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The case study question Identify the 2 key issue mentioned in the case study and summaries 3 paragraph? 200 words Which are the accounting theory is related this article which is related to advanced accounting? 500 words Use this below notes Accounting theories related to the case study For the conceptual frame work 2 objective = Stewardship and decision usefulness theory Useful information Faith full representation Through the conceptual frame work External financial report was prepared to ensure minimum information was given to investor to make informed judgement about the performance of management and security of investment. The need to protect the right of external users of information, who are not involved in the operation of the company, is the primary justification for the need for external financial reporting. Benefit of conceptual frame work Technical – to improve the quality of financial statement Political – to reduce political interference in the setting accounting requirement Professional - to provide a claim of a body of knowledge Issue in the conceptual frame work link back 1. That it is ambiguous and open to interpretation 2. That it is too descriptive 3. That the meaning of faith full presentation or reliability is problematic The conceptual frame work does not work in practise because the principle too unclear to provide adequate guidance, the guidance in applying the principles is inadequate and the conceptual frame work is incomplete. The conceptual frame work describes current practise so is mainly descriptive not normative. The concept of faith representation as one of the fundamental qualitative characteristic misunderstands the nature of accounting. Document Preview: 1 The dangers of ignoring unrealised income Speech by Hans Hoogervorst, IASB Chairman IFRS Conference Tokyo, 3 September 2014 _______________________________________________________________ It is a great pleasure to be in Tokyo again and I thank our host KPMG for co-sponsoring this important conference with the IFRS Foundation. I intend to discuss two issues with you today: first I will tell you about our most recent insights in the use of IFRS around the world. Of course I will discuss in more detail recent developments in Japan. Secondly, I want to discuss with you in depth one of the most important issues in our discussions on the new Conceptual Framework: namely the meaning of profit or loss and other comprehensive income (OCI). The use of IFRS around the world I think it is fair to say that the spread of IFRS around the world has been an astonishing success. Ten years ago, nobody used IFRS, now it has spread to all corners of the world. Recently, we published a pocket book which gives a very precise picture of the actual use of IFRS around the world and you can also find this information on our website. Of the 130 jurisdictions we have researched thus far, 107 require the use of IFRS for all or most companies. 13 more permit the use of IFRS in their jurisdiction. In Asia-Oceania, the dynamics for IFRS are still strong. Of course, Australia and New Zealand are fully on board. So are Asian tigers like Korea, Malaysia, Singapore and Hong Kong. China has not yet adopted, but its standards are very close to IFRS and the Chinese government is committed to full convergence as a final goal. Moreover, many Chinese companies that have a listing in Hong Kong report in full IFRS to attract foreign investors. The use of IFRS in Japan Japan is an extremely interesting case in terms of the adoption of IFRS. In almost all jurisdictions, adoption of IFRS was made obligatory to all listed firms by a decision of public officials. As you know, 200267 Advanced Accounting Final... Attachments: Case-Study-ad....pdf

 

Solution ID:565831 | This paper was updated on 26-Nov-2015

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