The assignment is on adoption of IFRS and relevance of conceptual framework of financial reporting. It involves, explaining the relevance of conceptual framework and supporting the same with examples and performing a comparison between Australia and another country, which has adopted IFRS in the last 5 years. United Arab Emirates has been selected as the other Country which has adopted IFRS. UAE has adopted IFRS w.e.f. 1 July, 2015.