The Conceptual Framework for Financial Reporting sets and discusses the objective andfundamentals that serve as the basis for developing financial accounting and reportingstandards in different countries. The fundamentals are the underlying concepts of financialaccounting that guide the selection of transactions, events, and circumstances to be accountedfor; their recognition and measurement; and the means of summarizing and communicatingthem to interested parties. The objective identifies the purpose of financial reporting.Required:a Identify and discuss the benefits that can be expected to be derived from theConceptual Framework.(6 marks)b What is the most important quality for accounting information as identifiedin the Conceptual Framework? Explain why it is the most important.(4 marks)c Briefly discuss the importance of any five of the fundamental qualitativecharacteristics or enhancing qualities of accounting information.(10 marks)d ‘The IASB and the US Financial Accounting Standards Board (FASB) have been working together since 2002 to achieve convergence of IFRSs and USgenerally accepted accounting principles (GAAP).’Until recently, the convergence project is not finished.Explain why the development process of international accountingharmonization is difficult and complex. You may refer to the following forfurther information.
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