ACC301: Accounting Theory and Contemporary Issues - Accounting Assignment Help

Assignment Task:

Task

Answer the questions below, in a maximum of 800 words or approximately 200 words per question. You are also required to deliver a 3-minute video presentation where you summarise the findings of your written report. 

Assessment Description 

Written Report  

The International Accounting Standards Board (IASB) has finalised a revised (2018) conceptual framework for financial reporting.

1) Provide a brief background in your own words to the role of a conceptual framework in accounting, including benefits of having one, together with problems and criticisms of the current (2010) framework.

2) In your own words and in your opinion, what should be the objective of general-purpose financial reporting?

3) In your own words, explain what you understand by the term ‘prudence’. How can an ‘asymmetrically prudent’ accounting treatment lead to the understatement of income in one period but an overstatement in future periods?

4)

a) In your own words, explain what is meant by the concept of substance over form. You can use examples from within and/or outside accounting to help answer this question. 

b) Do you agree with the board’s decision to state explicitly that a faithful representation represents the substance of an economic phenomenon instead of merely representing its legal form? Justify your answer. 

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