take care of all your paper needs and give a 24/7 customer care support system.


Admission Essays & Business Writing Help

An admission essay is an essay or other written statement by a candidate, often a potential student enrolling in a college, university, or graduate school. You can be rest assurred that through our service we will write the best admission essay for you.


Editing Support

Our academic writers and editors make the necessary changes to your paper so that it is polished. We also format your document by correctly quoting the sources and creating reference lists in the formats APA, Harvard, MLA, Chicago / Turabian.


Revision Support

If you think your paper could be improved, you can request a review. In this case, your paper will be checked by the writer or assigned to an editor. You can use this option as many times as you see fit. This is free because we want you to be completely satisfied with the service offered.

× Contact Live Agents