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    Question 1 - 750 words Financial reports (and the conceptual frameworks on which they are based) can either embrace a ‘decision usefulness’ or ‘stewardship’ function. Define these two terms. Which of these functions has the IASB deemed more important in recent years? Critically evaluate whether the approach adopted by the IASB will lead to the provision of relevant and/or reliable information for all users. Question 2 - 750 words Identify the weaknesses of historical cost accounting. Were any of the alternatives to historical cost (CPPA/CoCoA/CCA) successful? I...

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    Critical Essay

    1.Financial reports (and the conceptual frameworks on which they are based) can either embrace a ‘decision usefulness’ or ‘stewardship’ function. Define these two terms. Which of these functions has the IASB deemed more important in recent years? Critically evaluate whether the approach adopted by the IASB will lead to the provision of relevant and/or reliable information for all users.Decision Usefulness: Decision-usefulness approach is used for preparing financial accounting information which helps in financial reporting that play a major role in decision making of investors and creditors. The decision-usefulness outlook is adapted to fulfill the informational need that relates to the investors and creditors for financial reporting (Dandago and Hassan, 2013). Stewardship: A conventional method of accounting that put compulsion on stewards to give appropriate and consistent financial information to company owners, managers, shareholders, creditors, investors and government agencies. The main function of steward in accounting is to measure the resources that would be the reason for the achievement and failure of the undertaking. The second main task of the accountants is functioning as stewards of a business and takes care of the interests, assets, and resources of the company (Latham, 2017).The primary objective of The International Accounting Standards Board (IASB) is the decision-usefulness and secondary objective of IASB is stewardship or accountability for financial reporting. IASB is considered both decision-usefulness and stewardship essential elements for financial accounting. These two aims are encouraged IASB to improve the objectives of financial accounting by growing the importance of stewardship, supported by many European constituents. Still, these two 

    This report aimed to develop a critical understating of the various accounting software by evaluating the cloud-based accounting software in regards to businesses and then suggest the most appropriate accounting software to a chosen company such as Woolworth. The findings of the current report reflected that the company has key activities like manage, organize, maintain its store staff, develop various strategies for the business, billing for their products, maintain their transactions, and records them and handle their conflicts, etc. Similarly, its other activities related to revenue and expenditure cycle also includes sales and purchase related practices. Moreover, some internal controls are found weak in Woolworth due to which company has risks like segregation of duties, major frauds, poor corporate governance, improper monitoring of managerial opportunistic behavior.

    This report aimed to develop a critical understating of the various accounting software by evaluating the cloud-based accounting software in regards to businesses and then suggest the most appropriate accounting software to a chosen company such as Woolworth. The findings of the current report reflected that the company has key activities like manage, organize, maintain its store staff, develop various strategies for the business, billing for their products, maintain their transactions, and records them and handle their conflicts, etc. Similarly, its other activities related to revenue and expenditure cycle also includes sales and purchase related practices. Moreover, some internal controls are found weak in Woolworth due to which company has risks like segregation of duties, major frauds, poor corporate governance, improper monitoring of managerial opportunistic behavior.

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