STUDENTS COPY Week 3- Handout 1A:
Students were required to write an essay and address the following topic;
“There is too much accounting regulation” Discuss this comment
Required: Read and decide what mark you would give these 2 essays prior to coming to class – student need to discuss this in class in groups and provide reasons for the mark. A marking guide will be provided in Class. Please note solutions will not be provided on Blackboard this is a class activity and solutions are provided in class. Therefore it is in your interest to attend as this activity is designed to assist in the completion of one of your assessments.
Essay 1 The purpose of this essay is to explain the sentence of “There is too much accounting regulation” and give the definition of accounting regulation including International Financial Reporting Standards, Generally Accepted Accounting Principles and Chinese accounting regulation. Different accounting regulations in various countries and areas will be introduced and examined in the following paragraphs with relating cases. There is no denying the fact that too much accounting regulation is applied to all over the world and different fields. Actually, countries with different political, economic and legal environments are ought to use various accounting regulations that provide better adaptation to the changing environments. Therefore, this paper mainly introduces major accounting regulations all over the world to further explain the sentence. International Financial Reporting Standards (IFRS) is a widely adopted accounting regulation in various countries. IFRS are guidelines and rules set by the International Accounting Standards Board (IASB) and followed by organizations and companies when facturing financial statements. It is reported that more than 100 countries currently require or allow corporations to be in accordance with IFRS standards. According to IFRS, a complete financial statement should include a balance sheet and...