Financial reporting systems and economic development

Title of Assignment

Financial Reporting Systems and Economic Development

Word limit/presentation criteria
2,000 words. A 10% penalty will be imposed for every 500 words over the word limit
Learning Outcomes to be assessed
(from module spec.)

1. Describe what is meant by financial statements achieving a faithful representation.
2. Discuss whether faithful representation constitutes more than compliance with accounting standards.
3. Indicate the circumstances and required disclosures where a a?true and faira override may apply.
Key Skills to be practised/assessed

The following skills / capabilities are assessed:

a? Knowledge and comprehension
a? Application and analysis
a? Synthesis and evaluation
Details of the task

You are required to critically evaluate the following statement:

a?A sound financial reporting system, supported by high quality accounting standards and backed by a solid regulatory, governance and ethical framework, is a pre-requisite for economic developmenta?. 100 marks

Your report should not exceed 2,000 words

Assessment criteria

Marking Scheme

The attached guidance is in addition to the general assessment criteria guidelines for degree classifications contained in your level handbook. Your attention is also drawn to the School policy on plagiarism and referencing and you should make reference to the University study guide web site ac.uk/studyskills
40-49

Some basic definitions of the terms used in the statement provided without any evaluation.

50-59

An effort is made to describe the individual terms with reference to economic development. The report also includes the relationship between accounting standards, regulatory framework, good corporate governance and ethical standards.
60-69
Good discussion about the individual terms with reference to economic development. A holistic view of the relationship between accounting standards, regulatory framework, good corporate governance and ethical standards is provided. Other factors influencing economic development are also discussed.
70 +

The report demonstrates a very good understanding of the financial reporting framework . The argument is presented in a concise manner. In general, the submission demonstrates a detailed understanding of the subject . Good commercial awareness underpins the debate.