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What are the alternatives to having a conceptual framework

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Q1. What are the alternatives to having a conceptual framework?

Q2. What is meant by an entity's financial position and performance? To whom and for what purpose are the financial position and performance appropriate sources of information?

Q3. Compare and contrast the user groups of General Purpose Financial Reports (GPFRS) listed in the old and the revised 2018 IASB conceptual framework.

Q4. What are the qualitative characteristics in the revised IASB Framework?

Q5. Do you think conservatism should be a qualitative characteristic? Why or why not?

Q6. Explain why the lecturer calls the treatment of income and expenses in the IASB Framework "the restaurant menu" approach?

Q7. 'One of the major changes in both corporations' legislation and accounting standards is the adoption of the reporting entity concept.' This comment was made in a presentation at an accounting conference. One of the directors of your entity, a Brisbane-based company that is a wholly owned subsidiary of a Sydney-based company, was at the presentation and was concerned at his lack of knowledge of this concept. Explain to the director what is meant by the 'reporting entity' concept, the steps the company needs to take to determine whether it is a reporting entity, and the potential impact of this concept on financial reporting. Discuss as well whether or not the reporting entity concept should be abandoned.

Q8. A major step in the conceptual framework project being undertaken by the regulators is the measurement of assets and liabilities. Some accountants argue that this will lead to a re-emergence of the current value debate.

Why is measurement such an important issue? What alternatives for measurement have been put forward by the Conceptual Framework? What role does capital maintenance have in selecting an appropriate measurement system?

Q9. 'The development of a SME standard by the IASB will defeat the purpose of international harmonisation.' Explain why you agree or disagree with this statement.

Q10. Why do the FASB and IASB require a common conceptual framework?

Reference no: EM132620522

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