Demonstrate an understanding of accounting standards and be aware of the authoritative influences

The assignment question consists of two (2) compulsory parts. You need to write a research report. Part A Using peer-reviewed research papers argue and conclude if it is appropriate to have a single, global set of accounting standards as well as one conceptual framework that has global acceptability? Part B The International financial reporting standards (IFRS) encourage ASX listed companies to use fair value accounting (FVA) replacing the historical cost accounting (HCA) for valuing noncurrent assets. Use peer reviewed academic research to decide if FVA (claiming to have more value relevance) should totally replace HCA. (750 Words) Objectives The purpose of this assignment is for students to: 1. Demonstrate an understanding of accounting standards and be aware of the authoritative influences that underpin accounting and reporting in the international and Australian regulatory environment; and 2. Explain the issues surrounding contemporary accounting controversies, in this case on fair value accounting in diverse contexts using social, ethical, economic, regulatory and global perspectives.