Report for the CEO of a public group company listed on the London Stock Exchange (LSE) after reviewing the Exposure Draft (ED/2014/1)

You are required to write a report for the CEO of a public group company listed on the London Stock Exchange (LSE) after reviewing the Exposure Draft (ED/2014/1), the Comment Letters from interested parties on the Exposure Draft (ED/2014/1), and other related sources.
The following two issues should be addressed and discussed in the report:
a. Critically evaluate whether the proposed amendments in the Exposure Draft (ED/2014/1) will improve the provision of useful information in financial statements and disclosures for those involved in the financial reporting process (e.g. preparers, auditors and regulators).
b. Critically evaluate whether the proposed amendments in the Exposure Draft (ED/2014/1) reduce complexity, and improve understanding and relevance for the users of financial statements.
Your report should address and evaluate the issues identified above requirements in a critical way. It is essential to provide a justified analysis with reference to the comment letters on the Exposure Draft (ED/2014/1) using Harvard referencing in your report. There is no mark for “cut and paste”.
Good critical evaluation involves (Cottrell, 2005):
• identifying a wide range of other people’s opinions, arguments and conclusion;
• evaluating the evidence for alternative points of view from different user groups of financial information, such as analysts, investors, stakeholders, accounting bodies, managers, audit
firms (mainly big four, if available) and other relevant user groups;
• weighing up opposing arguments and evidence fairly;
• depth and breadth of reasoning;
• accounting for why this happens, why it works or fails, why it is rational or irrational, why
something is useful or useless; or good or poor. It is not enough merely to list good or poor
points;
• examples providing good support for arguments;
• drawing conclusions about whether arguments are valid or justifiable, based on good
evidence and sensible assumptions.
References:
Cottrell, S. (2005). Critical Thinking Skills. Palgrave Macmillian, N.Y.
IASB (2014). Comment Letters on the Exposure Draft ED/2014/1 Disclosure Initiative Proposed
Amendments to IAS 1. www.ifrs.org.
IASB (2014). Disclosure Initiative. Proposed Amendments to IAS 1. March 2014. Exposure Draft
ED/2014/1. www.ifrs.org.
IASB (2014). Project webpages and Comment Letter Analysis (September 2014). www.ifrs.org.

The following criteria will be used in evaluating this assessment:
Marking Criteria

Presentation: Clear, well-structured report, with appropriate headings and approved style referencing.

a. Critically evaluate whether the proposed amendments in the Exposure Draft (ED/2014/1) will improve the provision of useful information in financial statements and disclosures for those involved in the financial reporting process (e.g. preparers, auditors and regulators).

b. Critically evaluate whether the proposed amendments in the Exposure Draft (ED/2014/1) reduce complexity, and improve understanding and relevance for the users of financial statements.

Conclusion: A good summary of the issues discussed in the main body of the report.

Total marks

Format
All work should be word processed in 12 point font Arial and double spaced.
Please use the following file format: Microsoft Word (.doc or .docx) format.
Please ensure that you provide the following details on the first page of your coursework:
• Student Number
• Module Name and Number
• Word Count
• Total page number

Word Limit
The word limit for this coursework is 1500 words.
• Word count includes everything in the main body of the text (including headings, tables,
once the word limit has been reached and nothing further will be taken into account in the
allocation of marks.
You can view the UWE word count policy here: http://www1.uwe.ac.uk/aboutus/policies
Referencing:
Please ensure you adhere to the principles of good academic practice and ensure you use the UWE Harvard system to reference your work. Failure to properly reference your work to original source material can be grounds for the assessment offence of plagiarism and may result in failure of the assessment or have more serious implications.

Further Guidance
Guidance on study skills
http://www1.uwe.ac.uk/bl/bbs/aboutus/studentexperience/academicsupportcentre.aspx
Guidance on UWE assessment regulations and terminology:
http://www1.uwe.ac.uk/students/academicadvice/assessments/assessmentsguide.aspx

-Australasian Council of Auditors-General (2013) A Review of the Conceptual Framework for Financial Reporting. Letter of comment dated 8 November [online]. Available from: www.ifrs.org [Accessed: 1 November 2014]

-The Canadian Accounting Standards Board (2014) A Review of the Conceptual Framework for Financial Reporting. Letter of comment dated 14 January [online]. Available from: www.ifrs.org [Accessed: 1 November 2014]

-The Australian Accounting Standards Board’s (2014) A Review of the Conceptual Framework for Financial Reporting. Letter of comment dated 6 June [online]. Available from: www.ifrs.org [Accessed: 1 November 2014]

-The Asian-Oceanian Standard-Setters Group (2014) A Review of the Conceptual Framework for Financial Reporting. Letter of comment dated 23 January [online]. Available from: www.ifrs.org [Accessed: 1 November 2014]

– International Association of Insurance Supervisors A Review of the Conceptual Framework for Financial Reporting. Letter of comment dated 10 January [online]. Available from: www.ifrs.org [Accessed: 1 November 2014]

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