Andrew and john are discussing various aspects of sac2

Assignment Help Financial Accounting

Reference no: EM13721080

Andrew and John are discussing various aspects of SAC2 'Objective of general purpose financial reporting'. Andrew says that this concept statement provides little, if any, guidance to the practising professional accountant in resolving accounting controversies. He believes that the statement gives such board guidelines that it is impossible to apply the objectives to present-day reporting problems. John concedes this point, but says that an objective is still needed to provide a starting point for the improvement of financial reporting.

Critically evaluate the meaning of John's statement that a starting point is needed to resolve issues in financial reporting.

Reference no: EM13721080

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