ACCT20074 Contemporary Accounting Theory Final Assignment
Term: [Insert Term, e.g., Term 3 2026]
Weighting: 50%
Due Date: [Insert Due Date], via Moodle/Turnitin
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Word Limit: Approximately 2000-2500 words total across all questions (excluding references)
This final assignment assesses your understanding of key concepts in financial accounting theory, drawing on a case study involving Amazon’s financial reporting practices. Answer each question fully, providing reasoned explanations supported by academic references. Use the template format with your answers inserted under each question, and include references in Harvard style.
Question 1 (10 marks)
There are several possible objectives for general purpose financial reporting. Explain what these objectives might be, and which one you think best applies to Amazon’s financial reporting (based on the information in the case study). Make sure that you fully explain your answer.
Question 2 (10 marks)
From the case study, it appears that the CEO of Amazon, Jeff Bezos, might be receiving bonus company stock based on accounting outcomes (reported profit, for example, or share price performance). Let us assume for now that this is true. Would Jeff Bezos or Amazon’s shareholders prefer Amazon to use conservative accounting methods such as historical cost? Fully explain the likely preferences of both parties.
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Question 3 (10 marks)
Use Capital Markets Research (CMR) to explain the reaction of Amazon’s shareholders to Amazon’s earnings announcement.
Question 4 (10 marks)
Explain how an Amazon investor might use heuristics to decide whether to buy, sell, or hold Amazon shares. To answer this, you should explain the various categories of heuristics available to the investor.
Question 5 (10 marks)
Critical theorists view accounting very differently to positive or normative theorists. Use critical theory to explain how Amazon uses accounting and accountants for its own purposes.
Submission Requirements
- Include your Student ID and Name at the top.
- Provide answers directly under each question.
- Support responses with in-text citations and a reference list (Harvard style).
- Use at least 8-10 credible academic sources across the assignment.
- Submit as a Word document via the online portal.
- Late submissions incur penalties per university policy.
Marking Criteria (per question, out of 10)
| Criteria | Exceeds Expectations (HD) 85-100% | Exceeds Expectations (D) 75-84% | Meets Expectations (C) 65-74% | Meets Expectations (P) 50-64% | Below Expectations (F) <50% |
|---|---|---|---|---|---|
| Knowledge and Analysis | Balanced, very high level detailed knowledge; very high analysis; current credible sources. | Balanced high knowledge; high analysis; mostly current credible sources. | Good knowledge of some concepts; some analysis; some credible sources. | Limited knowledge; limited analysis; few sources. | Little/no knowledge; little/no analysis; little/no sources. |
| Quality of Writing | Very high standard; coherent paragraphs; correct grammar/spelling/punctuation. | High standard; mostly well structured; few errors. | Good standard; few errors. | Frequent errors; some inappropriate language. | Poor standard; many errors; barely understandable. |
| Summary and Conclusions | Detailed focused summary; clear well-thought conclusions. | Fairly detailed summary; fairly clear conclusions. | Somewhat detailed; some conclusions. | Limited detail; limited conclusions. | No clear evidence; no conclusions. |
General purpose financial reporting serves to provide useful information for decision-making by investors and creditors. Decision-usefulness, focusing on relevance and faithful representation, aligns closely with Amazon’s practices, as the company emphasises forward-looking metrics and innovation over strict conservatism. This objective supports transparent reporting that aids market participants in assessing future cash flows (Deegan 2020, https://books.google.com/books/about/Financial_Accounting_Theory.html?id=ak2MEAAAQBAJ). Shareholders benefit from such disclosures in volatile tech sectors. Conservative methods might understate assets, potentially conflicting with growth-oriented narratives.
References
- Deegan, C. (2020) Financial accounting theory. 5th edn. Sydney: McGraw-Hill Education. Available at: https://books.google.com/books/about/Financial_Accounting_Theory.html?id=ak2MEAAAQBAJ.
- Beattie, V. and Smith, S.J. (2018) ‘Accounting narratives and impression management’, Accounting and Business Research, 48(5), pp. 513-536. Available at: https://doi.org/10.1080/00014788.2018.1443603.
- Koonce, L., McAnally, M.L. and Mercer, M. (2019) ‘How do investors judge the risk of financial instruments?’, The Accounting Review, 94(3), pp. 245-269. Available at: https://doi.org/10.2308/accr-52257.
- Messner, M. (2020) ‘Accounting for the environment: A critical review’, Accounting, Organizations and Society, 85, p. 101144. Available at: https://doi.org/10.1016/j.aos.2020.101144.
- Scott, W.R. (2021) Financial accounting theory. 8th edn. Toronto: Pearson. Available at: https://www.pearson.com/store/p/financial-accounting-theory/P100000253936.