Question 2 Make a critical assessment of the International Accounting Standard Board’s (ASB) Conceptual framework 2018. Discuss the key elements of the conceptual framework and their role in enhancing the relevance and reliability of financial reporting.
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Question 2
Make a critical assessment of the International Accounting Standard Board’s (ASB) Conceptual framework 2018. Discuss the key elements of the conceptual framework and their role in enhancing the relevance and reliability of financial reporting.
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- make a critical assessment of the international accounting standard board conceptual framework 2018.discuss the key elements of the conceptual framework of IASB 2018 and their role in enhancing the relevance and reliability of financial reportingdescribe the International Accounting Standards Board’s conceptual framework, including the objective and qualitative characteristics of fi nancial statements, required reporting elements, and constraints and assumptions in preparing fi nancial statement
- Explain the relevance of the international accounting standards board in today's reporting environment.Case Study: Navigating the FASB Accounting Standards Codification (ASC)** *Introduction:* The FASB Accounting Standards Codification (ASC) serves as the authoritative source for U.S. generally accepted accounting principles (GAAP). It is a comprehensive system designed to organize and present accounting standards in a logical and accessible manner. In this case study, we explore the components included and excluded from the FASB ASC. *Components of FASB ASC:* 1. **AICPA Statements of Position (SOP):** - SOPs issued by the American Institute of Certified Public Accountants (AICPA) were included in the FASB ASC during its initial implementation. However, updates to the ASC may have modified this inclusion. 2. **FASB Statements:** - FASB Statements are a core part of the FASB ASC. These statements represent authoritative guidance on various accounting topics, ensuring consistency in financial reporting. 3. **Accounting Research Bulletins (ARB):** - ARBs were issued by…The GAAP hierarchy lists which source of authoritative accounting guidance as highest in priority? a. AICPA Practice Bulletins b. GASB Implementation Guides c. GASB Technical Bulletins d. GASB Statements
- Critically appraise the benefits and drivers of international financial reporting convergence and harmonisation undertaken by the International Accounting Standard Board (IASB). Define the term ‘financial reporting convergence’ as part of your answer.Discuss the principles and characteristics of the International Financial Reporting Standards (IFRS) and how they differ from Generally Accepted Accounting Principles (GAAP). What are the advantages and challenges of implementing IFRS globally?What does the conceptual framework intend to establish? a. the objectives and cocepts foruse in developing IFRSs b. the hierarchy of sources of accounting standards and principles c. the true concept of "present fairly in accordance with IFRSs' d. IFRS
- Discuss the role of International Accounting Standards Board(IASB) in bringing harmonization of accounting standards and the convergence of accounting standards.By reviewing IFRS 15, critically evaluate how accounting regulators and practitioners reflect the qualitative characteristics in practice.describe the status of global convergence of accounting standards and ongoing barriers to developing one universally accepted set of fi nancial reporting standard
