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Questions
1. Explain why principles-based standards require a conceptual framework.
2. Why is it important that the IASB and FASB share a common conceptual framework?
3. It is suggested that several parties can benefit from a conceptual framework. Do you consider that a conceptual framework is more important for some parties than others? Explain your reasoning.
4. What is meant by a `cross-cutting` issue? Suggest some possible examples of cross•cutting issues.
Questions
1. What you think is the fundamental problem with financial statements based upon the historic cost measurement principle used under US GAAP ?
2. What do you think of the principle` ... accounts must reflect economic reality` as a core principle of measurement in accounting?
3. How would you measure economic reality?
4. What is reliability in accounting?
Questions
1. What you think is the fundamental problem with financial statements based upon the historic cost measurement principle used under US GAAP ?
2. What do you think of the principle` ... accounts must reflect economic reality` as a core principle of measurement in accounting?
3. How would you measure economic reality?
4. What is reliability in accounting?
