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Accounting theory and application 200401 (Master of Accountancy)
Question 1
Fair value Accounting (FVA) has been subjected to much discussion over the last 3 years Critics accuse FVA of deepening the financial distress whilst proponents argue FVA is providing investors with timely and relevant information about the value of firm’s assets. Lobbyists from the banking industry have effectively had politicians use pressure on Accounting Standards Boards to redefine FVA and how to recognize / derecognize assets.
With the current environment as a background discuss and explain FVA via the following theories:
1- Decision Usefulness
2- Positive Accounting and Agency
3- Regulatory Capture
4- Economic consequence of accounting
In answering you must show the interrelationship between the theories, practice and Australian regulatory environment.
Question 2
Discuss the motivation for companies to spontaneously disclose social and environmental issues in the absence of specific regulations requiring companies to make the disclosures.
Note
Your answers must be supported by authoritative references formatted by Auther, Date, Title of Article /Book e.g. Scott (2011) Financial Accounting Theory
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