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BAP62 Issues in Financial Accounting: Bitcoin Assessment Answer

Issues in Financial Accounting

BAP62


Presentation:10-15 PowerPoint Slides (max 15 Minute presentation) 

Creative:10-15 minutes or other arrangement depending on the creative 

Date Due:Summary of Matter (2 page Word document) Week 10

Creative due in Week 11

Presentation Weeks 10 or 11 as agreed with Lecturer

Instructions

  • This is a Group Assignment of 3-5 members (or as agreed with your Lecturer)
  • Write each of your Student Names and Numbers at the top of this page IN THE BOX PROVIDED
  • Groups are to choose between a Presentation OR a Creative option and inform the Lecturer on their choice.
  • All groups are to submit their ‘Group Assignment Self and Peer Evaluation’ (attached in Moodle). Marks will only be released once these have been received.

Issues in Financial Accounting BAP62

Semester 1 2019:Creative Approach OR Presentation (option to submit an essay if agreed with Lecturer)

Assignment Submission:Week 10 (PowerPoint Slides and Summary)

Week 11 (Creative Attempt)

Weeks 10 or 11 (Presentation)

Submission Method:via Moodle or USB or other method with your lecturer

Marks:   The assessment will be reduced to 25 marks (15 marks for the analysis (word document) and 10 marks for the creative or presentation)

Deliverables to be submitted:

  • 2 page analysis of Literature review (Arial 11, 2 spacing, 2.5cm margins)
  • If presenting presentation slides supporting a 10min presentation highlighting your findings
  • If preparing a creative – creative highlighting the key findings from your review and research

Please note that you are not required to complete both a presentation and creative, select only one.


1.  Group Presentation due Date and Submission

As per the subject description, a creative attempt or in class group presentation constitutes 10% of the total assessment in this subject. Due date is week 10 or 11 in class time (refer above).

  • Groups will be formed / allocated by week 5.
  • Group theme & company selection (if applicable) will be selected by week 6/7.
  • Group presentation time will be allocated from week 5.

Students are required to complete the assessment in groups of 3-5 and do not have an automatic entitlement to adopt some other arrangements without prior permission from the lecturer.

Each group need to follow the creative / presentation / analysis assessment criteria refer section (9) & (10) and each member of the group needs to participate in the presentation (if that option is selected). PowerPoint slides (six slides in one page) are to be submitted in the presentation time in class before presentation.

If required due disputes between group members, the group will submit a Group Assignment Self and Peer Evaluation – marks will not be allocated until this has been completed and handed into you lecturer.

2.  Objective

BAP62 covers a range of important theory and practice of issues in financial reporting. The main purpose of this assessment is to provide students with the opportunity to consolidate and extend their understanding in connection with the important issues in financial reporting in Australia.

3. Assessment criteria

In assessing the creative/ presentation and analysis consideration will be given to overall neatness, completeness and quality of presentation, timeliness of submission and demonstrated application of appropriate issues in financial reporting. In assessing the presentation the following criteria including marking criteria (section 9 & 10) will be followed.

Clarity 

Presentations are expected to be made in a clear, concise and understandable manner. It is required that an outline be made at the inception of the presentation to show introduction, body and conclusion of the presentation. Presenters’ ability to comply with the outline will be assessed. 

Presentation Tools 

It is required that Slides must be used. Non-compliance will result in a fail grade. Other visual aids are encouraged to be used (i.e. charts, graph etc.).

Duration

Students should comply with the duration requirement as per unit outline. The presentation time should not exceed 10 minutes. Presentation too long or too short will be penalised. 

In assessing the Creative the following criteria will be used:

  • Research Effort
  • Understanding and critical reflection
  • Originality / creativity
  • Effectiveness of Message

The creative effort should be no more than 10-15min duration.

For the detail please refer to attached Rubric’s.

4.  Group Presentation Topic: 

Students need to select a topic of interest as agreed with your lecturer (Sample topics are listed below). 

Each aspect of the recognition, measurement and disclosure criteria from the standards needs to be presented. 

Recent financial statements of a listed company from ASX Top 100 or other may be used to demonstrate the application of presented recognition, measurement and disclosure criteria. 

Proper referencing to the standards and financial report is needed. Company selection (if required) and topic selection should be done in class in week 6.

Example presentation topics:

  1. Difficulties in establishing a global set of standards
  2. Accounting – Recognition of the impacts the profession has on the broader social and political context
  3. Earnings Manipulation – Comment “To educate a person in mind and morals is to educate a menace to society” (President Theodore Roosevelt)
  4. Is Bitcoin an asset
  5. Accounting for intangibles
  6. Limitations of Accounting standards in relation to “externalities”
  7. Fair Value Accounting v Historical Cost
  8. Disclosures and Sustainability - for the greater good or just an illusion of transparency
  9. Accounting for leases
  10. Accounting for employees benefits
  11. Difference between IAS and accounting standards used in country of choice

5. Plagiarism

Taking another person’s ideas, words or inventions and presenting them as your own without acknowledging your sources (citing or referencing), is plagiarism. Paraphrasing or rewording another person’s work, without acknowledging its source, is also plagiarism. If you are identified with plagiarism assessment mark will be zero.

