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Question 12 Introduction2 Conflicts in Accounting Concepts and Conventions2 Advantages Disadvantages of a Conceptual Framework5 Usefulness of Financial Statements to Investors6 Question 27 Introduction7 Pros and Cons of Budgets and Budgetary Control7 Beyond Budgeting9 References11 Question 1 Discuss the strengths and weaknesses of the accounting concepts and conventions and of the regulatory framework SSAPs and FRSs that govern published financial statements Do the criticism of the concepts and the regulatory framework mean that published financial statements do not provide investors with useful information Introduction The goal of financial reporting is to provide financial information that can be used for making economic political and social decisions and demonstrating accountability and stewardship There are however many different users of financial reports and their needs may conflict or change over time In order for any comparison to be made between companies accounts there must be a common set of conventions or standards Standards can be regarded as the generally accepted language of accounting Limited companies are required by law CA 1985 to prepare and publish accounts annually From 1970 to 1990 the Accounting Standards Committee ASC published 25 statements of standards accounting practice SSAPs These were felt to be too narrow and authoritative The Accounting Standards Board ASB became the standards setting body and issued Financial Reporting Standards FRSs These are more broadly based and have replaced SSAPs The framework establishes the underlying accounting concepts and conventions that would govern how all formal accounting statements should be created preserved and presented The Council on Corporate Disclosure and Governance CCDG will prescribe accounting standards in Singapore Under a new arrangement the Institute of Certified Public Accountants of Singapore ICPAS will continue to play a pivotal role in working with the CCDG in the accounting standards setting process The CCDG will tap on ICPAS technical expertise to issue exposure drafts and manage the feedback process for an accounting standard issued by
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