Essay
 Graduate Qualities Assessed Informed Innovative and Flexible Socially Responsible Connected Communicators Marking Criteria Marks will be awarded based on the following criteria:
1. abstract or synopsis
2. structure and presentation
3. content – including evidence of understanding and critical reflection of the issues.
4. style – English expression, fluency, logical development of arguments
5. research effort
6. correct referencing protocol (using the Harvard method).
 The essay should be approximately 2000 words, excluding the abstract (synopsis) and list of references. The abstract (synopsis) should be approximately 200 words.
 Style and format Essay – should be typed using 12 point font, double line spaced with 3cm margins.
 Abstract – should be typed using 12 point font, double line spaced, 3 cm margins and shown on a separate page prior to the main body of the essay.
 Referencing and reference list – in text referencing should be in accordance with the Harvard method. The reference list should be prepared in accordance with the Harvard method, typed using 12 point font and 3 cm margins – listing ONLY those references cited in the body of the essay.

 Detailed information Topic: The socio-economic context of financial accounting and reporting. Palea (2015) suggests that financial accounting and reporting are far more than technical practices; rather, she argues, they shape the socio-economic environment. This argument is pursued with an examination of the adoption of International Financial Reporting Standards (IFRS), in particular the use of fair value reporting, in the context of the European Union. In her conclusion she states that “financial reporting affects a great variety of constituencies: not only market actors, such as firms, investors, bankers and auditors, but also simple citizens, employees, and states…It is therefore inadequate to consider accounting standards independently of the socio-economic context” (2015,p12).

Required: Explore the argument made by Palea; first as it concerns fair value accounting and reporting in the European context and, second, the implications of financial accounting and reporting for a broader range of constituents. Your answer should address:
1. the meaning of fair value accounting and how it is used in IFRS
2. the critical issues in fair value accounting and reporting, especially in relation to the Global Financial Crisis (GFC)
3. the implications of fair value reporting in the European context
4. a broader consideration of how financial accounting and reporting affect a variety of constituencies. For example, you may consider it from the perspective of constituents in various countries (eg. Australia, a developed nation, a developing nation, a non-western nation), industry sectors, government entities, environmental groups or employee groups, or even from your own perspective (eg. as a student, as a user of health care facilities or as an employee).
This is NOT an exhaustive list of “essay headings” – it is a guide to the type of issues that you should address in your essay. References: Your essay should refer to at least 8 relevant sources, of which at least 6 must be academic journal articles.