6. Referencing 

Correct referencing is important for two main reasons. The first is to enable the reader to access source material you have relied upon, should they care to. The other is to ensure that you have properly recognized the contribution of the work of others to your assignment. If you do not do this properly, you are engaging in plagiarism—the theft, intentional or otherwise, of the intellectual or creative work of others. 

UBBS will not tolerate plagiarism. It is therefore important that you understand how to avoid it. It is important that you adopt a consistent, and adequate, referencing system. Reference system to be used Harvard Anglia.

7.Groups:

Your group will be required to select a Group Lead who will be the contact person for the group and lecturer. The Group Lead will also submit the Group Assignment on behalf of everyone in the group.

Requirements:  Group Oral Presentations (50 marks reduced to 10 Marks)

From week 5, you will be allocated a group for your Group Presentation. These selected groups will be either self-selected or allocated by lecturer. You will work with the other members and provide a 10 minute presentation in either week 10 or 11 covering your findings and present a conclusion of what went wrong. All members of the group must participate for marking and your presentation scores are individual.

8.Analysis Requirements and Layout:

The PowerPoint presentation (Analysis) is to be in a format acceptable for a professional presentation. The Analysis should include the following sections as a minimum.

1) Introduction (this should state what the purpose of the report is, what Accounting theme is being explored, which company is being reviewed (if applicable), which standards / criteria are being applied etc.)

2) Literature Review (this is where you include a summary of the literature you reviewed to develop your understanding of the topic and formulate your recommendations)

3) Application of Accounting Criteria relevant for theme selected 

4) Analysis (this is the main body and provides your research findings)

5) Summary of Findings (this section highlights the key findings from your analysis)

6) Recommendations (this section summarises YOUR key recommendations and emphasises your JUDGEMENT)

7) Conclusion (this section should reflect upon what you stated in the introduction i.e. what you have done and what you found. The conclusion is about closing the analysis and NOT introducing new material.)

8) Appendices (These are optional and can include any additional findings and materials you believe are relevant)

9) Referencing (Harvard Anglia compliant)

You may find it very useful to make a table using these 9 points as a starting point to review your GROUP’s Analysis. 

You should also use the attached RUBRIC (refer Section 9 and 10) to self-assess how well your Analysis reaches the targeted outcomes.

Answer

Issues in Financial accounting

Introduction

In order to consider something valuable, there is required to have definite properties that can have possesses. Bitcoin is considered as valuable thing for several reasons. It works at international level having network globally and hence can also be called as decentralized. Bitcoin is available to everyone across the universe. 

Literature review

As per the perception of Glaser, et. al., (2014) it is revealed that Bitcoin is valuable due to its transferable nature which transfers the funds anywhere around the world without any involvement of middleman. Bitcoin can be considered as digital asset as it held electronically. The Bitcoin as currency is a big issue as its value is unstable. Bitcoin has been a speculation run. In the year 2016, the value of Bitcoin rose to 140% and this boost in value can be said as Bitcoin as a credible currency which is a sign of strength of crypto currency. Bitcoin is more like a speculative asset. Bitcoin as currency will have two major problems; one is instability in value and slow process of transaction. Due its uncertainty in value, it attracts less investment. The value of Bitcoin changes frequently than a US currency and Euro dollar (Glaser, et. al., 2014). Bitcoin is considered as more inconvenient way of transaction. For instance if one wants to buy groceries without any need to sell economic services to the supermarket then it is more convenient to people and that is why people shifted to currency system then barter system. Bitcoin is secured in terms of security in blockchain but there can be limited number of transactions which can take place in order to complete simple transaction. There is resistance to change which discourages people to widely use it as currency.

Key finding and recommendation 

Therefore, Bitcoin are not used in terms of currency rather used as a speculative asset which values changes with shield of transactions from others. Without stability, Bitcoin can never be called as currency and rather it is called as a commodity which can be traded like gold and silver in the commodity market (Corbet, et. al., 2018). There can be speculation on the values with the hope that value will rise can yield a trading profit. Speculation is not considered as wrongful activity as it enhances the liquidity in the market and also demonstrates the market value of assets. Thus the asset which can be valued can also hold an underlying value with it just like a person who can invest in gold and then further can make electronic components and jewellery from it (Bauret, et. al., 2018). Bitcoin has no use other than allowing people to make or lose money.  

Conclusion

Hence, from the above discussion it can be said that Bitcoin is a financial asset which values moves up and down. If a person buys it a low price then it can wait for future as a long term investment because there will be good returns on such investment. Many Companies invest in Bitcoin for investment purposes and to get good returns on it. Amazon is one of the leading e-commerce which has bitcoin investments in its investment and Company is earning good returns out of it.

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