According to Deegan 2014 (p. 258) 'a number of writers have suggested that conceptual frameworks are created primarily to provide benefits to the parties that actually develop or commission the frameworks'. What does Deegan mean by this statement? Do you agree with Deegan, or do you think conceptual frameworks exist for other reasons? Justify your position.

Question 2 -

In 1973 Professor Ray Chambers ("Where company reports fail- Prof Chambers", 1973)* said that the 'financial reports of companies failed to give a fair idea of financial positions and profits' What did Chambers mean by this statement? Critically evaluate whether Chambers preferred alternative system, Continuously Contemporary Accounting (CoCoA), provides a realistic solution to the problems he identified.

*"Where company reports fail- Prof Chambers" (1973).Australian Financial Review,p. 30. (See Deegan, 2014, p. 192 for the full articule).

Question 3 -

Deegan (2014 p. 164) refers to the 'mixed measurement model of accounting, wherein no one basis of measurement (for example fair value or historical cost) is prescribed for all classes of assets and liabilities'. Critically evaluate the 'mixed measurement model of accounting'. and identify three criteria you are using to evaluate the mixed measurement model.