Explain the iasb conceptual frameworks
Course:- Financial Accounting
Reference No.:- EM13421

Assignment Help
Expertsmind Rated 4.9 / 5 based on 47215 reviews.
Review Site
Assignment Help >> Financial Accounting

"International accounting standards are 'unusable" from an investor's viewpoint and make 'global allocation of capital more complex instead of simplifying it". Chief financial officers at large listed entities say. Millions of dollars have been spent adopting international financial reporting standards to help investors make like-for-like comparisons between companies in global capital markets. But CFO's say they are useless and have driven financial disclosures to unmanageable levels.

The criticism comes as the United States, the world's largest capital market, decides whether to retire its domestic accounting standard (US GAAP) and adopt IFRS".  Australian Financial Review.

In the light of the given statement;

1. Explain the IASB Conceptual Framework's perspective of users and their decisions.

2. Which qualitative characteristics of financial reporting, as per the IASB Conceptual Framework, seems not to be satisfied by current reporting practices as per IFRS.

3. In your opinion, do corporate financial reports satisfy the central objective of financial reporting as identified in the Conceptual Framework?

Put your comment

Ask Question & Get Answers from Experts
Browse some more (Financial Accounting) Materials
Pure Water Products produces two types of water filters. One attaches to the faucet and cleans all water that passes through the faucet. The other is a pitcher-filter that onl
Calculate ending inventory, cost of goods sold, gross profit under each of the following methods. (1) LIFO. (2) FIFO. (3) Average-cost. (Round average-cost method answers to 2
On February 1, 2014, Tessa Williams and Audrey To formed a partnership in the province of Ontario. Williams contributed $90,000 cash and To contributed land valued at $130,000
During the month of September, direct labor cost totaled $21,000 and direct labor cost was 40% of prime cost. If total manufacturing costs during September were $103,000, the
Spring Corp. has two divisions, Daffodil and Tulip. Daffodil produces a gadget that Tulip could use in its production. Tulip currently purchases 100,000 gadgets for $12.50 on
Suppose management is considering offering credit sales to customers but is unsure of what the generally accepted accounting principles are concerning uncollectible accounts r
This year Freeman Steel Company paid Herb Porter wages of $9900. $2800 were paid in TN and the rest in SC. How do I find the FUTA tax on Porter's earnings if SC is a cred
Income statement preparation using contribution and Absorption Costing - Prepare two income statements, one using the contribution approach and one using the absorption approa