Critical evaluation of the Australian financial reporting

Assignment Detail:- HI6025 Accounting Theory and Current Issues - Holmes Institute Assessment - Conceptual and critical evaluation of theories Purpose: Students are required to conduct research and analysis of a theoretical financial reporting issue and present their findings in a written report- Students will have to research relevant literature and demonstrate understanding and critical evaluation of key disclosure issues relating to applying specific accounting standards- Additionally, they will demonstrate understanding and critical evaluation of the Australian financial reporting environment and its current regulatory framework and recommend future directions to the Australian financial reporting regulators Part A Assignment Specifications Referring to the conceptual discussion on the theories of accounting, discuss what theory is and how can we evaluate a good or bad theory- Discuss if the notion of having a good or bad theory is reasonable- "Maximum 1000 words-" Part B Many corporations use cost after subtracting accumulated depreciation and impairment losses as a base for measuring their property, plant and equipment -while some use fair value for this measurement purposes-- Requirement:1- Discuss the issues associated with basing depreciation expense on historical cost rather than other values such as replacement cost-2- Explain why corporate managers prefer to measure property, plant and equipment using the cost model rather than measuring the assets based on fair value- Discuss if the depreciation expense represents an accounting number that could be relatively easily manipulated as part of the corporate manager's strategy of earning management, and how would a manager do this and why???? "Maximum 2000 words-" Attachment:- critical evaluation of theories-rar

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