HI6025 Accounting Theory and Current Issues For Framework

Based on your topic given by your Lecturer, select two research-based journal articles relating to your topic. The articles you choose must cover a contemporary issue that is relevant to your topic. The journal articles need to be selected from year 2006 onwards.
You are encouraged to choose the two journal articles from the following Accounting Journals:
• Accounting, Auditing and Accountability Journal
• The Accounting Review
• Australian Accounting Review
• Asian Review of Accounting
• Issues in Accounting Education

Answer:

Conceptual framework creates and maintains the fundamentals of the accounting standards.

Conceptual frameworks outline the objectives and basis of development of the accounting standards.

It’s a an important theory that

outlines the understanding and reasoning underlying the financial reporting in general (Macve R. 2015).

Article Analysis

Similarities.

In both articles the objectives remain the same which is the preparation of financial statements.

Both articles reorganizes the uniformity of accounting standards. I.e. Financial Accounting Standards Boards and International Accounting Standards Board.

The consistency and comprehension of the accounting profession is maintained. The past, present and future concept of financial reporting is agreed unto.

Technological advancement.- The Australian accounting profession need to cope with the rest of the world.

International requirements. Currently the IFRS is the minimum requirement for any accounting country.

Conceptual framework acts as the oversea of the Australian accounting profession. It’s a simplified form of International Financial Reporting Standards (IFRS) (Ravitch and Riggan, 2012).

Disadvantages of conceptual frameworks.

Due to its rule based concept it gives room for manipulation.

Conceptual framework is the basis of creative accounting.

Complex to be understand easily especially by third parties.

Too procedural and can be boring.

In some cases the language used is vague which requires professional interpretation (Schroeder, Clark and Cathey, 2016).

Purpose of the Conceptual framework as outlined in the two articles.

The IASB conceptual frameworks form the basis of harmonization of procedures, accounting standards and regulation.

The IASB conceptual frameworks assist practitioners and non-practitioners on the interpretation contained in compliance with the international standards (Christian and Ludenbach, 2013).

The conceptual framework helps the auditors in forming an opinion on the financial statements.

Used as a reference during the preparation of financial statements (Duncan A, 2012).

References

Christian D and Ludenbach N, (2013). IFRS Essentials.

Cornelia N. Geanina S. AND Nicoleta E. (2011). IASB Framework Regarding the Harmonization of Financial Statements. VOL 11 PP 53-60. Available at: https://search.proquest.com/business/docview/2108767224/1877198D380D43B2PQ/6?accountid=30552. (Accessed 23/09/2018).

Duncan A. (2012). The Conceptual Framework of Quantum Field Theory.

Macve R, (2015). A Conceptual Framework for Financial Accounting and Reporting: Vision, Tool or Threat?

Schroeder R, Clark M and Cathey, (2016). Financial Accounting Theory and Analysis: Text and cases.

Tomaszewski G, Yeong C. (2018). The Conceptual Framework: Past, Present and Future. Volume38 p47-58. Available at: https://search.proquest.com/business/docview/2085000705/1877198D380D43B2PQ/4?accountid=30552 (accessed 23/09/2018)

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