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ACCT 3563/3573 Issues in Financial Accounting Group Assignment: Frequently Asked Questions Word Limit 1. Are the tables related to the last three questions included in the 8-page limit? There are about 300 words to a page with double-spaced paragraphs. We would not expect you to write much more about 2,000 words in your discussion/analysis. If tables or appendices take you over 8 pages that is OK but we do not want any 20 page reports or 19 page reports or 18 page reports . . . etc 2. Is the appendix included in the 8-page limit? See answer to question 1. 3. Please clarify what items are included and what are excluded in the 8-page limit. See answer to question 1 4. Is 10% margin allowed? See answer to question 1. We are not page length police but we expect you to make sure that the report does not balloon into a treatise of unreasonable length. Group 5. Our group has 4 members. Does it mean that we have to select 4 companies instead of 3? No but you are welcome to add another company of your choice if it helps you to make a fairer allocation of work between your group members. Content 6. Do we have to do research beyond the two papers (i.e. Bloom 2009 and Lonergan 2009) in order to complete the assignment? Are we expected to find other related papers? No that is not in your brief. It is more a case of summarizing what the papers present and applying the proposed new statement referred to in the papers.
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7. For Lonergan's comments, are they comments on MCS or comments on Bloom's argument for MCS? His article doesn't talk much about the MCS. So, should I talk more about his proposed solution or about his arguments regarding goodwill and the current acct standard? No comment as your judgment is required on this question. You are required to summarise the arguments without our assistance. 8. Question 2 asked us to list all the differences between existing GAAP and the MCS. What is GAAP? Does it refer to Australian GAAP or US GAAP? Australian generally accepted accounting practice, which is based on accounting standards and also the Framework. 9. The IASB's conceptual framework is currently being 'written/discussed' with only 4 phases 'active' as we understand it. The thing is we have no clue how we should approach this question. Should we be for example discussing the implications of both of them in accounting; or analyse the MCS with references to IASB conceptual framework? Read the Framework document available at
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This note was uploaded on 03/05/2012 for the course ACCT 2542 taught by Professor Knapp during the Three '11 term at University of New South Wales.

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