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Ha3011 Financial Accounting: Unwieldy Rules Assessment Answer


Part A:

Indicating whether the views of corporate financial report satisfies the central objective of the conceptual framework:

The article ‘Unwieldy rules useless for investors’, relatively indicates the overall problems and failures of the International Financial Reporting Standards which is being implemented in the Australian organisation. The article instigated the problems that was faced by Australian companies during the adoption of International Financial Reporting Standards and is still not able to provide the adequate measures in accordance with General Accounting Principles (GAAP). However, the Australian accounting board has a relatively utilised the international financial reporting standard to improve the level of financial reporting within its premises. The implementation of different regulations and rules laid down by the IFRS has mainly helped in minimising any kind of manipulation or problems related to financial reporting. The only problem that is faced by the organisation while implementing IFRS is the extra burden on Cost for preparing the financial statement (Beams, Brozovsky and Shoulders 2017).

Evident statement provided by David Craig:

The statement relatively indicates that annual reports using the IFRS method is relatively portraying a wrong picture of the management decision and workings to its investors. The chief financial officer directly indicated that the annual report prepared in accordance with IFRS is not able to provide adequate and reasonable explanation to the investors. Instead only the investors with technical capabilities to understand the relevant notes of financial account would eventually detect the progress and profitability obtained by the organisation. The simple investors would not be able to understand the level of complexity in the financial notes, which is essential to understand the actual financial position of the organisation. This would relevantly increase the chance of misinterpretation and hamper share price valuation of the organisation. Hence, it could be identified that IFRS does not comply with both faithful representation and relevance while repairing the annual report (Churyk, Reinstein and Smith 2018).

Evident statement provided by Mr. Roberts:

From the statement of Mr Roberts, it is clear that the financial statement prepared in accordance with IFRS has not encouraged any kind of questions from the investors or managers. On the contrary, Mr Robert indicates that investors rely on management briefing and investor reports to understand the company's number and not the financial report of the organisation. This relatively reduces any kind of significance that IFRS has in delivering the adequate financial statement to the investor. The statement directly indicates that the information capability of IFRS is adequate but its complexity has not allowed the investors to effectively adopt its interpretations while making any kind of investment decisions. IFRS system is relatively helpful in comparing results, which would help in understanding the financial position of the organisation. On the contrary, the measure has not eventually helped the investors in 7 years, as it does not provide the clarity, which is stated in investors report and Management briefings provided to the investors (Dutta and Patatoukas 2016).

Evident statement provided by Terry Brown:

The statement provided by the director of Wesfarmers indicate problems of misinterpretation that might arise from the financial statement if prepared in accordance with IFRS. The misinterpretation of the annual report would negatively affect the performance of the organisation as investors should rely on the misinterpreted reports and make investment decisions. The concern of the organisations is regarding the criticality and technicality of the process used by IFRS in preparing the annual report. This complex annual report preparation is not able to comprehend the changing values of the annual report, which would lead to misinterpretation of the actual progress made by the company. The director instigated that normal investors are not found of technical terms, which is listed in the notes to financial accounts. Maximum the investors are not able to interpret what is written in the notes of financial accounts, which is essential to determine the company's progress and the overall improvement it has obtained over the period. This relatively indicates that the IFRS statements has an absence of understandability and verifiability in their reporting framework.

The statements provided by the directors and Chief financial officers of organisations relatively portray the problems related to annual report interpretation.  However, the financial report that need to be prepared by the organisation must have correct picture of the financial performance regardless of any interpretation or notes. The financial statement needs to be clear and portray all the relevant information that is required by the investors to analyse the current financial position of an organisation. This is relatively the major qualitative characteristics that is needed in a financial statement and by investors Before commencing any kind of investment decisions (Ghani and Muhammad 2016).

