Assume that you have been contracted by the Australian Accounting Standards Board to develop a proposal regarding whether to issue an accounting standard on accounting for the costs of environmental damage. Draft a proposal of 1500 words or less outlining why you think it is appropriate, or inappropriate, to develop an accounting standard on this issue. Also outline the key issues that would need to be covered by the standard and how the conceptual framework can contribute to resolution of those issues.

AppendixLO1