Note:
1. Your “essay” must show a coherent discussion in a good order.
2. You may therefore aim to follow a good structure which should guide
your reader.
3. Your discussion should be informative, critical and is evidenced by a
good use of literature
4. Please make sure you adhere to these expectations whilst you work on
your essay.
Your task requires you to discuss the following “themes” (refer the
assignment brief):
A. Identification of accounting system i.e., nature of accounting
system in the country
B. Reason(s) for your choice of country to study
C. Differences with IFRS i.e., any differences between the accounting
standards/system used in the country under review and International
Financial Reporting Standards (IFRS)
D. Major issues for stakeholders, i.e., whether you believe these
differences cause any major issues or concerns from the viewpoint of
global investors or stakeholders
E. Evaluation of convergence, i.e., whether the current position and
any near future changes are likely to lead to issues regarding the
country in achieving full convergence with IFRS.
The following could be taken as guidance which forms the evaluation
scheme:
A. Identification of accounting system i.e., nature of accounting
system in the country
 What type of accounting system prevails in the country?
 Why is the accounting system like this? i.e., some history?
B. Reason(s) for your choice of country to study
 Some example (e.g., traditional, rudimental, modern, and one that
may have been influenced by some events/agreements- political,
trade, taxation, economic, etc.) that shows a stark or clear
difference in the trend with the existing international regime of
accounting;
 Some economic indicators (GDP, size of market, etc.) could also
form part of the above;
C. Differences with IFRS i.e., any differences between the
accounting standards/system used in the country under review
and International Financial Reporting Standards (IFRS)
 Identification of some important differences by the way in which
some specific but important accounting is undertaken which is
clearly different than the IFRS mandate in that respect. For
example, accounting for (1) Goodwill; (2) Financial Instruments
accounting such as hedge accounting, derivative accounting, (3)
long-term biological assets, (4) pensions, (5) revenue recognition,
(6) dividend payment, etc;
 The identified difference(s) must be able to explain in a clear
manner the reason(s); as to why it is the case;
D. Major issues for stakeholders, i.e., whether you believe these
differences cause any major issues or concerns from the
viewpoint of global investors or stakeholders
 Who are these stakeholders? Clear identification
 Which differences concerns them? Some reasons.
E. Evaluation of convergence, i.e., whether the current position and
any near future changes are likely to lead to issues regarding the
country in achieving full convergence with IFRS.
 Based on the discussions, e.g., regulators and other important
agencies in the country, how is convergence process taking shape.
 Any relevant and or latest news would be helpful here to
demonstrate the politics or strategy initiated by the country; how
and why?
Please note that all the above points i.e., the discussion, must evidence a
good use of research literature- i.e., journal articles, regulator discussions,
policy discussions, strategic documents, stock market discussions, tax,
media etc. Overall, it should show a good synthesis demonstrating a clear
course of study