Part 1- Introduction The report contains the...
ACC518 Financial Accounting and reporting Editing Services
This assessment is based on some of the basics of accounting so that you could be able to describe different elements of accounting functions and financial information like assets/liabilities, Cost/expenses and income/revenue, etc.
This assignment has 15% value
It has the length of around 2250 words
Q1.Financial reports (and the conceptual frameworks on which they are based) can either embrace a ‘decision usefulness’ or ‘stewardship’ function. Define these two terms. Which of these functions has the IASB deemed more important in recent years? Critically evaluate whether the approach adopted by the IASB will lead to the provision of relevant and/or reliable information for all users. (750 words) (4 Marks)
Q2.Identify the weaknesses of historical cost accounting. Were any of the alternatives to historical cost (CPPA/CCA/CoCoA) successful? In your response you will need to outline your criteria for success. (750 words) (4 Marks)
Q3.Outline the key building blocks of conceptual frameworks. Conceptual Frameworks are yet to provide significant prescription in relation to measurement issues in accounting. Why do you think this is the case? Would you consider conceptual frameworks to have been successful in achieving their objectives? Justify your response. (750 words) (4 Marks)
Note – In this assignment, academic writing and referencing contains (3 Marks)
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