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Qualitative characteristics of financial reports

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Reference no: EM131303063 , Length: 1500 Words

ACC5216 Accounting Theory

Maximum word count for this task is 1500 words.

This assignment is in an essay format. You are required to address the following questions and develop a logical argument supported by references

Identify and explain the qualitative characteristics of financial reports addressed by the conceptual framework.

Which characteristic do you believe is the most important and why?

What are possible advantages of a conceptual framework? (Include a discussion of possible disadvantages)

Discuss whether you believe the present conceptual framework has delivered advantages.

Note: students must use a range of appropriate scholarly references (see marking rubric).

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Executive Summary: This is an individual assignment in which an essay required to be prepared making focus on the qualitative characteristics of the financial statements which is being explained under the rough of the accounting conceptual framework. The report will also represent the advantages of the conceptual framework and disadvantages if any related to it. Conceptual framework of accounting: A conceptual framework can be characterized as a system of thoughts and destinations that prompt the production of a predictable arrangement of rules and standards. Particularly in accounting, the guideline and standards set the nature, capacity and cutoff points of financial accounting and financial explanations. The Financial Accounting Standards Board (FASB) is a private, not-revenue driven association whose mission is to set up and enhance standards of financial accounting

Reference no: EM131303063

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