Question 2 - 1,500 words
The Senior Partner of the firm you work for has appointedyou to a new role. It is now your responsibility to review upcomingaccounting standards and provide a report to the partners on theproposed standard and the opinions of other industry players on thechanges.
Firstly, you are required to find a current exposure draft orproposal for a new accounting standard which has been opened forpublic comments. (These can be found on the websites of moststandard-setting organisations, such as the IASB, AASB and FASB.Hint: These websites can be quite difficult to navigate, so as afirst step try typing “IASB exposure draft and commentlettersâ€/â€FASB exposure draft and comment letters†into Google orother search engine of your choice). Read a sample of the commentsfrom a range of respondents. Select four respondents, ideally fromdifferent types of organisations for example, from accountingbodies, industry, companies or corporate bodies. If you are havinga problem finding suitable comments letters then contact yoursubject coordinator.
In your own words, supporting your evaluation with appropriatecitations, appropriately referenced in APA 6 style, you arerequired to include the following information in the report.
- An outline of the major issues covered in the exposure draft(what is the exposure draft introducing or changing?).
- An assessment as to whether (or not) the behaviour of theregulator in introducing the exposure draft can be explained bypublic interest theory.
- An outline of the views presented in the comments letters whichhighlights the areas of agreement and disagreement with theexposure draft.
- An application of each of the theories ofregulation (public interest, private interest and capture) to thecomments letters and a justification as to which theory(ies) bestexplains the comments.
Please note: you need to attach the comment letters you selectedfor your report (there is no need to attach the exposure draft
