Question 1 - 750 words

a) What advantages or benefits have been claimed by standard-setters in support of the advancement of conceptual framework projects? In your response, identify groups which stand to benefit from the development of conceptual framework projects.

b) Hines (1989, p. 89) says that conceptual frameworks are 'a strategic manoeuvre for providing legitimacy to standard setting bodies during periods of competition or threatened government intervention'. Compare and contrast the arguments of Hines with the advantages (and who stands to benefit from those advantages) you identified in part a).

(Reference: Hines, R (1989) "Financial accounting knowledge, conceptual framework projects and the social construction of the Accounting profession". Accounting, Auditing and Accountability Journal, 2(2), pp. 72-92)