ADVANCED FINANCIAL ACCOUNTING

ADVANCED FINANCIAL ACCOUNTINGCoursework assignment (20% of overall module mark)In September 2010 the IASB issued The Conceptual Framework for Financial Reporting. Thisdocument was a joint project between the IASB and the US standard setters the FASB. Thedocument issued in 2010 was a hybrid, Chapter 1 was a new version of the conceptual frameworkobjectives and qualitative characteristics of financial information. Chapter 4 contained materialfrom the original framework document, originally published in 1989. The plan was for the IASB andFASB to collaborate and issue new material covering the remaining parts of the framework.However in September 2012 the IASB discussed a proposal to restart the Conceptual Frameworkproject on their own, without collaborating with other standard setters and this work has beenprogressing towards the expected publication of a discussion paper in the third quarter of 2014.You are required to prepare a briefing paper for professional accountants discussing what has beenhappening with the IASB Conceptual Framework.Requirement:Prepare a briefing document on the IASB conceptual framework. Your briefing document shouldinclude:i) A discussion of the purpose of a conceptual framework document. (20 marks)ii) A discussion of why collaborative work on the conceptual framework project, between theIASB and the FASB was suspended. (20 marks)iii) Select one aspect of the matters to be covered by the 2014 discussion paper and explain theimportance of this issue. (20 marks)Some of the matters which might potentially be included in the 2014 discussion paper are:? Elements of financial statement: definitions of assets and liabilities;? Recognition? The approach to defining income and expense? The reporting entity? Going concern? Stewardship? Reliability? Prudence? Substance over form? The primary user of financial reporting? Complexity and understandabilityiv) For the issue which you have selected in section iii) outline how you would like to see itdealt with in the final version of the conceptual framework. (20 marks)20 marks are available for structure, presentation and referencing.Details about the conceptual framework project are available on the IFRS websitehttp://www.ifrs.org/Current-Projects/IASB-Projects/Conceptual-Framework/Pages/Conceptual-Framework-Summary.aspx and the current version of the conceptual framework canalso be foundon the IFRS website http://www.ifrs.org/IFRSs/Pages/IFRS.aspx (you need to register on the IFRSwebsite to access the conceptual framework and the IFRSs and IASs)The word limit is 1,500 words maximum. You will be asked to include your word count on thecoversheet when you submit your coursework.!

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