GAAP and IFRS have their own “Conceptual Frameworks” for financial accounting.
– What roles does IASB’s Conceptual Framework play? Is it different from the FASB?
– What are the contents of IASB’s conceptual frameworks? is it different from the FASB?
Note: see the 2018(new) Conceptual Frameworks.
(3) Explain ‘Rule-based vs. Principle- Rargaclii in setting accounting standard
– Show the benefits of each approach
– Any kind of problem in adopting those approaches.
(4) Explaining the accounting treatment for the impairment of Goodwill and Infinite-life Intangibles (other than goodwill).
(5) Answer 1 question out of the following 2 questions
1) How is the accounting treatment of the following asset’s valuation (after acquisition)different between 1FRS and US GAPP?
• Property, Plant & Equipment
• Biological product
• Research and development costs