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BAO3309-Conceptual Framework In Financial Reporting

tag 0 Download 15 Pages / 3,724 Words tag 05-02-2020
  • Course Code: BAO3309
  • University: Victoria University
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  • Country: Australia

Question:

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 reporting.
 
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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