Question 6 (20 marks) Answer all questions below. Each is 4 marks.
a) Which stakeholders are likely to lobby on an accounting standard? Why?
b) Why would a cleaning firm report voluntarily on their sustainability achievements? What specific aspects of sustainability are they likely to report?
c) What is post-earnings announcement drift? Is this impacted by good or bad news?
d) What is the difference between an event study and an association study?
e) Heritage assets – why is it difficult to put these on the balance sheet? Total – 20 marks
Question 6 (20 marks) Answer all questions below. Each is 4 marks.
a) Explain the problem with the Conceptual Framework concepts of relevance and faithful representation when determining the fair value of an asset.
b) Why would a retail company report voluntarily on emissions targets? What specifically are they likely to report?
c) Why should standard setters be aware of lobbying?
d) In behavioural finance, why is understanding of “framing” important?
e) How does research contribute to development of theory? Total – 20 marks
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