Posted: September 1st, 2023

Assessment item 2 Review of Current Accounting Issues

The CEO has forwarded to you an interesting article and requires you to provide her with a
deeper theoretical understanding of the issues discussed so that she can fully engage in the
lively discourse at an upcoming conference.
You are required to find a newspaper article or web page report of an item of accounting news,
i.e. it refers to a current event, consideration, comment or decision that has been published
after the 1st of June 2019. Your article could also come from one of the professional journals.
The article should not come from an academic journal. Academic journals generally do not
contain news articles or articles of less than one page and are usually only published 2 or 4
times a year. Your article should also relate to a different issue to what you will be investigating
in Question 2 (in other words, don't use an article about the exposure draft you will be using in
question 2). If you are having a problem ensuring that your article is from an appropriate
source contact your subject coordinator.
You then need to explain the article that you have found in your own words and clearly relate
the concepts, ideas and facts within the article to one or more of the theories or topics that
you have studied this session. Support your analysis of the assumptions and implications of
the topic or theory as appropriate with reference to sources in APA 6 style. For example, this
article (https://search-proquest-com.ezproxy.csu.edu.au/docview/
2064324998?accountid=10344)from The Australian in July 2018 could be linked to the topics of
accounting regulation and measurement (and perhaps others). You must provide a copy of the
article or web page, with details of the source, date and page number with your answer.

Sample Answer
EXTERNAL CONDUCT STANDARDS FOR CHARITIES

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Introduction
A non-profit organization is also referred as non-business entity, i.e. not –for-profit organization or no-profit institution. Its core business activity is to meet or further social activity or advocating a common point of view in the society instead of issuing dividends as other profit making enterprises. The profits are ploughed back in the core operations of an organization to make them better. In accounting sense it’s an organization that solely exists to meet social need of a society and the profits of the donations to further its main goal or purpose.
A non-governmental Organization (NGO) focus on two main areas, that is development projects (operational NGOs) and advocacy type of organization, this one deals with promotion of a single identified cause in the society. An NGO is independent from the government. Some depend on volunteers and some depend on paid official staff members. Nonprofits organizations remain accountable to the donors to explain and convince the donors how the donations or grants have been used. Thus trustworthy, accountability and honesty is key aspects of this type of an organization. This can only be achieved by embracing agreed upon accounting standards. The success of the organization is always pegged dependent on complying with the new accounting standards.

This year in the month of month July a new accounting standard has come to effect in regards to the conduct of the core business, and thus these organization must be prepared to embrace change.

References
Alizadeh, N. (2011). The criteria for implementing and employing the effectiveness of internal auditing. Australian journal of basic and applied sciences, 5(12), 955-962.
Australian tax office, (2019). Trusts. Available from https://www.ato.gov.au/General/Trusts/
Burton, F.G., Emett, S.A., Simon, C.A., & Wood, D.A. (2012). Corporate Managers’ Reliance on Internal Auditor Recommendations. Auditing: A Journal of Practice & Theory, 31(2), 151-166.
Cohen, A., & Sayag, G. (2010). The effectiveness of internal auditing: an empirical examination of its determinants in Israeli organizations. Australian Accounting Review, 20(3), 296-307.
Liapis, K.J. and Kantianis, D.D., (2015). Depreciation methods and life-cycle costing
Messier, W., Reynolds, J., Simon, C., & Wood, D. (2011). The effect of using the internal audit function as a management training ground on the external auditor’s reliance decision. The Accounting Review, 86(6), 2131-2154.
Octavia, E. (2013). The effects of implementation on internal audit and good corporate governance in corporate performance. Journal of Global Business And Economics, 6(1), 77-87.
Rohman, A., Daud, R., & Ermadiani, E. (2018). Analysis Effect of Accrual Discretion Against SILPA (SIKPA) Budget Calculations on Local Government. SRIWIJAYA INTERNATIONAL JOURNAL OF DYNAMIC ECONOMICS AND BUSINESS, 2(4), 293-316.
Ziegenfuss, D. E. (2000). Measuring performance. The Internal Auditor, 57(1), 36-40.