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Accounting Standards Board Treasury and the Australian Government

Accounting Standards Board Treasury and the Australian Government
Accounting Standards Board Treasury and the Australian Government

Assignment: Global Regulation

Scenario:

The year is 2020.† The US FASB and the London based IASB have agreed in principle to a full merger.† This merger will create the Global Accounting Standards Board (GASB) and will probably be based in New York.

As part of the merger, most of the accounting standards will be completely rewritten.† Proposed changes are far-reaching and extremely complex.† The FASB has demanded that wherever there is a GAAP/IFRS difference, GAAP interpretation should prevail. This will bring IFRS into line with the US standards that are congruent with Sarbanes Oxley and the Dodd Frank Act. The IASB is keen to unite and so has agreed. In return the US has agreed to include environmental performance measurements under the umbrella term of "integrated reporting".

The changes represent a significant amount of additional regulation; at least double the compliance costs compared to the current system.† Cost will be even higher in the first two years due to change over. About 40% of additional load is due to the new environmental performance measurement and auditing. The proposed environmental standards are mostly vague at this time. Further, some of the purely financial accounting changes are likely to negatively impact upon Australian firms and advantage large foreign firms.

Political environment:

The changes are politically controversial. †There are many calls for Australia to abandon international standards and replace them with new regulations designed specifically for the Australian environment.† This would mostly consist of reverting to pre 2005 Australian GAAP. †The Australian Industry Group is worried about compliance costs and uncertainty. Australian Shareholders Association doesnít believe the changes will provide any additional information.

Conversely CAANZ, CPA Australia and the big 4 accounting firms public support the move on the basis of increased global integration. †Many vocal environmental groups (including the Greens) support the environmental changes and interpret them very strictly.

UK Financial Reporting Council, Korean Accounting Standards Board, Financial Reporting and Assurance Standards Canada and the Accounting Standard Board of Japan are publicly committed to joining. Europe is split on the issue.† Russia, Brazil, Singapore, China, India, Turkey and South Africa are opposed and have promised to fork their own version of IFRS if the GASB goes ahead.

Board members of the AASB are as yet undecided as to what is the best course of action.

Requirements:

You work at the AASB as a Senior Business Analyst.† You have been asked to create a discussion paper on the role of international regulation.† This paper will be presented to members of the Board, Treasury and the Australian Government.† This discussion paper must address the following issues:

Audience:

Primary Audience:† The senior members of the AASB (internal) and public servants from Treasury, politicians of the Australian Government (external).

Secondary Audience: Publication on the AASB website which will be scrutinised by the business lobbies, the Australia accounting profession, and the general public at large.

You must remember that not all of your audience will be accounting or business professionals.

Format: A report structure.

Word Limit: 1500 - 3000 words.† Words are counted by raw word count using Microsoft Word.† The word count DOES include in-text references, titles, headings, dates, and abstracts. Word counts do not include the cover sheet, tables of contents, footnotes, endnotes and references in the reference list (bibliography) and other appendices.

Reference list and appendices

An appended reference list (bibliography) is mandatory.† While there is no minimum or maximum number of references, a paper that cites less than 6 references would usually be considered to be under researched.

Any appended material may add weight to your argument, but will not be directly graded.† The use of appendices is not mandatory.

Students MUST use the referencing style as set out by the Learning Commons.† There is no choice of systems available. More information can be found at

End Note is HIGHLY recommended.

Research

The quality of citations and reference works will impact upon your final grade.† A research session will be held in tutorial time.† Students are encouraged to use Google Scholar to research their assignment.

Grading rubrics

Assignments will be graded according to marking criteria attached.

Presentation

There are marks awarded for presentation.† Please see the grading rubric for further information and exact break down.

Disclaimer:

The hypothetical situation used in this assignment is set in the near future, and is an entire fabrication. †There is no such proposed full merger between the IASB and the FASB, and nor does the AASB have any such research.

This assignment is similar to this one

Accounting Standards Board Treasury and the Australian Government

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