Development of Conceptual Framework of Accounting

This report sheds light on the development of the conceptual framework of accounting, its fundamental principles, and its applications globally. It discusses the benefits and limitations of the framework and explores the statements prepared as per the conceptual framework. The report also delves into sustainability and integrated reporting, including their guidelines and the qualitative characteristics of accounting information.

RUNNING HEAD: ACCOUNTING 1
UNIVERSITY NAME
STUDENT NAME
STUDENT ID
COURSE
DATE

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EXECUTIVE SUMMARY
The purpose of this report is to shed light on how the conceptual framework was developed, its
fundamental principles and its applications globally. The report further outlines the process in
which the conceptual framework of accounting attempts to reduce the differences in the
accounting sector but harmonising different accounting methods and setting up the accounting
standards that must be meet by those in the sector. IFRS is the body mandated to supervise this
harmonisation process. Sustainability and integrated reporting of Australian and south African
companies is also discussed. The report discusses various components of an integrated report and
the applicability of such reports in the wider context of institutional reporting.

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Table of Contents
INTRODUCTION...........................................................................................................................................5
PART A.........................................................................................................................................................5
HISTORY AND DEVELOPMENT OF CONCEPTUAL FRAMEWORK OF ACCOUNTING................5
ACCOUNTING PROFESSIONAL CONCERN.........................................................................................6
BENEFITS AND LIMITATIONS OF CONCEPTUAL FRAMEWORK...................................................7
Benefits...................................................................................................................................................7
Limitations..............................................................................................................................................7
STATEMENTS PREPARED AS PER THE CONCEPTUAL FRAMEWORK.............................................................8
MEASUREMENT AND RECOGNITION BASIS.................................................................................................8
QUALITATIVE CHARACTERISTICS OF ACCOUNTING INFORMATION IN THE DEXUS
INDUSTRIAL TRUST...............................................................................................................................9
PART B.......................................................................................................................................................9
SUSTAINABILITY AND INTEGRATED REPORTING..........................................................................9
SUSTAINABILITY REPORTING GUIDELINES...................................................................................10
INTEGRATED REPORT..........................................................................................................................10
Integrated framework............................................................................................................................10
Purpose of integrated report...................................................................................................................11
DIFFERENCES BETWEEN SUSTAINABILITY REPORTING GUIDELINES AND
INTERNATIONAL INTEGRATED REPORTING COUNCIL...............................................................11
HOW HOLISTIC IS SUSTAINABILITY REPORTING AND INTEGRATED REPORTING?.............11
STRENGHTS AND LIMITATIONS........................................................................................................12
APPLICABILITY OF INTEGRATED REPORTING AND SUSTAINABILTY REPORTING
THEORIES................................................................................................................................................13
integrated reporting theories..................................................................................................................13
sustainability reporting theories.............................................................................................................13
LIMITATION OF THESE THEORIES....................................................................................................13
COMPONENTS OF AN INTEGRATED REPORT.................................................................................13
HOW IT IS SHOWN IN T FORTRESS REIT LTD. (FFA)......................................................................14
COMPARISON OF AUSTRALIAN COMPANY AND SOUTH AFRICAN COMPANY CSR
REPORTS.................................................................................................................................................16
CONCLUSION.........................................................................................................................................17
REFERENCES..........................................................................................................................................18
APPENDICES..............................................................................................................................................21

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APPENDIX I: consolidated statement of financial position of dexus group............................................21
APPENDIX II: fortress group statement of financial position.................................................................22

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INTRODUCTION.
Conceptual framework is the coherent system of interrelated relationships that defines the roles
and the nature of the FASB.The evolution of the process in the US, UK, Australia and the globe
at large. The US is seen as the super economy in the globe and this was the first country to
develop a framework for recording and reporting financial information after which other
countries adopt the process.
PART A.
a).
HISTORY AND DEVELOPMENT OF CONCEPTUAL FRAMEWORK OF ACCOUNTING
Conceptual framework can be defined as the coherent system of interrelated objectives and
important concepts that prescribes inherency ,role and limits of the FASB(Jackling, Raar, Wines
& McDowall, 2010).The evolution of the conceptual framework in the US is attributed to Paton
and Littleton Monograt of 1940.The framework was further advanced by two research studies
carried out by Moonitz and Sprouse between the years 1962 and 1963 .These individuals laid
down the basis for the conceptual framework of Financial Accounting Standards Board
(FASB).John B Canning in his Accounting Theory of 1922 was the earliest individual to
establish and put in place the asset valuation framework and the money measurement concept
which was chiefly based on future anticipations. Tentative Statements of Accounting Principles
Affecting Corporate Reports was the earliest institution that laid the foundation for the
conceptual framework. The company was established chiefly to offer precise guidance to the
new set up securities and Exchange Commission (Newberry, 2015). The Report adopted the
application of various accounting concepts like measurement in the preparation and reporting of
financial statements. In Australia ,the conceptual framework was established by the Australian
Accounting Standards Board and the Australian Accounting Research Foundation between the
years 1985 and 1995..The purpose of development was to offer a set of interrelated concepts that
outlines the inherent, need and wide content of the financial reporting.IASC issued the
framework for the preparation and presentation of financial statements in 1989.The framework
guided the board in the establishing the accounting standards that could resolve accounting
issues not mentioned clearly by International Accounting Standards/Financial Reporting

