In the UK a conceptual and regulatory framework is currently in place for financial reporting as required by the IASB. Some view this form of financial reporting as being cumbersome and over-burdened with detail. What may have added to this information overload is an attempt to address the needs of different users. One solution for this is to reduce the disclosure requirements in published financial statements.
1. Critically evaluate the reasons for a conceptual and regulatory framework in the UK for financial reporting as required by the IASB. Discuss the alternative to this form of financial reporting. Does the existence of this alternative hinder global convergence around IFRSs?
2. Using an organisation of your choice, evaluate how the information needs of five different non-management users of its financial reports may have been satisfied. Include in this evaluation the qualitative characteristics that make information useful to users of these financial reports. Are there any weaknesses in the provision of information to these users?
Your individual assignment:
• Must be based on your own work and on your chosen company.
• Gives you an opportunity to apply some of learning from the module to your chosen company.
• May use and depend on external sources of information for the chosen company.
• The submission of your work should be organized and clearly structured.
• Maximum word limit is 3000 words.
• Indicate the sources of information and literature review by including all the necessary citations and references adopting the Harvard Referencing system.
• Please note that this is an individual assignment and the policy of the University on Plagiarism and Academic Misconduct applies.
• Students who have been found to have committed acts of Plagiarism are automatically have considered to have failed the entire module.
• Plagiarism involves taking someone else’s words, thoughts, ideas or essays from online essay banks and trying to pass them off as your own. It is a form of cheating which is taken very seriously.
• Table of contents.
• The context of your chosen company.
• Main body – attempts at questions 1 and 2 as above.
• Summary and conclusion
• References and bibliography
• Appendix – this may include extracts of the relevant financial statements/information of the chosen company.
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