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IASB Conceptual framework

January 14, 2015| Papers Haven

IASB Conceptual framework

This is an Accounting essay on discussing and criticizing the IASB Conceptual framework, please allocate it to a writer professional in this field.

Please read through the Assignment instruction document I have uploaded carefully and follow the instructions when writing the essay.

ESSEX BUSINESS SCHOOL

38110 FINANCIAL REPORTING & ANALYSIS

arm COURSEWORK QUESTION

The lASB Conceptual Framework for Financial Reporting (the ‘Conceptual Framework’) sets

out the concepts that underlie the preparation and presentation of financial statements.

According to llines (I980), the mtological assumption underpinning the .Conceptual

Framework’ is that the relationship between financial accounting and economic reality is

unidirectional. reflecting or faithfully reproducing relationship which presuppose that

economic reality exists objectively. intersubjectively. concretely and independently of

financial accounting practice (see p.3l5). In that sense. financial accounting reflects. mirrors.

represents. or measures this pre-existent economic reality.

Bernice-nut:

l. “The conceptual framework is criticized for not fulfilling its functional objectives.

principally that of providing a basis for guiding standard-setting and resolving

accounting controversies”.

Critically discuss this statement taking into consideration the accounting principles.

concepts and the focus of general purpose financial reporting outlined by the

Conceptual framework

NOTE:

Your essay must not exceed 2000 words. excluding footnotes and bibliography. It should

have a good structure: an introduction which specifies the purpose of the essay together with

an indication of the structure (signposted). some understanding of the concepts, some

illustration of the issues with examples and finally end with a summary and discussion. 10

marks will be awarded on the structure and referencing

The date of submission of the coursework is Monday I9″‘ January 20 I 5. The electronic copy

must be submitted by [2 noon. A watermarked paper copy must also be handed in to the E35

office (Room 5N.5.6) by 3pm on the date of the online submission.

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