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While the International Accounting Standards Board (IASB) shows continuous efforts to develop and update the Conceptual Framework for Financial Reporting, accounting researchers continue to critically appreciate the usefulness (benefits and limitations) of this Framework.

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ACCT19082 – Financial Accounting Theory
Assessment 1 - Term 3, 2017
Written Assessment
Report
Weighting 40%
Length 3,000 words
Submission Online
Font size Word document with font size 11 or 12
File type First Name-Student ID (e.g., Kazi_s010001)
Reading comprehension/review of
the IASB’s Conceptual Framework for Financial Reporting
While the International Accounting Standards Board (IASB) shows continuous efforts to develop and update the Conceptual Framework for Financial Reporting, accounting researchers continue to critically appreciate the usefulness (benefits and limitations) of this Framework.
Visit the links below and download the required documents:
(i) Exposure Draft: Conceptual Framework for Financial Reporting (dated 28 May 2015)
http://Conceptual%20framework/IASB/ED-May2015-ed-conceptual-framework.pdf http://kjs.mof.gov.cn/zhengwuxinxi/gongzuotongzhi/201506/P020150629528305757224.pdf
(ii) Exposure Draft: Conceptual Framework for Financial Reporting: Basis for Conclusions (dated 28
May 2015) http://archive.ifrs.org/Current-Projects/IASB-Projects/Conceptual-
Framework/Documents/May%202015/Basis-to-ED_CF_MAY%202015.pdf
(iii) Discussion Paper: A Review of the Conceptual Framework for Financial Reporting (dated 18 July
2013) http://archive.ifrs.org/Current-Projects/IASB-Projects/Conceptual-Framework/Discussion-PaperJuly-2013/Documents/Discussion-Paper-Conceptual-Framework-July-2013.pdf
The further update is found in the following links:
https://www.iasplus.com/en/news/2015/05/cf-ed https://www.iasplus.com/en/projects/major/cf-iasb
Requirements:
(a) Read the IASB’s pronouncements (documents) and relevant information as provided in the above links, and then provide a detailed explanation of the purpose, history and development of the IASB’s Conceptual Framework for Financial Reporting.
(b) Undertake a review of literature regarding potential usefulness (benefits and limitations) of the IASB’s Conceptual Framework for Financial Reporting. Develop your answer by referring to at least four academic journal articles. Search those articles via CQU library databases.
(c) Describe at least 8 points that indicate your perception of the new knowledge you gathered after writing this assessment regarding the IASB’s Conceptual Framework.
The template of the assignment report and the marking criteria for the above three requirements, for presentation (executive summary, introduction, conclusion and references) and for English expression are provided below.
Template and Marking Criteria
Contents Guidelines Size Marks
Executive summary
Key topic and the key points of what you found Half a page 1 mark
Introduction Road map to your entire report stating what you searched and how you planned/progressed Half a page 1 mark
Literature review Explanation of the purpose, history and development of the Conceptual Framework 1,200 words 12 marks
Potential usefulness (benefits and limitations) of the Conceptual Framework 1,200 words 12 marks
8 points that indicate your new knowledge 600 words 8 marks
Conclusion Wrapping-up, stating what was your purpose and how you responded to the requirements.
Also include (or list) in your conclusion if any aspects of the conceptual framework appear difficult to understand. Half a page 1 mark
References Appropriate references in the text and in the list at the end as per APA referencing guide 3 marks
Quality of English 2 marks
Total 40% of the course 40 marks
Flexibility: If necessary, a student can use maximum 200 words more in excess of 3000 words (wherever necessary) to write and present this assessment item.

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