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Standards(IASPLU 2004).The framework defines the objectives of financial statements,
identifies qualitative characteristics making financial information useful.
b).
ACCOUNTING PROFESSIONAL CONCERN
Financial reporting is the process of reporting outcomes and the financial position of the entity in
question. This means that the accounts should be prepared on yearly basis and should be done
with due regard to the regulations that have been put in place. Accounting regulations in
Australia is governed under the Corporations Act 2001 and by the Australian Accounting
Standards which have equal status with IFRS that has been granted by International Accounting
Standards Board (IASB). Listed companies in Australia are mandated by law to publish their
yearly financial statements. In Australia, the reporting entity is an enterprise which is reasonable
to expect the existence of users who rely on the enterprises general purpose financial statements
for information useful for making and evaluating decisions. Interested users are in need of the
financial statements report;
i. To make economic decisions which involves buying decisions, management assessment
and the inclusion of the information in the national income statistics.
ii. To assess the management stewardship which is attainable only in a limited company
listed.
IFRS is principled abased and tries to harmonize the different financial reporting standards
globally. Its regulation of the financial reporting is crucial in the following ways (Bes-Rastrollo
et al. 2013).
1. Reduces the differences in the preparation of financial statements.
2. Improves financial statements produced quality.
IASB is an independent and privately funded Accounting Standards settler domiciled in London
and is part of IFRS which is an independent non-profit organization working to promote public
interest, top quality and globally acceptable Financial Reporting Standards. It also facilitates the
application of IFRS in Australia and the globe at large.

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c).
BENEFITS AND LIMITATIONS OF CONCEPTUAL FRAMEWORK
Benefits
a) Increases the interested party’s confidence and their perception concerning financial
reporting as the differences in accounting and Standards are harmonised.
b) Provides a basis in which accounting performance are experimented in an objective
manner. This assists to set the standards under which financial reporting must adhere to.
Improves user’s reliability of the financial information as the interested parties have no
doubt that the statements have been prepared with due regards to the established
Standards.
c) Relations between the regulating body and the accountants is improved as the
accountants work to meet the set standards framework while the regulatory body will
only monitor to ensure that the set standards are conformed to (Weible & Schlager,
2014).
Limitations
The framework faces the following shortcoming;
a) Expensive to establish; conceptual framework is very expensive in terms of resources and
time. Developed countries are only able to set up this.
b) Inflexibility of the framework; once the conceptual framework has been established, its
rigorous procedures for it to be amended which makes the incorporation of new ideas that
could have added values to the framework are tedious to undertake.
c) Ambiguous in its terms; the conceptual framework does not clearly define what should be
done de of a conflict between a past and present accounting standards as the framework is
a continuous process that only adds new ideas to the existing ones.
d) Disregards the interest of certain parties, the framework may only address the issues that
are practically relevant to certain parties for instance since the framework is established
by developed countries and imposed on the developing countries who because of lack of
enough resources takes the framework which is not acceptable in their countries
accounting Standards (Fidalgo, Sein & García 2015).

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The Main aim of the financial statements is to offer financial information about the entity that is
reporting about the assets , liabilities ,equity ,income and expenses that are considered by
interested parties to financial information in ascertaining the entities future net cash flows to the
reporting firm and in the accessing the stewardship of the economic resource .In the statement of
financial performance of Dexus company 30th June 2018 it reveals that the total income amounts
to 109,174 Australian dollars and as at 30th June 2017 the income amounts to 125,066
Australian Dollars before expenses deduction. The report further shows that the total expenses
excluding taxes is 14935 Australian Dollars as at 30th June 2018 and 15048 Australian Dollars
as at 30th June 2017.The net income at 30th June 2018 is 94,239 while in 2017 30th June is
110,018 (Pg. 11 of Annual Report 2018).
d).
i).
STATEMENTS PREPARED AS PER THE CONCEPTUAL
FRAMEWORK
1. Statements of financial position -which comprises of total assets, total liabilities and
capital) show that the total assets as at 30th June 2018 was 980,462 Australian Dollars
and 1113056 Australian Dollars as at 30th June 2017.The total liabilities as at 30th June
2018 amounted to 37,064 Australian Dollars and 45,821 Australian Dollars as at 30th
June 2017(Pg.11 of 2018 Annual Report).
2. The statement of cash flow-which comprises of net incomes from operating, investing
and financing activities indicates that as at 30th June 2018 the total net cash flow from
operating activities amounted to 41874 Australian dollars. The net cash flows from
investing activities was at 29392 Australian Dollars as at 30th June 2018.The net cash
flow from financing activities as at 30th June 2018 totals to 71549 and the total cash and
cash equivalents for the year 2018 was 963 Australian Dollars (Muda et al. 2017)
3. The consolidated income Statement comprises of total income and total expenses shows
an income total of 2318.6 and net expenses of 553.4 Australian dollars.
ii).

