SUBJECT:ACCOUNTING FOR BUSINESS

i need the answer quickly in 30 mint

In the UK a conceptual and regulatory framework is currently in place for financial reporting as required by the International Accounting Standards Board (IASB). Some have a view that this standard of reporting as being over-burdened with information. This excess of detail is an attempt to address specific requirements of different users.

TASK

a) Discuss five accounting concepts used in the preparation of financial statements. Use examples to illustrate the application of these accounting concepts.

b) Discuss the qualitative characteristics of financial reports that make information useful to users of these financial reports.

Referencing o Use Harvard referencing style should be strictly followed. o Ensure your reference list include all citations in the text and others which may not be in the text (bibliography)

requirement: *length*1000 words +/- 10%