Task

Question 1 - 4 marks (750 words)

You are required to write an essay analysing the usefulness of alternative measurement systems to

historical cost. Your essay needs to identify and describe three alternatives to historical cost

accounting. In your essay you should explain the assumptions behind these theories and use examples

of how they could be applied. Within your essay analyse the usefulness of the three alternative

measurement systems and explain if you think any are a valid alternative to historical cost. Support

your arguments with appropriate citations in APA 6 style.

Question 2 - 4 marks (750 words)

You are required to write an essay on the potential beneficiaries of the development of a conceptual

framework. Would Hines (1989) argue that financial statement readers or the accounting profession

will gain more from the establishment of a conceptual framework?

Hines, R (1989), "Financial accounting knowledge, conceptual framework projects and the social

construction of the Accounting profession". Accounting, Auditing and Accountability Journal, 2(2),

pp. 72-92

Question 3 - 4 marks (750 words)

Financial reports can embrace a decision usefulness and/or a stewardship function. You are required to

write a short essay explaining what these two terms mean and evaluating which of these two functions

the IASB appears to have accepted as being the objective of general purpose financial accounting.

Critically appraise the approach of the IASB.

Academic Writing and Referencing - 3 marks

Content assessed: Conceptual framework, measurement and normative theories.

Key generic skills: Research, critical thinking and written communication.

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