Acc702: international corporate reporting

The answers to the questions is to be in the form of essay

Question 1: lASB's Revised Conceptual Framework (2010) In March 2018, the IASB published its revised conceptual framework (CF), with notable changes made on chapters relating to the objective of nancial reporting and on qualitative characteristics [IASB, 2018]. It is noted that IASB has given more emphasis on stewardship (as part of the decision usefulness objective), reintroduced prudence (as an aspect of neutrality) and introduced a tolerable level of measurement uncertainty for reliability (as part of faithful representation) [IASB, 2018; Pelger. 2020]. Required: i} Critically discuss the importance of IASB constituting and manifesting the major changes in the CF2018 ii) Explain how the identied changes have impacted the qualitative characteristics of useful nancial information. . [10 marks]