Your literature review, therefore, is to research and report into particular aspects of the TFV. Your assignment is split into two parts.
What is the history of the TFV? How did it come about, where, and when? What has been this historical purpose of the TFV?
Part B provides you with a choice; you may research or report on either one of the following:
- The extent to which the Australian regulatory environment for financial reporting supports the TFV, or
- Whether the current requirements of the Australian accounting standards to "faithfully represent" the reporting entity's accounts is the same as requiring a true and fair view.