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The Business School BUACC2606 – Corporate Accounting RESEARCH ASSIGNMENT

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“International accounting standards are ‘unusable” from an investor’s viewpoint and make ‘global allocation of capital more complex instead of simplifying it”. Chief financial officers at large listed entities say. Millions of dollars have been spent adopting international financial reporting standards to help investors make like-for-like comparisons between companies in global capital markets. But CFO’s say they are useless and have driven financial disclosures to unmanageable levels…… Investors don’t open the 60-70 pages of IFRS a...

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“International accounting standards are ‘unusable” from an investor’s viewpoint and make ‘global allocation of capital more complex instead of simplifying it”. Chief financial officers at large listed entities say. Millions of dollars have been spent adopting international financial reporting standards to help investors make like-for-like comparisons between companies in global capital markets. But CFO’s say they are useless and have driven financial disclosures to unmanageable levels…… Investors don’t open the 60-70 pages of IFRS account, they rely on investor reports and management briefing to understand a company’s numbers……. The criticism comes as the United States, the world’s largest capital market, decides whether to retire its domestic accounting standard (US GAAP) and adopt IFRS”. Australian Financial Review, 6/2/2012. In the light of the above statement; 1. Describe the IASB Conceptual Framework’s perspective of users and their decisions. 2. Which qualitative characteristics of financial reporting, as per the IASB Conceptual Framework, appear not to be satisfied by current reporting practices as per IFRS. 3. In your opinion, do corporate financial reports satisfy the central objective of financial reporting as identified in the Conceptual Framework? Discuss and give example to support your opinion.

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Financial reports are made more presentable and competent by the intended framework known as IASB or International Accounting Standards Framework. The IASB structure became official accepted by IASB Board in April 1989 and the rules and regulations came into practice by the structure in April 20012. IASB helped the accounts user in supporting and presenting the financial reports in a proper manner and necessary changes were also made in the existing standards and rules so that the financial reports presented showed true and fair view. Such accurate rules and standards laid will help the accountants worldwide to prepare the reports anywhere and comparison can be made among the various corporate and standardization can be made within the companies all over. This structure made a great impact on the minds of the people and worldwide accepted principles were introduced named international financial reporting standard, called IFRS. These superior standards were simple,    effective, lucid, expressive, and internationally accepted principles helped small and medium structured size firms in preparing financial reports as well as provide for the upcoming needs in the markets3. The following questions were answered with respect to the above written introduction on the globally laid principles, IASB.

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