The Conceptual Framework for Financial Reporting sets and discusses the objective and
fundamentals that
serve as the basis for developing financial accounting and reporting
standards in different countries. The fundamentals are the underlying concepts of financial
accounting that guide the selection of transactions, events, and circumstances to be accounted
for; their recognition and measurement; and the means of summarizing and communicating
them to interested parties. The objective identifies the purpose of financial reporting.
Required:
a Identify and discuss the benefits that can be expected to be derived from the
Conceptual Framework.
(6 marks)
b What is the most important quality for accounting information as identified
in the Conceptual Framework? Explain why it is the most important.
(4 marks)
c Briefly discuss the importance of any five of the fundamental qualitative
characteristics or enhancing qualities of accounting information.
(10 marks)
d ‘The IASB and the US Financial Accounting Standards Board (FASB) have
been working together since 2002 to achieve convergence of IFRSs and US
generally accepted accounting principles (GAAP).’
Until recently, the convergence project is not finished.
Explain why the development process of international accounting
harmonization is difficult and complex. You may refer to the following for
further information.
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