$20 Bonus + 25% OFF
$20 Bonus + 25% OFF
Securing Higher Grades Costing Your Pocket? Book Your Assignment at The Lowest Price Now!
Add File

Error goes here

BAC304 Advanced Accounting Theory

tag 0 Download8 Pages / 1,877 Words tag Add in library Click this icon and make it bookmark in your library to refer it later. GOT IT



When Australia moved to IFRS in 2005, the IASB’s 1989 Framework for the Preparation and Presentation of Financial Statements replaced the Australian systems of SACs 3 and 4. The IASB framework included a specific reference to “prudence” in 37-38 as part of the Qualitative Characteristics of Financial Statements.  Some viewed this to be in direct conflict with the goals of “neutrality” 36 and “faithful representation” 33-34.  Subsequently the 2010 update to the Conceptual Framework (CF) entitled “Framework for the Preparation and Presentation of Financial Statements” removed any reference to either prudence or conservatism. This new framework was adopted by the AASB on 1 July 2014.

This overturned 100 years of accounting assumptions since Paton’s (1916) seminal work in Principles of Accounting. Many in the profession expressed concern that this may open the door to overly optimistic reporting and thus potentially increase auditor’s liability.

The CF project is a work in progress, and the IASB is currently seeking public comment on their new Exposure Draft for the new CF. 


You are in the graduate rotation program at Big Phore Partners, currently your 6 month placement is with the Financial Analysis Team (Corporate Advisory Group). A heated debate has broken out between the partners on the matter of prudence. Mr Price (Executive Director of Audit), believes prudence is a cornerstone of financial reporting, but Dr Waterhouse (Executive Director of Corporate Advisory) believes it is critical that investors get “the right information” to make “the right decision”. Executive Chair Dr Coopers believes that the firm should have an internal debate to settle the matter, and subsequently the firm should make a formal submission to the IASB on the outcome.

You have been asked to draft the initial discussion paper for Board of Executive Directors:

Part 1 Internal Audience Directors’ Brief:

Outline the context of the change, and explain the arguments for and against the re-inclusion of prudence in the new CF

Part 2 IASB Audience ED:

A draft submission letter to the IASB answering to what extent does your firm support re-inclusion of prudence? 

Download Sample Now

Earn back the money you have spent on the downloaded sample by uploading a unique assignment/study material/research material you have. After we assess the authenticity of the uploaded content, you will get 100% money back in your wallet within 7 days.

Unique Document

Under Evaluation

Get Money
into Your Wallet

Total 8 pages, 1 USD Per Page

Cite This Work

To export a reference to this article please select a referencing stye below:

My Assignment Help. (2021). Advanced Accounting Theory. Retrieved from https://myassignmenthelp.com/free-samples/bac304-advanced-accounting-theory/financial-statements.html.

My Assignment Help (2021) Advanced Accounting Theory [Online]. Available from: https://myassignmenthelp.com/free-samples/bac304-advanced-accounting-theory/financial-statements.html
[Accessed 16 April 2021].

My Assignment Help. 'Advanced Accounting Theory' (My Assignment Help, 2021) <https://myassignmenthelp.com/free-samples/bac304-advanced-accounting-theory/financial-statements.html> accessed 16 April 2021.

My Assignment Help. Advanced Accounting Theory [Internet]. My Assignment Help. 2021 [cited 16 April 2021]. Available from: https://myassignmenthelp.com/free-samples/bac304-advanced-accounting-theory/financial-statements.html.

End that ongoing search for the best online finance assignment help by getting assignment assistance from the native writers of MyAssignmenthelp.com. We have the best writers in the business who are capable of delivering excellent quality of assignment help in public finance, private finance, financial instruments, etc. At MyAssignmenthelp.com, we handle hundreds of finance assignment on a weekly basis and provide only the very best to each & every one of our clients.

Latest Accounting Samples

ACC275 Professional Practice In Accounting

Download : 0 | Pages : 6

Answer: Tool for the students for initiating a better understanding of the learning and the techniques at the workplace . The tool forms  he most f the experiences of the learning for bridging the university and the work.  The main purpose of the tool of Work Place Learning  (WPL) is to develop and prepare the pupils of the university   to become a responsible  professional in the future.  The purpose of con...

Read More arrow

ACC303 Contemporary Issues In Accounting

Download : 0 | Pages : 7

Answer Introduction The financial evaluation of the annual report presented by the company for the year were evaluated and the various accounting policy in relation to the same were taken into account for the same. The accounting policies principles used by the company and the measurement concepts applied by the company in the measurement of the various assets and liabilities of the companies were evaluated. Various aspects including the fund...

