Assignment Brief:
Module Title: Financial Reporting 1
Assignment No/Title:Creative accounting, IFRSs for SMEs and
conceptual framework
Module Code: BM536
Assessment Weighting: 50%
BM536 Creative Accounting, IFRSs For SMEs And Conceptual Framework Assignment-Bucks New University UK.
This assignment is to be submitted electronically using Blackboard
1.This assignment must be submitted electronically by 2pm on the submission date
2.To submit electronically you must upload your work to the e-submission area within the respective module on blackboard. Click Submit> Browse (find the correct file to upload) Upload> Submit
3.Multiple drafts can be submitted up to the submission date.
4.Please remember you must leave at least 24 hours between submissions if you make changes to your work. Each submission will overwrite the previous one until the due date and time has passed.
5.You will receive a digital receipt as proof of submission. This will be sent to your Bucks e-mail address; please keep this for reference.
6.You are reminded of the University’s regulations on cheating and plagiarism. In submitting your assignment you are acknowledging that you have read and understood these regulations.
7.You are reminded that it is your responsibility to keep an electronic copy of your assignment for future reference.
Instructions to Students:
- Read through the assignment brief carefully taking note of key words.
- Produce both a cover page and a contents list. Ensure pages are numbered.
- Produce good paragraphs of Introduction and Conclusion.
- Use short sentences, avoiding jargon and verbosity.
- All research material should be referenced to their sources as failure to do so implies plagiarism.
- DO NOT COPY material from another student, as BOTH assignments will be disqualified.
- Do not exceed the number of words allowed: 2500 WORDS.
- Upload assignment onto Turnitin no later than the deadline:
BM536 Creative Accounting IFRSs For SMEs And Conceptual Framework Assignment-Bucks New University UK.
Please note:
Part of the skill set of an undergraduate is to communicate clearly and accurately to the given audience. It is important that you take this into consideration when constructing your assignment. You may request help from your tutors or the study support staff.
This assignment tests the following Learning Outcomes for the module:
On successful completion of the module, the student will be able to:
Creative accounting and preparation of financial statement
Discussing and application of the conceptual and regulatory frameworks for financial reporting purpose
Assignment task 1
Required
Describe common ways in which management can manipulate financial statements to indulge in ‘creative accounting’ and why they would wish to do so.
In addressing the above, you are expected to:
(i) Explain different definitions of ‘creative accounting’ from acceptable academic reference sources and trace the historical development of the term and practice of ‘creative accounting’
(ii) Discuss your views on whether ‘creative accounting’ is a healthy practice or not, by elaborating on its benefits and risks, with a concluding argument on whether ‘creative accounting’ should be banned by the accounting profession or not.
Assignment task 2
In some countries IFRSs are used as national Generally Accepted Accounting Practices (GAAP) for all companies including unlisted entities. It has been argued that the same IFRSs should be used by all entities or alternatively a different body of standards should apply to small and medium entities (SMEs).
Required
Discuss the need to develop a set of IFRSs specifically for SMEs, purpose of the existing standards and items included in IFRS for SMEs.
BM536 Creative Accounting IFRSs For SMEs And Conceptual Framework Assignment-Bucks New University UK.
Assignment task 3
The financial statements are predominantly prepared based on both international or national reporting standards and conceptual framework.
Briefly discuss the contents of the conceptual framework as issued by the International Accounting Standards board
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