Topic 12 – Investigation into the possible effects of a proposed accounting Std

The focus of this topic is on proposed accounting standards its possible effects on overall financial statements and business activities of an organisation. Basically “Accounting Standards” are principle that guides and standardizes accounting practices and these are necessary so that financial statements are meaningful across a wide variety of businesses; otherwise, the accounting rules of different companies would make comparative analysis almost impossible. In short, accounting standard is a guideline for financial accounting, such as how an organisation prepares and presents its business income and expense, assets and liabilities.

(Source: Investopedia)

Under this topic, first of all , student must have better knowledge of proposed accounting standards and its overall implications on overall business activities and presentation of financial statements. He/she must understand that how proposed accounting standard impact on specific operations of the organisation both in business activities terms along with presentation of information on financial statement of the organisation. To achieve good result of RAP under this topic, students must ensure that he/she covers all aspects of proposed accounting standard considering basic accounting concepts (i.e. Relevance, Reliability, Matching Concept, Timeliness, Neutrality, Faithful Representation, Completeness, etc.).

In short , meeting all requirements of this topic is not an easy task as it requires proper application of different aspects of proposed accounting standard.

Key Success Factors:

Proper application of all selected aims and objectives (that decided in inception of RAP) in appropriate sections of RAP.
Proper answering of all research questions (that decided in inception of RAP) in appropriate sections of RAP.
Usage of proper research methodology to achieve good result against all selected aims and objectives (that decided in inception of RAP).
Maintain proper sequence of all discussion in logical manner by keeping all requirements of the topic.
Logically conclude all performed work at the end of Research Report by keeping in consideration of all requirements of the topic.

Major benefits for choosing this topic:

Student will practically apply his/her bookish knowledge into real life.
Various techniques learned under this topic will substantially help student in his/her professional life.
Major possible limitations faced by student under this topic:
Students may not entertain well by the management of selected organisation in provision of required information due to various issues (e.g. confidentiality aspects, non availability of authorized person to disseminate information to student for research work, etc.)
Student may not find good stuff from internet or other sources (due to weak research approach) to bring ideas for improvement in the project.
Student may be confused due to variation in actual information (verbal or documented) provided from primary sources with the result that he/she actually derive from his/her research work as per requirement of the topic.

Suitable organisation under this topic:

The most suitable organisation under this topic is that for which student have access to management of the company and moreover management of the company is willingly provide all required information to student as required under the topic. Selection of most appropriate organisation is very essential as student must have better understanding of overall operations of the organisation and moreover he/she also have enough knowledge of the sector in which his/her selected organisation actually operates. Based on better knowledge of the organisation and respective sector , student will be able to interlink various aspect of overall operations of the selected organisation with all requirements of the topic that ultimately help him/her in getting good grades.

In short student need to assess following aspects in selection of organisation for RAP.

Student’s own interest related to overall business of the organisation;
Accessibility of information from primary sources (extremely important in topic 12);
Accessibility of information from secondary sources;
Knowledge of overall operations of the organisation (extremely important in topic 12);
Knowledge of overall associated sector of the organisation;
Availability of time from concerned officials of selected organisation (extremely important in topic 12);
Basic idea of requirements of selected topic and their applications on proposed organisation in inception of RAP.

Suggested approach for this topic:

Under this topic, student must plan properly from inception so that he/she can complete all tasks effectively in proper manners. First of all, student must gain excellent understanding of major requirements of this topic and he/she need to critically assess all aspects of requirement by defining detailed strategy. Student need to assess that what process that he/she actually follow to meet all requirements that only possible through detailed planning in inception of RAP.

Student need to prepare overall content of RAP under topic 12 that describes logical sequence of all tasks that need to adhere by the student. This content will also help student to keep on right track from inception and at the same time student can also assess time factor against planned vs. actual tasks through considering his allocated time for complete preparation of RAP.

After finalization of overall content of RAP under topic 12, student need to start working logically from gathering of information as per requirement of topic. Student need to assess all gathered information very critically through consultation from mentor. Mentor feedback on key areas of RAP is very essential so student should share his/her thoughts with project mentor regularly to get efficient guidance in time accordingly.

In short, there is no 100% suggested approach for topic 12 as keeping broader level approach (described above) , detailed approach under topic 12 varies due to student’s perception that he conceived from requirements of the topic along with available information of selected organisation. Whatever, the approach you will follow , keep getting guidance from project mentor at every step so that you can meet all requirements of topic and get good grades.

Availability of Information:

Student have to complete his/her RAP based on provision of information directly from management of the organisation (i.e. primary sources of information) along with vast information available through different mediums (internet, newspaper, books, etc.) under secondary sources of information. Availability of information from primary sources under topic number 12 is very essential as this topic cannot complete at all without getting specific information of the selected organisation. Student need to ensure that he has access of vast information from management of the selected organisation and there is no confidentiality concerns by them as well.

In short, student need to assess very critically before opting this topic for RAP as all requirements of this topic only meet if student have enough information about selected organisation. If there is any doubt on provision of required information during perpetration of RAP then student should not select this topic for RAP as it impact on overall evaluation of information and overall grades of RAP.