Compensation and BenefitsConsider the cost of benefits in major organizations. What impact do benefit offerings have on marketplace competitiveness and the ability to attract and keep quality employ

BAO 3309 Research Assignment TNE Campus Semester 2 20 18 1 Group research assignment , weighting 20% Due Date: Week 9 Maximum w ord length: 3000 words Research topic: A review and revision of the Conceptual Framework for Financial Reporting In January 2013, the International Accounting Standards Board commenced the process of reviewing and revising the existing Conceptual Framework for Financial Reporting and subsequently release a discussion paper in July 2013. Within t his discussion paper , the IASB identified a number of problems with the existing Conceptual Framework at the time , specifically: (a) important areas were not covered. For example, the existing Conceptual Framework provide d very little guidance on measurement, presentation, dis closure or how to identify a reporting entity; (b) the guidance in some areas was unclear. For example, the existing definitions of assets an d liabilities could be improved; and (c) some aspects of the existing Conceptual Framework are out of date and fa il to reflect the current thinking of the IASB. For example, the existing Conceptual Framework states that an asset or a liability should be recognised only if it is probable that there will be a flow of economic resources . https://www.ifrs.org/ -/media/project/conceptual -framework/discussion -paper/published - documents/dp -conceptual -framework.pdf This Discussion Paper sugg est ed that the IASB should make the following significant changes to the existing Conceptual Framework: (a) a revised statement of the primary purpose of the Conceptual Framework; (b) revised definitions of assets and liabilities; (c) additional guidance on applying the definitions of assets and liabilities; (d) revised guidance on when assets and liabilities should be recognised; (e) new guidance on when assets and liabilities should be derecognised; (f) a new way to present information about equity c laims against the reporting entity; (g) a new section on the concepts that should guide the IASB when it selects measurements in a new or revised Standard or Interpretation; (h) a new section on presentation and disclosure; and (i) principles for disting uishing profit or loss from other comprehensive income (OCI). https://www.ifrs.org/ -/media/project/conceptual -framewo rk/discussion -paper/published - documents/dp -conceptual -framework.pdf Subsequent to this, i n March 2018, the IASB issued the revised Conceptual Framework for Financial Reporting (Conceptual Framework ), which set out: (a) the o bjective of financial reporting; BAO 3309 Research Assignment TNE Campus Semester 2 20 18 2 (b) the qualitative characteristics of useful financial information; (c) a description of the reporting entity and its boundary ; (d) definitions of an asset, a liabili ty, equity, income and expenses; (e) criteria for including assets and liabil ities in financial statements (recognition) and guidance on when to remove them (derecognition); (f) measurement bases a nd guidance on when to use them; and (g) concepts and guidance on presentation and disclosure Required 1. With reference to the IFRS (IASB ) website and associated resources, as well as the relevant accounting literature, explain the objectives and purpose of the conceptual framework 2. With reference to the IASB Conceptual Framework Project website and associated resources, as well as the relev ant accounting literature , explain why the IASB decided to revise the conceptual framework with specific reference to: a. Measurement, presentation and disclosure; b. Definitions of an asset and liability and recognition criteria; and c. The roles of stewardship a nd prudence in financial reporting 3. Identify and explain, according to the IASB, the following main improvements which have been made to the conceptual framework: a. Factors to be considered when selecting a measurement basis; b. The classification of income and expenses in other comprehensive income; and c. Guidance on when assets and liabilities are to be removed from financial statements; 4. How does the revised conceptual framework update: a. The definitions of an asset and a liability; and b. The criteria for including assets and liabilities in financial statements 5. Explain how and why, with reference to the IASB Conceptual Framework Project website and associated resources , information used in assessing stewardship is needed to a chieve the objective of financial reporting. 6. With reference to the references below, identify and explain arguments as to whether the conceptual framework needed to be revised in order to provide the IASB with a better basis for standard setting Reference s Richard Barker (2015) Conservatism, prudence and the IASB's conceptual framework,Accounting and Business Research, 45:4, 514 -538, DOI: 10.1080/00014788.2015.1031983 Arja n Brouwer, Martin Hoogendoorn & Ewout Naarding (2015) Will the changes proposed to the conceptual framework's definitions and recognition criteria provide a better basis for IASB standard setting?, Accounting and Business Research, 45:5, 547 -571, DOI: 10.1080/00014788.2015.1048769 Craig, R., Smieliauskas, W. and Armenic, J. (2017 ), ‘Estimation Uncertainty and the IASB's Proposed Conceptual Framework’, Australian Accounting Review , 27 (1): 112 –14. BAO 3309 Research Assignment TNE Campus Semester 2 20 18 3 Andrew Lennard (2007) Stewardship and the Objectives of Financial Statements: A Comment on