Read More arrow

ACCT11059 Accounting Learning And Online Communication

Download : 0 | Pages : 15

Answer: PRADA Group             Statements of Movements in Equity             Years ended 31 January                 2016 2015 2014 2013                  €          -    €&nb...

Read More arrow

GAA6004 Advanced Financial Management

Download : 0 | Pages : 11

Answer: Machine B     Calculation of Net Present Value     Years Cash Outflow After tax Cash Inflow+ Add back depreciation  Factors Cash Inflow PV Cash Outflow PV     0  OMR  1,10,000   1.00  OMR                   -    OMR   1,10,000.00 &n...

Read More arrow Tags: Oman Muscat Management ECONOMICS University of Muscat International Business  

ACC203 Introduction To Financial Management

Download : 0 | Pages : 4

Answer: a) For the computation of total incurred cost, the respective costs in the two departments ought to be computed as carried out below. Unit bottle cost for the company = (Total production costs/Total production quantity) = (192000/160000) = $ 1.2 b) The journal entries for the various costs in the two departments can be recorded as highlighted below The specified variances have to be computed on the basis of information p...

Read More arrow

Save Time & improve Grade

Just share requirement and get customized Solution.

We will use e-mail only for:

arrow Communication regarding your orders

arrow To send you invoices, and other billing info

arrow To provide you with information of offers and other benefits

Add File

Error goes here




Overall Rating



Our Amazing Features


On Time Delivery

Our writers make sure that all orders are submitted, prior to the deadline.


Plagiarism Free Work

Using reliable plagiarism detection software, Turnitin.com.We only provide customized 100 percent original papers.


24 X 7 Live Help

Feel free to contact our assignment writing services any time via phone, email or live chat. If you are unable to calculate word count online, ask our customer executives.


Services For All Subjects

Our writers can provide you professional writing assistance on any subject at any level.


Best Price Guarantee

Our best price guarantee ensures that the features we offer cannot be matched by any of the competitors.

Our Experts

Assignment writing guide
student rating student rating student rating student rating student rating 5/5

93 Order Completed

100% Response Time

Jackson Mitchell

MiM (Masters in Management) in Supply Chain Management

New Jersey, United States

Hire Me
Assignment writing guide
student rating student rating student rating student rating student rating 5/5

1692 Order Completed

98% Response Time

Alfred Dodd

PhD in Computer and Information Science with specialization in Database

Wellington, New Zealand

Hire Me
Assignment writing guide
student rating student rating student rating student rating student rating 5/5

1896 Order Completed

95% Response Time

Herman Berens

MSc in Psychology

London, United Kingdom

Hire Me
Assignment writing guide
student rating student rating student rating student rating student rating 5/5

798 Order Completed

97% Response Time

Benjamin Blakeman

MSc in Medical Technology

London, United Kingdom

Hire Me

FREE Tools


Plagiarism Checker

Get all your documents checked for plagiarism or duplicacy with us.


Essay Typer

Get different kinds of essays typed in minutes with clicks.


GPA Calculator

Calculate your semester grades and cumulative GPa with our GPA Calculator.


Chemical Equation Balancer

Balance any chemical equation in minutes just by entering the formula.


Word Counter & Page Calculator

Calculate the number of words and number of pages of all your academic documents.

Refer Just 5 Friends to Earn More than $2000

Check your estimated earning as per your ability




Your Approx Earning

Live Review

Our Mission Client Satisfaction

Great work by team i got good marks in every assessment i got credit in every subject


User Id: 391432 - 16 Apr 2021


student rating student rating student rating student rating student rating

Best service forever i was try lot of websites but my friend recommended this one then i got positive reviews and positive comments from the tutors


User Id: 391432 - 16 Apr 2021


student rating student rating student rating student rating student rating

The tutor was very helpful and got the job done quite quickly considering how little time they had to do the assessment. The critical reflections were outstanding and well written! Thank you very much for the hard work!


User Id: 485263 - 16 Apr 2021


student rating student rating student rating student rating student rating

They are fast in revising work and making sure its done properly. great CSS, in addition work is promptly done


User Id: 659253 - 16 Apr 2021


student rating student rating student rating student rating student rating

Order on the go!

Say hello to our new app

callback request mobile
Have any Query?