Reference no: EM132838948

ACCT6007 Financial Accounting Theory and Practice - Laureate International Universities

Critical Analysis

Learning Outcome 1: Explain the relationship between accounting theory, the accounting conceptual framework and accounting standards.

Learning Outcome 2: Work individually and in groups to identify and apply appropriate accounting standards to a range of authentic accounting scenarios.

Instructions:
Conduct research into the revised Conceptual Framework for Financial Reporting issued in May 2019 by AASB 0r (March 2018 by IASB)

Compare and contrast the differences between the new and previous Accounting Conceptual Frame work. Provide evidence in support from academic resources. Use minimum 10 academic references.

Your research should focus on the following topics.

1. Brief history in development of the Accounting Conceptual Framework.

2. Specific changes and development between the Conceptual Framework issued by AASB in March 2016 and compare it with the one issued in 2019.

or (IASB in 2010 and the one issued in 2018) (Hint locate IFRS Conceptual Framework project summary 2018) e.g. updates in the definitions of assets and liabilities; updates in measurement, presentation and disclosure requirements etc.

3. Future directions and your insights in development of Conceptual Frame work.

You may review other academic articles, the new and old conceptual frameworks and exposure drafts to research and critically analyse the differences in the Accounting Conceptual Framework.

Attachment:- Financial Accounting Theory and Practice.rar