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Question 1
The conceptual framework is prepared in order to assist the IASB to help to develop the accounting policies for the purpose to assist the board for the areas where no accounting standards established or where there is a choice to choose. The main object of the conceptual framework is to assist the IASB to develop future IFRS and also review the existing IFRS. In order to provide useful information in relation to the financial statement the concept of prudence has gained importance to provide useful, reliable and also faithful financial information of the financial statements. The scope of the conceptual framework is to provide the objective in relation to the general purpose financial reporting by stating the characteristics of the financial information needed. It also states the elements of the financial statements and the rules as to recognise, measure and present and disclose the requisite information.
The conceptual framework develops the accounting standards to be followed but they cannot provide a rigid and unique solution for a particular transaction. In addition the conceptual framework plays a vital role in helping the other interested parties other than the IASB to understand as well as interpret the IFRS and also how to deal with a transaction in case where no specific IFRS exist for the same. It helps in developing accounting policies for such transactions. They also assist the auditors in reviewing the financial statements of a concern by applying the relevant IFRS. The users are able to interpret the requisite information by applying the relevant standard under particular situation.
Problems with the Conceptual framework-
However some of the matters covered under the conceptual framework are of use of only to the board and no one else. The conceptual framework is not a standard and hence cannot override any standard or interpretation thereof. In case a conflict arises as to the application of conceptual framework or the relevant accounting standard than in such a situation the provisions of the accounting standards supersede the conceptual framework.
Suggestions to mitigate the problem-
Although the main object of conceptual framework is to assist the IASB to develop new standards but in some situation there arises conflicts as to the production of financial information that is useful to the interested parties of the financial statement. In such a case the IASB needs to make a new standards which contradicts the aspect as laid down in the Conceptual Framework for the purpose of meeting the overall objective of financial information reporting. (Jones, S. and Wolnizer, P.W., 2003.)
Question 2
Part a
The objective of the general purpose financial reporting is to provide the requisite information to the interested group of people who may be the existing or potential investors, lenders or the creditors. They need the information on the financial statements of the company in order to find out how efficiently and effectively the resources are used by the company. The main object of the general purpose financial reporting is to provide the following information:
· Information with regard to the available amounts of the company’s economic resources in order to find out about the strengths and weaknesses and also to find out whether the company is solvent enough to pay the debts and its liquidity position.
· It also provides information to the users as to the changes in the economic resources and the claims of the company over time
· The information on the financial performance of the entity over a period of time so that the investors can obtain the information on well the available resources are put to use by comparing the results with the past.
· It also provides about the financial position as depicted by the cash flows by indicating on how the company uses and spends cash and also provides information about the debts, borrowings of the company.
· It also provides...