a. The financial manager of Hull plc has recruited you to provide trainings on various accounting standards.

You Are Required To:

Describe how an asset impairment loss is determined and explain how IAS 36 deals with the recognition and measurement of the impairment of assets with reference to academic literature.

[Maximum 650 words]

b. Financial manager at Hull plc asks you to consider the following statement:

The Conceptual Framework sets out the fundamental concepts for financial reporting that guide the Board in developing IFRS Standards.

IFRS, 2018

You Are Required To:

Discuss critically how the conceptual framework guides the development of IFRSs with reference to academic literature.

[Maximum 650 words]