Conceptual Framework

In the body of the assignment, students will have to critically discuss the following
issues:

1. The relevance of the Conceptual Framework of financial reporting. How useful is it with
   examples to illustrate your arguments.
2. Compare and contrast the implementation of IFRSs in Australia and one other country of your
   choice. The second country must have adopted IFRSs for at least 5 years. For each of the two
   countries, discuss the following:
   i. reasons for the national accounting body adopting IFRSs and when it was adopted;
   ii. transitional issues faced (within a year or two), with examples;
   iii. what challenges were faced by reporting entities upon adopting IFRSs. (Do not discuss
   transitional issues here). Include specific examples of accounting standard(s) and
   discuss the issues that made them challenging/difficult to adopt, to support your
   arguments;
   iv. what were the benefits of adopting IFRSs by reporting entities;
   v. the similarities and differences in the adoption of IFRSs faced by Australia and the
   other country you have chosen. Include what factors had caused the differences you
   found.
3. Based on your findings, do you think the adoption of IFRSs were successful in the two
   countries? Explain your answer.
4. Provide two recommendations to the national accounting setting bodies (incl. AASB) on ways
   to ensure the IFRSs continue to be relevant to users’ needs and to all sectors of the economy.