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BUACC2606 FINANCIAL ACCOUNTING RESEARCH ASSIGNMENT Even accounting’s most fundamental concepts and practices, such as income measurement and asset valuation, are based on uncertainti

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BUACC2606 FINANCIAL ACCOUNTING RESEARCH ASSIGNMENT SEMESTER 2, 2016 Even accounting’s most fundamental concepts and practices, such as income measurement and asset valuation, are based on uncertainties. Accountants still cannot agree on how to define income, the measurement of which remains one of the intractable problems in financial accounting theory and practice. The valuation of assets only becomes more complex and more fiercely debated as modern global corporate structures and financial instruments become increasingly labyrinthine, and income measurement, the key to determining p...

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BUACC2606 FINANCIAL ACCOUNTING RESEARCH ASSIGNMENT SEMESTER 2, 2016 Even accounting’s most fundamental concepts and practices, such as income measurement and asset valuation, are based on uncertainties. Accountants still cannot agree on how to define income, the measurement of which remains one of the intractable problems in financial accounting theory and practice. The valuation of assets only becomes more complex and more fiercely debated as modern global corporate structures and financial instruments become increasingly labyrinthine, and income measurement, the key to determining profits and therefore dividends, is inextricably linked to this contentious, chimerical practice of asset valuation. Nor is the crucial measurement of costs an objective process: costs are also highly contestable figures and may result as much from the collusion or rivalries of firms as from any other actuality. Accrual (or corporate accounting) - the need to allocate revenues and expenses between accounting periods and to value assets and liabilities at the end of an accounting period - raises the problem which have never been solved and are probably incapable of solution. Numbers can be negotiated to make management look good. In effect. ‘accounts are used to justify decisions and to excuse mistakes’ (Gleeson-White, 2011, p.218). Gleeson-White, J. (2011). Double Entry. How the Merchants of Venice Created Modern Finance. Allen & Unwin. Sydney. Instructions: Download a 2015 annual report for a listed company (in the top one hundred) on the Australian Securities Exchange (ASX) website. Groups are not allowed to do the same company and should discuss their selection with their tutor prior to commencing their research assignment (Banks are not allowed as they have particular reporting requirements). Refer to the marking guide (attached) for additional information and requirements. Required: 1.With reference to the above statement describe what you understand by the accounting concepts mentioned and provide examples from your selected annual report. 2.Discuss the problems of measurement in the context of the present AASB / IASB standards and conceptual framework using your selected annual report to provide examples. 3.Comment on the relevance and representational faithfulness of using ‘processes’ of measurement to achieve estimates of assets and liabilities. Provide examples from your selected annual report. INFORMATION The following matters should be given particular attention: 1.In your assignment use a 12-pt Times New Roman font, use 2 cm margins on all four sides of your page and 1.5 line spacing. 2.Evidence of extensive research beyond the prescribed text is required. Ensure these are referenced appropriately. Refer to the statement regarding plagiarism. 3.This assignment must be handed in for successful completion of the course and will count 25 marks towards the final mark. 4.Marks have been allocated to each specific section of your assignment. 5.All assignments are to be uploaded to Moodle. Should you need assistance, please use the available resources and support through the drop-down menus in Moodle or speak to your lecturer/tutor.

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Introduction
The valuation of any business depends on the assumptions based on the current position of the company. The concepts of income measurement and asset valuation form an important part of financial reporting of any organization. The calculation and estimation of the figures mentioned in the company’s financial report depict the market value of the assets, based on which the income measurement is calculated to reveal the net earnings in that particular year.

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