Part B:

a) Public interest Theory:

The decisions made by the Australian government related to the non-amendment of Corporation Act can be evaluated under the Public Interest Theory. The decision made by the Australian government is analysed under the public interest theory which relatively indicates the need of regulations for fulfilling the demand of public. This relatively helps in identifying and promoting the Welfare of common people while neglecting the benefits of only specific groups of people living within the community. The public interest theory relatively indicates that government needs to take decisions regarding the improvement of the general public without any kind of disparity or negligence. This would eventually help in minimising any kind of Manipulation or corruption that might include in the government to benefit only few people with their policies. After the evaluation, it could be understood that the decision made by the government was not adequate and in Public Interest. The changes in Corporation Act needs to be conducted by the government to improve for the betterment of the public and reduce any kind of manipulation that might be conducted by companies. The changes in the Corporation Act needs to be conducted by the Australian government where large portion of social and environmental responsibility needs to be implemented. This would eventually help in minimising any kind of negative actions taken by the organisations while conducting their operations on social and environmental responsibility. Therefore, the decision made by the Australian government for not amending the Corporation Act was not in light with the public interest theory (Hoyle, Schaefer and Doupnik 2015).

b) Capture Theory:

The decisions made by the Australian government related to the non-amendment of Corporation Act can be evaluated under the Capture Theory. Capture theory is relatively an approach where the elimination of public interest can be seen while conducting regulations by the government. Capture theory relevantly focuses on the points where the government is controlled by some specific organisations or groups to benefit their own personal needs. the capital theory indicates that the regulations passed by the government are only focused for development related to specific groups and not the general people. the decision made by the Australian government needs to be evaluated on the basis of captured theory but would eventually help in indicating the problems faced by the general public. Therefore, in accordance with the captured theory the decisions made by the Australian government for not altering the Corporation Act in accordance with social and environmental responsibility is a relatively indicating that the government is captured. this relatively indicates that the Australian government has taken decision support handful of corporations rather than the public interest of its citizens (Kahng 2015).

c) Economic Interest Group Theory of Regulations:

The decisions made by the Australian government related to the non-amendment of Corporation Act can be evaluated under the Economic Interest Group Theory of Regulations. The economic interest group theory regulation relatively indicate that government adopt regulations which are benefit the economic interest group. the decision made by the Australian government for not attending the Corporation Act relatively falls under the economic countries group theory of regulations. this relatively indicates that the decision made by the Australian government was in line with the economic interest group theory of regulations as businesses were the main source of income for the country. The changes in Corporation Act would eventually reduce the economic boom and interest, which might negatively affect the economic condition of the country. Hence, the non-adoption of environmental and social responsibilities in the Corporation Act help the businesses to maintain their economic progress (Larson, Lewis and Spilker 2017).

Part C:

Indicating the rules and regulations that needs to be followed by US Corporate Financial Statements:

The rules relatively help in depicting a faithful representation of the financial statement that is being prepared by the US companies for their stakeholders. Moreover, the financial statements where the disclosure for adequate noncurrent assets revaluation would eventually allow the investors and creditor understand the level of accounting treatment conducted by the organisation during the fiscal year. This relevant evaluation would eventually help in depicting the information regarding their Assets and their actual asset valuation for the current fiscal year. Moreover, the accounting Framework used by the US accounting relatively helps in depicting the different treatments that could be conducted for non-current assets. The accounting complexity effectively increases by adopting the models of accounting Framework which needs to be reduced by the FASB for reducing the inconsistency during their revaluation of non-current assets.

Moreover, the accounting treatment would eventually help the organisation to represent their annual report and the valuation of the non-current assets which is essential to understand the current financial position of the company. However, the measures taken by FASB for the revaluation model has effectively improved the faithfulness of the annual report by actual financial position of the company is depicted as per the market valuation. Lastly, FASB has introduced a single framework for completing all the relevant accounting treatment which eventually help the companies to understand the level of revaluation that needs to be conducted for the non-current assets (Libby 2017).

