ACC5216 Accounting Theory
Semester 2, 2017
For a student who has undertaken the required study, this assessment should take several hours to complete.
Please ensure that any ideas or data that you provide in your answer, other than your own original thoughts are properly referenced using the Harvard referencing style. A link to the university’s Harvard referencing style page is provided here.
The bibliography in not included in the word count.
Please note that late submissions will be penalised. It is your job to submit your assignment on time the due time anddate is the LAST time and date for submission without penalty.
No extensions will be granted after the due date and time for the assessment has passed. All requests for extensionmust be addressed to the Course examiner gregory.jones@usq. edu.au at least one day before the due date with supporting documentation (e.g. doctor’s certificate) and a copy of your Word file (even if incomplete) to show that you have attempted the assessment to a reasonable level. Extensions will only be granted in extenuating circumstances. Crashing of computers, too busy with other assignments, heavy workload, and such reasons are not considered extenuating circumstances. Requests for extensions due to work commitments generally will NOT be granted. You must organise your study time around these other commitments.
This assignment is a research based essay where you are required to relate a real world case study to accounting theory. Below you will find three news articles relating to the economic valuation of the barrier reef. Whilst these articles provide the context for this assignment you need to ensure that you also refer to other sources. You need to incorporate both academic and non-academic articles but must have at least 10 academic references. (Please make sure that you know what an academic reference is).
Using the news articles provided below as a base, and referring to other appropriate literature, discuss and critically evaluate the following:
Determine the basis on which the valuation was done in this case.
Identify and discuss what issues there may be associated with this valuation.
- Do you think this is a fair valuation? Discuss your reasons. Explain and critically evaluate why you think the valuation of the barrier reef is a good or bad idea.
- Who are the stakeholders who may be interested in the valuation? Describe each stakeholder, their motivations, concerns and how they are likely to be impacted by this valuation.
- How are the stakeholder likely to react to this valuation? What accounting theories might explain the motivations for the way stakeholders may react to this valuation?
- What accounting theories might explain the reasons both for and against valuing the barrier reef?
- Using accounting theories to explain what possible impacts there may be from this valuation. YOU MUST relate your answers to the link between theory and practice
Apply all accounting theories that you believe are relevant to this case study.
The relationship between accounting research and professional practice has been discussed in the literature (Parker, Guthrie & Linacre 2011). This article needs to inform your arguments.
The essay should include an abstract, introduction, body, conclusion and bibliography.
Read the following articles which give details of the case.
The Sydney Morning Herald, (2017) Great Barrier Reef valued at $56 billion by Deloitte economists. Accessed 27/06/2017 http://www.smh.com.au/environment/great-barrier-reef-valued-at-56-billion-by-deloitte-economists-20170625-gwy2yj.html
Rebgetz, L. (2017) Great Barrier Reef ‘too big to fail’ at $56b, Deloitte Access Economics report. http://www.abc.net.au/news/2017-06-26/great-barrier-reef-valued-56b-deloitte/8649936
Deloitte, Access Economics. (2017) Total economic value of the Great Barrier Reef, What you need to know. https://barrierreef.org/uploads/Total%20economic%20value%20of%20the%20Great%20Barrier%2 0Reef%20-%20Need%20to%20know.pdf
Parker, L, Guthrie, J & Linacre, S 2011, The relationship between academic accounting research and professional practice, Accounting, Auditing & Accountability Journal, vol. 24, no. 1, pp. 5-14.