IASB's Preliminary Views on an Improved Conceptual Framework for Financial Reporting: The Objective of Financial Reporting and Qualitative Ch aracteristics of Decision -Useful Financial Reporting Information , Accounting in Europe, 4:1, 51 -66,DOI: 10.1080/17449480701308774 Sutton, Cordery, & Zijl (2015) Sutton, D. B. , Cordery, C. J. , & Zijl, T. (2015). The purpose of financial reporting: The case for coherence in the conceptual framework and standards. Abacus, 51(1), 116 –141 Submission requirement 1. Assignment submission a. Each group consists of no more than three members. b. Submission of this assignment by due date is compulsory for the successful completion of the subject. c. The submitted hardcopy of the assignment must be the identical version of the electronic copy submitt ed through the Dropbox (i.e. Turnitin) on VU Collaborate. Inconsistence in the hardcopy and the electronic copy may result in a zero mark of the assignment. Note: If you cannot submit your assignment through the Dropbox on VU Collaborate due to technical issue, then email your assignment to your tutor or lecturer no later than the due date. d. The Turnitin/Dropbox Similarity Report should be no more than 25%. e. Late submission without the extension approval from your local lecturer will be penalised at two marks (out of 20) per calendar day (including weekend). f. Completed extension application form must be submitted to your tutor at least three days in advance of the due date. g. Students are responsible to protect their work and save data by making necessary backup. Loss of data due to a computer or storage devices problems will not be considered a legitimate reason for an extension. 2. Referencing and style  Assignment must be typed using Word document, with double alignment, and 1.5 -lines space.  Assignment is required to use either an APA or Harvard referencing style (see VU library for Referencing Style guides https://www.vu.edu.au/library/access - borrowing/search -browse -resources/library -guides  Assignment without proper referencing (in text and end of text) will be subject to substantial deduction of marks. This may result in the assignment being marked zero. 3. Preventing plagiarism 3.1 Academic Honesty and Preventing Plagiarism Policy Plagiarism is defined as ‘The practice that involves use of another person’s intellectual output and presenting it (withou t appropriate acknowledgement) as one’s own’. Examples of plagiarism:  Word -for -word copying of sentences/paragraphs in an assignment without acknowledgement or with insufficient or improper acknowledgement;  Downloading essays or assignments from the web and presenting these for assessment;  Presenting another student’s work or research data as the student’s work; BAO 3309 Research Assignment TNE Campus Semester 2 20 18 4  Copying out parts of any text without acknowledging the source(s). This may be written text, str uctures within texts, diagrams, formulae, sound files, still photographs, audio -visual material (sound and image files), graphics/animations/multimedia objects, other computer based material, mathematical proofs, art objects, products and others. This can be done as verbatim copying or paraphrasing.  The use of someone else’s concepts, experimental results, experimental conclusions or conclusions drawn from analysing evidence or arguments without acknowledging the originator of the idea(s) or conclusion(s). 3.2 Students are responsible for:  Understanding and respecting the University’s policies and procedures regarding plagiarism, collusion, and other forms of academic misconduct, and as such should only submit work for correction or academic credit that is their own or that properly acknowle dges the ideas, interpretations, words or creative works of others;  Avoiding the lending or making accessible original work to others;  Being clear about the appropriate referencing rules that are applicable to their field of study;  Refusing to be a part y to another student’s efforts to undermine the academic integrity of the University.  Seeking assistance with their learning and assessment tasks if they are unsure of appropriate forms of acknowledgement. BAO 3309 Research Assignment TNE Campus Semester 2 20 18 5 Assignment Marking Sheet Student Name………………………………………..Student No………………. Requirement number Assessment Criteria Possible Marks Marks received R1 Demonstrates the ability to understand the concept and the underlying assumptions of the conceptual framework 10 R2 Demonstrates the ability to apply the literature to evaluate the arguments as to why the IASB decided to revise the conceptual framework 20 R3 Demonstrates the ability to apply the literature to evaluate the improvements which the IASB believe were made to the conceptual framework 20 R4 Demonstrates the ability to analyse how the revised conceptual framework updated the definition and recognition criteria for assets and liabilities 15 R5 Demonstrates the ability to collect data and conduct analysis as to the relationship of stewardship to the objective of financial reporting 15 R6 Demonstrates the ability to develop persuasive argument to draw conclusions from results analysis and literature review 15 Style and presentation  The presentation of the results, which should be clear, concise and accompanied by expository text accessible to the reader  The presentation of the entire assignment, which should be written in English of an appropriate academic register and of a format and standard of presen tation acceptable to business study 5 Total possible marks out of 100 100 Weighted marks out of 20 20 7.