Find a current exposure draft or proposal for a new accounting standard which has been opened for public comments

The Senior Partner of the firm you work for has appointed you to a new role. It is now your responsibility to review upcoming accounting standards and provide a report to the partners on the proposed standard and the opinions of other industry players on the changes. 
1. Find a current exposure draft or proposal for a new accounting standard which has been opened for public comments. (These can be found on the websites of most standard-setting organisations, such as the IASB, AASB and FASB. Hint: These websites can be quite difficult to navigate, so as a first step try typing “IASB exposure draft and comment letters”/”FASB exposure draft and comment letters” into Google or other search engine of your choice). 
2. Read a sample of the comments from a range of respondents. 
3. Select four respondents, ideally from different types of organisations for example, from accounting bodies, industry, companies or corporate bodies. If you are having a problem finding suitable comments/letters then contact your subject coordinator. 
EXECUTIVE SUMMARY 
This report analyses a new accountant standard, the ………………… at present open for public comment. The major issues are ……………. 
This draft proposal has received considerable public and private interest due to the theoretical implications involved. 
From a sample of the comments that were examined, it would seem that (consensus/no consensus)……………….. The main obstacle to consensus seems to be …………….. 
1.0 INTRODUCTION 
Introduce the proposal you are going to discuss, its purpose and the main issues. Describe how many responses you are going to analyse to get an overview of the issues (say what they seem to be). 
This report aims first to … 
A further aim is to … 
Finally, this report will … 
2.0 THE PROPOSAL 
Explain what is proposed and why (citations) 
3.0 THE DEBATE SO FAR 
Discuss if there is generally a consensus or if there is disagreement between the commenting parties. 
Examine in detail why some parties may have a dissenting point of view (use citations) 
4.0 IMPORTANCE OF THE PROPOSAL 

Analyse the assumptions behind public interest, private interest and capture theories and evaluate which one best explains each of the comment letters. 

5.0 CONCLUSION 
Summarise the debate and draw major conclusions 
References 
The proposal 
Appendix: 
4 comments 
In your own words, supporting your evaluation with appropriate citations, appropriately referenced in APA 6 style, you are required to include the following information in the report. 

a) Introduce the major issues in the new standard 

b) Explain if there is generally a consensus or if there is disagreement between the commenting parties. Examine in detail why some parties may have a dissenting point of view. 

c) Analyse the assumptions behind public interest, private interest and capture theories and evaluate which one best explains each of the comment letters. 

Please note: you need to attach the comment letters you selected for your report (there is no need to attach the exposure draft) 

Academic Writing and Referencing - 6 marks 
Content assessed: Accounting regulation, current financial reporting issues and topics(s) that your research is related to. 
Key generic skills: Research, critical thinking and written communication. 
Rationale 
This assessment is designed to test your ability to: 
• communicate your understanding of the topic areas; and 
be able to critically evaluate selected current financial reporting and management accounting issues (SLO4).

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