Purpose of the assignment:

The assignment provides you the opportunity to develop in-depth understanding of measurement and recognition issues related to financial accounting. As accountants, we are concerned about providing decision useful information to the users of financial statements for their decision making. In order to provide decision useful information to the users of financial statements, accountants often require
applying guidance given in accounting standards by using their judgment.

Part I-

According to the AASB framework, measurement is the process of determining the monetary amounts at which elements of the financial statements are to be recognised in financial statements. There are four measurement bases identified and discussed in the AASB framework including historical cost.

Required: Discuss the limitations of "historical cost" in providing decision useful information by supporting your arguments with the help of research articles (Use at least three research articles from academic journals).

Structure of Assignment Part I-

1. Abstract

2. Introduction

3. Part I

4. Conclusion

5. Bibliography, referencing and citations

Part II-

Required: Discuss the concept of fair value (AASB 13) and evaluate how it has either increased or decreased decision useful information for the users of financial statements (Use at least three research articles from academic journals).

Structure of Assignment Part II-

1. Abstract

2. Introduction

3. Part II

4. Conclusion

5. Bibliography, referencing and citations

Part III-

Required: You are required to select one of the following areas:

-Leasing
-Liabilities including provisions and contingent liabilities (excluding lease liabilities)
-Intangible assets
-Revenue

Discuss the measurement and recognition requirements of the relevant accounting standard.

Review the most recent financial statements of a listed Australian firm and provide discussions about the measurement and recognition disclosure provided by the firm in compliance with the relevant accounting standard (You are not required to provide financial figures).

Structure of Assignment Part III-

1. Abstract

2. Introduction

3. Part III

4. Conclusion

5. Bibliography, referencing and citations

I only need to get part 2 and 3 done.

Do not worry about part 1. also the Australian company that was allocated to us is comm bank, Harvard references please

Part 2: 1400 words

Part 3: 1200 words

Total of 2600 words required.