Need To Get Answer Of These Two Assignments 1589679

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Unit: ACC307 – Accounting Theory Weighting: The assignment is worth 40% of the total unit weight. Instructions: 1. Students are required to complete three case studies. 2. Your answer must be both uploaded to Moodle in word file and handed over a printed copy with signed coversheet. 3. You need to support your answers with appropriate Harvard / APA style references where necessary. 4. Only include information in your appendixes that has been directly referred to in the body of your document. 5. Include a title/cover page containing the subject title and code and the name, student id numbers. 6. Please save the document as ACC307AT1_first name_Surename _Student Number Eg:ACC307AT1_John_Smith_20140000 1Case Study 1 (1000 words) Revisiting the conceptual framework The FASB and IASB began a joint agenda project to revisit their conceptual frameworks for financial accounting and reporting in 2002. Each board bases its accounting standards decisions in large part on the foundation of objectives, characteristics, definitions, and criteria set forth in their existing conceptual frameworks. The goals of the new project are to build on the two boards’ existing frameworks by refining, updating, completing, and converging them into a common framework that both Boards can use in developing new and revised accounting standards. A common goal of the FASB and IASB, shared by their constituents, is for their standards to be ‘principles-based’. To be principles• based, standards cannot be a collection of conventions but rather must be rooted in fundamental concepts. For standards on various issues to result in coherent financial accounting and reporting, the fundamental concepts need to constitute a framework that is sound, comprehensive, and internally consistent. Without the guidance provided by an agreed-upon framework, standard setting ends up being based on the individual concepts developed by each member of the standard• setting…



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