Part D:

a) Indicating the motivation that might instigate the directors to revalue their property, plant, and equipment:

There is different level of motivations that instigate the directors to revalue the property plant and equipment of the organisation. The first and foremost reason for the revaluation purpose is for the compliance that needs to be conducted in accordance with the accounting rules. Currently the directors need to revalue the assets and conduct the revaluation process on a regular basis to effectively depict the actual valuation or fair value of their current financial position. The second motivation that is provided to the directors is during the merger and acquisition which would eventually allow the company to represent the valuation in accordance to fair value. Therefore, conducting the revaluation process would eventually allow the directors to depict the actual value of their assets during the acquisition and Merger process. The third motivation for the directors is to detect the return on capital employed which is only identified by the revaluation process (Macve 2015).

b) Indicating the impact of not revaluating might have on the financial statement of the organisation:

From the evaluation could be understood that the revaluation method alters the overall financial statement of the organisation. The values of different assets are relatively changed due to the revaluation process and without its presence the valuation is not conducted on fair value. Hence, the sales proceeds of the assets wood relevantly defect and abnormal change, as profit or loss after selling the Asset. Therefore, the revaluation model would eventually help the business to improve its operations and reduce its profitability during the reduction in valuation (Ramirez 2015).

c) Stating whether the decision not to revalue will have adverse effect on the wealth of the shareholders:

The decision for not conducting the revaluation of assets would directly affect shareholders wealth over time. the shareholders of the organisation relatively rely on the financial statement provided by the organisation to conduct their investment decisions. The reduction in revenues and financial position of the company would directory result in a mass panic and the valuation of the organisation. This would directly reduce share price of the organisation, while reducing profits of the investors and hampering shareholder wealth (Weygandt, Kimmel and Kieso 2015).


Abdel-Maksoud, A., Cheffi, W. and Ghoudi, K., 2016. The mediating effect of shop-floor involvement on relations between advanced management accounting practices and operational non-financial performance indicators. The British Accounting Review, 48(2), pp.169-184.

Beams, F.A., Brozovsky, J.A. and Shoulders, C.D., 2017. Advanced accounting. Pearson.

Churyk, N.T., Reinstein, A. and Smith, L., 2018. Jones Enterprises Real Estate Investment Trust: Comparing US and Canadian Acquisition Accounting, Balance Sheet and Security Commission Reporting, and Initial Public Offering Location. Issues in Accounting Education, 33(2), pp.35-42.

Dutta, S. and Patatoukas, P.N., 2016. Identifying Conditional Conservatism in Financial Accounting Data: Theory and Evidence. The Accounting Review, 92(4), pp.191-216.

Ghani, E.K. and Muhammad, K., 2016. The Effect of Freemind on Students’ Performance in an Advanced Financial Accounting Course. International Journal of Academic Research in Business and Social Sciences, 6(7), pp.262-275.

Hoyle, J.B., Schaefer, T. and Doupnik, T., 2015. Advanced accounting. McGraw Hill.

Kahng, L., 2015. Perspectives on the Relationship between Tax and Financial Accounting.

Larson, M.P., Lewis, T.K. and Spilker, B.C., 2017. A Case Integrating Financial and Tax Accounting Using the Balance Sheet Approach to Account for Income Taxes. Issues in Accounting Education, 32(4), pp.41-49.

Libby, R., 2017. Accounting and human information processing. In The Routledge Companion to Behavioural Accounting Research (pp. 42-54). Routledge.

Macve, R., 2015. A Conceptual Framework for Financial Accounting and Reporting: Vision, Tool, Or Threat?. Routledge.

Maynard, J., 2017. Financial Accounting, Reporting, and Analysis. Oxford University Press.

Miller, W.F. and Shawver, T.J., 2016. The Potential Impact of Education on Whistleblowing Behavior: Benefits of an Intervention in Advanced Financial Accounting. Journal of Business Ethics Education, 13, pp.67-90.

Ramirez, J., 2015. Accounting for derivatives: Advanced hedging under IFRS 9. John Wiley & Sons.

Scott, W.R., 2015. Financial accounting theory (Vol. 2, No. 0, p. 0). Prentice Hall.

Warren Jr, J.D., Moffitt, K.C. and Byrnes, P., 2015. How Big Data will change accounting. Accounting Horizons, 29(2), pp.397-407.

Weygandt, J.J., Kimmel, P.D. and Kieso, D.E., 2015. Financial & managerial accounting. John Wiley & Sons.


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