Advanced Corporate Accounting
.
The assignment must be in MS word format, double-spacing and 12-pt Times
New Roman font.
Submissions must be properly referenced (Harvard Reference Style).
Word limit: 2,000 words. The number of words can be 10% more or less
without penalty

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Advanced Corporate Accounting . The assignment must be in MS word format, double-spacing and 12-pt Times New Roman font. Submissions must be properly referenced (Harvard Reference Style). Word limit: 2,000 words. The number of words can be 10% more or less without penalty. 1Question 1 75 Marks “Global adoption of International Financial Reporting Standards (IFRS) is thought to increase financial statement reliability and comparability. Although IFRS is required or allowed in over 130 nations, some countries modify IFRS as issued by the International Accounting Standards Board (IASB)” (Felski, 2017, p. 59). Reference: Felski, E. 2017. How does local adoption of IFRS for those countries that modi?ed IFRS by design, impair comparability with countries that have not adapted IFRS? Journal of International Accounting Research, Vol. 16, No. 3, pp. 59-90. Required: (a) Briefly discuss the above statement and outline the organisation of the assignment in the Introduction section (5 Marks) (b) Do you think that the quality of corporate reporting/disclosure has been improved after the adoption of IFRS since 2005 in Australia, European Union and other adopter countries? (15 marks) (c) What are the reasons for not adopting IFRS by the FASB in the US? (15 marks) (d) What are the current challenges faced by the IASB? (15 marks) (e) Do you think IASB will be successful in harmonising accounting standards throughout the world? (10 Marks) (f) Summarise the assignment in the Conclusion section (5 Marks) (g) Provide references (at least 10 articles/sources) in the end of the assignment (5 marks) Note 1: Word limit 1,500. Note 2: Professional marks (5 marks) will be awarded for format, clarity and expression. Note 3: The report should include Introduction, Discussion (requirements b-e need to be provided under this section), Conclusion.