An investigation into the possible effects of a proposed accounting standards on the financial statements and business activities of an organisation
“The improved knowledge of the proposed accounting standards and the basic accounting concepts along with in-depth knowledge of the operations of the selected organization that are under direct or indirect impact of the proposed accounting standard under the guidance of a highly qualified mentor are the keys for successful passing of the RAP”
The focus of this topic is pointed to the proposed accounting standards and their possible effects on the overall financial statements and business activities of a company. The Accounting Standards are explained as a principle that guides and standardizes the accounting practices and these are necessary for the financial statements to be meaningful across many different businesses; otherwise, the accounting rules of the different companies would make for impossible comparative analysis. The accounting standard is the guideline for financial accounting, in terms of preparation and presentation of the business income and expenses, assets and liabilities of a company.
Under topic 12 the student needs to have a good comprehension of the proposed accounting standards, their overall implications on the general business activities and the presentation of the financial statements. The student needs to understand the impact the proposed accounting standard will have on the specific operations of the company both in terms of business activity and the presentation of information in the financial statement of the company. To get good grades to their RAP, the student needs to make sure to cover all the aspects of the proposed accounting standard with the consideration of the basic accounting concepts: Relevance, Reliability, Matching Concept, Timeliness, Neutrality, Faithful Representation, Completeness etc.
- An adequate explanation of the general concepts of the different accounting standards;
- An adequate explanation of the general concepts of the proposed accounting standards in general terms and specific terms related to the selected company;
- Detailed analysis on the impact that the proposed accounting standards have on the financial statements of the company and on its general business activities;
- Providing a qualitative and a quantitative analysis to properly support these aspects; and
- Maintaining a good balance while explaining and analyzing the various aspects of the possible effects of the proposed accounting standard on the financial statements and business activities of the selected company.
Key Success Factors
- The adequate application of the proposed goals and objectives set upon at the beginning of the RAP in their proper sections of the project;
- Adequate answers to the research question that were set upon at the beginning of the RAP in their proper sections;
- Using an adequate research methodology to get good results on the proposed goals and objectives that were set up at the beginning of the RAP;
- Keep a good balance in the logical discussion by retaining the requirements of the topic;
- Provide logical conclusions based on the research work at the end of the Research Report by considering all the requirements of Topic 12.
Major benefits for choosing this topic
- The student can implement the theoretical knowledge in practical situation;
- The different techniques learned here will be of great help to the student in their professional career.
Possible limitations faced by the student under this topic
- The management of the selected company may not pay attention to the student and may not provide the necessary information due to different factors like confidentiality issues, business secrets or the unavailability of authorized personnel;
- The student can face a lack of quality information on Topic 12 from secondary sources of information and may face shortage of good ideas for improving the progress of the project, all due to an improper research approach; and
- The student may get confused by the possible variations in gathered research material in a verbal or documented form that is provided by the primary source and the material derived from the research performed by the student according to the requirements of Topic 12.
Suitable organisation under this topic
For the preparation of the RAP under Topic 12, a good company will be one where the student has appropriate access to the management of the company and that management is able and willing to issue the asked information for a proper completion of the RAP under Topic 12. The selection of the proper company is a basic factor as the student needs to have a better grasp on the sector of operations of the selected company. Upon the knowledge of the selected company and its related sector, the student can interconnect the different aspects of the general operation of the selected company with the prescribed requirements of this topic that will, in turn, help them pass the RAP with good grades.
During the selection of proper organization for their RAP, the student will need to address the following aspects:
- The personal interest of the student in relation to the general business of the company enables them to do good research and enjoy the work;
- The access to primary sources of information is of great importance for Topic 12;
- The access to reliable secondary sources of information helps the student confirm many facts about the selected company;
- The understanding of the general operations of the company is of great importance for Topic 12 and helps the student to conduct a more in-depth research;
- Understanding the sector related to the company enables the student to prepare a good RAP;
- Availability of officials from the selected company is of great importance for preparation of the RAP under Topic 12; and
- A general idea of the requirements of this topic and their proper application in the selected company at the beginning of the RAP enables the student to conduct proper research.
Suggested approach for this topic
A proper plan must be set from the beginning of the research so the student can conduct all the necessary tasks in a manner aligned with the requirements of Topic 12. The student has to have good understanding of the main requirements of Topic 12 and has to analytically evaluate the required aspect by prescribing a detailed operating strategy. The student needs to determine the processes of action that they will need to follow so they can meet all the prescribed topic requirements, something that is possible by a careful planning in the beginning of the RAP.
A table of contents that flows in a logical manner needs to be set in place for the RAP under Topic 12. It needs to covers all the tasks that the student needs to fulfil. Setting a table of contents will help the student to stay on the proper course from the beginning of the project. Also, the student can estimate the time necessary for completing the different tasks that are needed for a proper completion of the RAP.
Right after setting the table of contents for the RAP under Topic 12, the next task is the collection of the required information. The student needs to evaluate the gathered information by consulting their Project Mentor. The comments from the Project Mentor are important for a proper completion of the RAP, so the student needs to regularly convey their thoughts to the Project Mentor so they get the adequate guidance.
For Topic 12 there is no standard prescribed approach. Only a broad level approach is described above, but the detailed approach under Topic 12 depends on the impressions of the student about the topic requirements along with information on the selected company. Whichever approach the student selects, they will need to continue getting guidance from the Project Mentor so they will be able to meet all the prescribed information of this topic and get good grades on the RAP.
Availability of Information
The information provided by the management of the selected company – the primary sources of information need to be the base for completing the RAP under Topic 12, along with the different relevant secondary sources of information like online sources, newspapers, journals, books, archive information, etc. The availability of primary sources of information is essential for Topic 12, as the student won’t be able to finish this topic without obtaining direct information from the management of the selected company. The student needs to ensure the adequate access to quality information from the primary source of the selected company and these are not tied to confidentiality issues or are considered business secrets.
A carefully consideration about the selection of Topic 12 for the RAP needs to be made, as the main requirements of Topic 12 are only met if the student can gather enough relevant information on the selected company. If there are doubts in obtaining the necessary information in the beginning of the RAP, the student should select another topic, as the use of inadequate information can lead to low-quality project and even failing the RAP.
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