ASSIGNMENT BACKGROUND Assume you have successfully obtained a good honours degree and gained employment. You have been immediately seconded as an adviser to the Finance Minister of Breakavia, a newly-independent country in Eastern Europe. Breakavia has been formed by splitting from a former Communist state and whose government recognises the advantages of forming a democracy and adopting capitalist principles. The new government is also confident the country can function as an independent state as it has substantial oil and mineral reserves that have recently been discovered. A favourable banking and tax regime, with low cost commercial and housing opportunities and potential for a tourist industry, means the government is also confident it can attract European companies to base their operations in Heeritis, their capital city. The government is also talking to neighbouring countries regarding the feasibility of setting up a Stock Exchange in Heeritis and eventually joining the European Union. The government of Breakavia is now seeking your advice on the development of corporate reporting in their country to support and encourage the successful growth of its business and commercial sector. The Finance Minister has posed you the following two questions: 1. Who do you think is best placed to support the initial development of regulation for corporate reporting in our country? Are there examples of good national or international practice that we can use? 2. I’ve read a lot about the importance of œcorporate governance as part of corporate reports. What does this term mean “ we never saw it in Communist days “ and how might adopting this approach be beneficial to users of corporate reports? ASSIGNMENT BRIEF The new Finance Minister of Breakavia has only recently been elected as a Member of the newly-formed Parliament and, on his own admission, is a politician with very limited financial knowledge. The questions have been drafted by one of his civil servants based on questions asked during Parliamentary debates, but he expects a response directly from you as one of his advisers. (Assume that his skills with the English language are not a problem for this purpose). Your briefing to the Finance Minister should allow him to address Parliament’s Business Development Committee at a forthcoming debate on the development of the country’s new business and commercial sector. As such clear, non-evasive, non-jargon ridden answers will be expected and should enhance your credibility as a ministerial adviser. Any specific evidence relating to the two questions above will be a useful part of the response to the Finance Minister. Required: Prepare a briefing paper for the Finance Minister of Breakavia that responds to the two questions above for his use during the forthcoming parliamentary debate. In order to facilitate memorisation and quick reference to your response by the Finance Minister, your briefing paper should not exceed 2000 words (using Arial, size 12 pitch, single line spacing). Full academic referencing, using the Harvard Method, should be supplied and this is excluded from the word limit given above.Both questions are equally weighted MODULE ASSESSMENT CRITERIA Criteria/ learning outcome < 39% 40 “ 49% 50 “ 59% 60 “ 69% >70% Fail Third Lower second Upper second First 1. Demonstrate a critical appreciation of the usefulness of corporate reports Poor knowledge of alternative approaches to “ or details of -accounting theory. Little or no demon-stration of critical ability. Limited knowledge of alternative approaches to “ or details of -accounting theory. Description (but limited consideration or critique) of key issues. Clear knowledge of topic. Clear grasp and review of key issues. Critical and perceptive consideration of literature. Good knowledge of topic. Excellent knowledge and perceptive critique of literature. 3. Assess critically the political and economic contexts and conse-quences of corporate reporting Poor knowledge of economic conse-quences and the implications for the regulation of corporate reporting. Little or no attempt to discuss or critically evaluate. Limited knowledge of topic. Description (but limited discussion or assessment) of key issues and implications. Clear knowledge of topic. Clear grasp and discussion of key issues and implications. Critical and perceptive consideration of issues and implications. Good knowledge of topic. Excellent knowledge and perceptive critique and discussion. Coursework Little or no evidence of data gathering or literature search. Limited evidence of data gathering or literature search. Good evidence of data gathering or literature search. Evidence of good use and breadth of data gathering or literature search. Excellent use and breadth of data gathering or literature search. Little or no attempt to answer the question set Some attempt to conclude and answer the question set and directed to the stated audience A reasoned attempt to conclude and answer to question set and focussed to the stated audience Critical and perceptive conclusion and answer to the question set and clearly focussed to the stated audience Excellent and perceptive conclusion and answer to the question set perceptively focussed to the stated audience. SUBMISSION DETAILS Week 32 to SHIP, Stoddart Level 1 and via Turnitin Dr.PrabhuUdawatte 2012/2013