Reference no: EM13340343

Question 1:

'The FASB and IASB are engaged in a joint project, over a long time-frame, to converge and improve their respective conceptual frameworks for financial accounting'.

Discuss the reasons why the FASB and the IASB are seeking to converge and improve their respective conceptual frameworks and why the project will to take a long time to complete.

Question 2:

'Commentators on financial reporting practices argue that financial statements produced under the historic cost convention do not provide relevant information to users of those statements in times of rising prices.'

Identify and explain the main limitations of historic cost accounting and discuss how the use of other capital maintenance concepts to that applied under historical cost accounting might provide more useful information to users of financial statements.

Question 3:

'Corporate social responsibility (CSR) reporting to stakeholders is based upon the assumption that companies have wider responsibilities than simply to make money for shareholders.'

Should companies produce CSR reports to stakeholders in addition to traditional financial reports to shareholders? Discuss the information that might be included in a CSR report to stakeholders, giving illustrations and examples.

These questions are the same as, or similar to, questions set in previous exams. You should write your answer to the question you have chosen as if it were an answer to an exam question, but including proper referencing. You are advised to look at the 'Guidelines for Assessment' (section 4.2 of the UG Student Handbook) for the criteria that are used for marking.

Bearing in mind the nature of the assignment, as a guide you should be able to complete an answer in 1,200 words, including references.