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Two fundamental qualitative characteristics of accounting highlighted within the conceptual framework are ‘relevance’ (QC6-10) and ‘faithful representation’ (QC12-16)

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Task
Question 1 - 4 marks (700 words)
Two fundamental qualitative characteristics of accounting highlighted within the conceptual framework are ‘relevance’ (QC6-10) and ‘faithful representation’ (QC12-16). Which of these two characteristics do you think is more important? Justify your position. Given the nature of accounting standard setting, it is possible for accounting to ever achieve faithful representation? Justify your position.

Question 2 - 4 marks (700 words)

Briefly describe each of the Normative alternatives to Historical cost. In your response include reference to the weaknesses of historical cost that each alternative attempted to address. Were any of these alternatives successful? In your answer you will need to outline your criteria for success.

Question 3 - 4 marks (700 words)

Describe the key building blocks of conceptual frameworks. Outline two advantages for accounting that can result from the development of conceptual frameworks. What are the criticisms of conceptual frameworks? Do you agree with these criticisms? Justify your position.

Academic Writing and Referencing - 3 marks
Content assessed: Conceptual framework, measurement and normative theories.
Key generic skills: Research, critical thinking and written communication.

Rationale
This assignment has been designed to assess your ability to:
• communicate your understanding of the relevant topics;
• be able to critically evaluate attempts to develop and apply a conceptual framework (SLO1);
• be able to critically appraise the objectives of accounting and relate them to the various concepts of accounting discussed in earlier subjects (SLO2); and
• be able to analyse the possible usefulness of alternative measurement systems to historical cost (SLO3).
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