A. In November 2011, the MASB issued the Conceptual Framework for Financial Reporting. The Conceptual Framework is applicable for the preparation and presentation of financial statements in accordance with the Malaysian Financial Reporting Standards (MFRS). In April 2018, the MASB issued a revised Conceptual Framework for Financial Reporting.

Required:

a. Differentiate between predictive value and confirmatory value in financial reporting. (10 marks)

b. Explain the impact of economic and business towards financial reporting. (10 marks)

B. There are four periods in Historical Development of Accounting. It started before the double entry records appeared in 1202.

Required:

a. Differentiate THREE (3) elements between the Age of Stagnation and the Age of Scientific Accounting. (15 marks)

b. Justify FOUR (4) differences of the role of accounting theory.