Positive Accounting Theory - Development of a Conceptual Framework - Financial Accounting Assignment Help

Assignment Task :

Unit Learning Outcomes Assessed: 

1. Understand the various theoretical models of accounting 

2. To apply knowledge and understanding to specific financial reporting issues unit to AASB Accounting standards 

3. Discuss the theoretical constructs of contemporary financial accounting 

4. Evaluate and explain the need for the development of a conceptual framework for Accounting, and discuss the influence of such a framework on accounting

Description: Each week students were provided with three tutorial questions of varying degrees of difficulty. These tutorial questions are available in the Tutorial Folder for each week on Blackboard. The Interactive Tutorials are designed to assist students with the process, skills and knowledge to answer the provided tutorial questions. Your task is to answer a selection of tutorial questions from weeks 1 to 5 inclusive and submit these answers in a single document. 

The questions to be answered are; 

Week 1 Question It is argued by some researchers that even in the absence of regulation, organisations will have an incentive to provide credible information about their operations and performance to certain parties outside the organisation; otherwise, the costs of the organisation’s operations will rise. What is the basis of this belief? 

Week 2 Question   What force of law does the conceptual framework have? 

Week 3 Question   Under Positive Accounting Theory, what are agency costs of equity and agency costs of debt? Is it possible to put in place mechanisms to reduce all opportunistic action? If not, why not? 

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