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.

Why Choose Us

  • 100% non-plagiarized Papers
  • 24/7 /365 Service Available
  • Affordable Prices
  • Any Paper, Urgency, and Subject
  • Will complete your papers in 6 hours
  • On-time Delivery
  • Money-back and Privacy guarantees
  • Unlimited Amendments upon request
  • Satisfaction guarantee

How it Works

  • Click on the “Place Order” tab at the top menu or “Order Now” icon at the bottom and a new page will appear with an order form to be filled.
  • Fill in your paper’s requirements in the "PAPER DETAILS" section.
  • Fill in your paper’s academic level, deadline, and the required number of pages from the drop-down menus.
  • Click “CREATE ACCOUNT & SIGN IN” to enter your registration details and get an account with us for record-keeping and then, click on “PROCEED TO CHECKOUT” at the bottom of the page.
  • From there, the payment sections will show, follow the guided payment process and your order will be available for our writing team to work on it.