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BAO3309 Advanced Financial Accounting

tag 4 Downloads 13 Pages / 3,203 Words tag 23-12-2020
  • Course Code: BAO3309
  • University: Victoria University
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  • Country: Australia

Question

Research topic: A review and revision of the Conceptual Framework for Financial Reporting 

In January 2013, the International Accounting Standards Board commenced the process of reviewing and revising the existing Conceptual Framework for Financial Reporting and subsequently release a discussion paper in July 2013. Within this discussion paper, the IASB identified a number of problems with the existing Conceptual Framework at the time, specifically:

a. important areas were not covered. For example, the existing Conceptual Framework provided very little guidance on measurement, presentation, disclosure or how to identify a reporting entity;
b. the guidance in some areas was For example, the existing definitions of assets and liabilities could be improved; and
c. some aspects of the existing Conceptual Framework are out of date and fail to reflect the current thinking of the For example, the existing Conceptual Framework states that an asset or a liability should be recognised only if it is probable that there will be a flow of economic resources.

https://www.ifrs.org/-/media/project/conceptual-framework/discussion-paper/published- documents/dp-conceptual-framework.pdf

This Discussion Paper suggested that the IASB should make the following significant changes to the existing Conceptual Framework:

a. a revised statement of the primary purpose of the Conceptual Framework;
b. revised definitions of assets and liabilities;
c. additional guidance on applying the definitions of assets and liabilities;
d. revised guidance on when assets and liabilities should be recognised;
e. new guidance on when assets and liabilities should be derecognised;
f. a new way to present information about equity claims against the reporting entity;
g. a new section on the concepts that should guide the IASB when it selects measurements in a new or revised Standard or Interpretation;
h. a new section on presentation and disclosure; and
i. principles for distinguishing profit or loss from other comprehensive income (OCI).

https://www.ifrs.org/-/media/project/conceptual-framework/discussion-paper/published- documents/dp-conceptual-framework.pdf

Subsequent to this, in March 2018, the IASB issued the revised Conceptual Framework for Financial Reporting (Conceptual Framework), which set out:

a. the objective of financial reporting;
b. the qualitative characteristics of useful financial information;
c. a description of the reporting entity and its boundary;
d. definitions of an asset, a liability, equity, income and expenses;
e. criteria for including assets and liabilities in financial statements (recognition) and guidance on when to remove them (derecognition);
f. measurement bases and guidance on when to use them; and
g. concepts and guidance on presentation and disclosure

Required 

1. With reference to the IFRS (IASB) website and associated resources, as well as the relevant accounting literature, explain the objectives and purpose of the conceptual framework
 
2. With reference to the IASB Conceptual Framework Project website and associated resources, as well as the relevant accounting literature, explain why the IASB decided to revise the conceptual framework with specific reference to:
a. Measurement, presentation and disclosure;
b. Definitions of an asset and liability and recognition criteria; and
c. The roles of stewardship and prudence in financial reporting
 
3. Identify and explain, according to the IASB, the following main improvements which have been made to the conceptual framework:
a. Factors to be considered when selecting a measurement basis;
b. The classification of income and expenses in other comprehensive income; and
c. Guidance on when assets and liabilities are to be removed from financial statements;
 
4. How does the revised conceptual framework update:
a. The definitions of an asset and a liability; and
b. The criteria for including assets and liabilities in financial statements
 
5. Explain how and why, with reference to the IASB Conceptual Framework Project website and associated resources, information used in assessing stewardship is needed to achieve the objective of financial
 
6. With reference to the references below, identify and explain arguments as to whether the conceptual framework needed to be revised in order to provide the IASB with a better basis for standard setting
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