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MEASUREMENT AND RECOGNITION BASIS
Revenue from the sale of goods to a customer is recognised when the goods passes to the buyer.
Income from leases are recognized when the services have been offered. Assets and liabilities are
recognised with their depreciation value and finance cost. Assets are measured at their fair value
before the adoption of the new standards for the measurement basis.
iii).
QUALITATIVE CHARACTERISTICS OF ACCOUNTING INFORMATION IN THE DEXUS
INDUSTRIAL TRUST
a) Timeliness; the fundamental characteristic state that accounting information should be
prepared on time available for users to make decision. In the Dexus company which has
its financial year ending at 30th June of every year, its financial statements should be
ready on or before this date to enable the interested parties to make decisions. The
company exhibits this by preparing its statement of financial position, statement of
financial performance on 30th June (Choudhary, Merkley & Schipper, 2017).
b) Verifiability; states that different knowledgeable and independent observers ought to
reach a consensus which is necessary may not meant general agreements.is through direct
cash counting the total net cash flow from investing activities for instance is 71459
Australian Dollars.
c) Understandability which states that the financial statements should be concise and clearly
prepared. The cash flow statement, statement of financial performance and the statement
of financial position has been briefly prepared to make it easy for the users to understand
(pg.11 of the 2018 Annual Report). d) Comparability; States that the financial
performance of a company should be comparable to that of different financial years. For
instance, the total net cash flow from operating activities was 609.7 and 657.1 dollars in
2018 and 2017 respectively give room for comparisons.
PART B
a).
SUSTAINABILITY AND INTEGRATED REPORTING.
Sustainability report is a document prepared by various companies concerning their impacts on
various sectors of the community due to their day to day operations. This impacts could be

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caused on the environment, society or on the general economy. This report also shows the
entity’s values and governance issues relating to how they intend to preserve the economy in
general. Sustainability report therefore aids the company to gauge, appreciate and convey their
key plans relating to how they intend to manage economic activities, environment, societal and
governance issues. This will aid this organization in developing sound objectives and in efficient
management of this change. This report act as a tool to convey sustainable presentation and
effects whether they are good or bad. Sustainability reporting is sometimes considered as
corporate social responsibility (Dienes, Sassen & Fischer, 2016).
SUSTAINABILITY REPORTING GUIDELINES
 identify its intended users and explain the way it has addressed the needs and interests of
those groups.
 It should show how the entity has performed in its sustainable program
 It should show how economic aspect, environment and societal aspect has been impacted
on
 It must depict on completeness, that is, cover all performance of entity in terms of
economic, social and environmental.
 Integrated reporting blends both financial aspect of the entity and the non-financial aspect
in terms of
entities performance.
INTEGRATED REPORT
It is a specific document that convey entity’s strategies, governance and achievement prospects
to the outside context leading to the creation of company’s value in the short, medium and long
term (Eccles & Krzus, 2010).
Integrated framework
the role of this is to set guides to be followed and items that must be included in the integrated
report and discuss various concepts that are used.
contains;
 Relevant information to be included in the framework to be utilized in the assessment of
company’s ability to generate value

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 Show situation when such value is maintained or not.
 Shows relationship of such value over time
Purpose of integrated report
It clarifies to financiers the way the entity is creating value over a given period of time.it has
pertinent information both financial and non-financial.
DIFFERENCES BETWEEN SUSTAINABILITY REPORTING GUIDELINES AND
INTERNATIONAL INTEGRATED REPORTING COUNCIL
Sustainability reporting guidelines of GRI International integrated reporting
council(IIRC)
This is a standard that all entities must
prepare their sustainability report
This a framework that all companies must
prepare to accompany their financial
statements
It is prepared by both the public and private
companies globally
These reports are prepared by listed
companies around the globe to accompany
their annual financial statements
This sustainability reporting are majorly
directed to at the stakeholders with some
interest on the company
Integrated reports are purposely prepared with
the interests of the investor in mind
It is merely disclosure of the corporate
responsibility of a certain company
It is concerned with the long term value
creation of an entity and incorporation of such
into their strategic goals
Information will be treated crucial for
showing the company’s economic societal
and environment effects and impacting on the
decisions of all stakeholders
Materiality of an item will be considered if it
will significantly impact on the lenders or
other providers of funds with respect to the
entity’s ability to generate value
HOW HOLISTIC IS SUSTAINABILITY REPORTING AND INTEGRATED REPORTING?
Financial statements merely show how companies have performed and how they have complied
but does not give useful information concerning the company’s value and how they have
participated in sustainable programs to conserve and preserve the environments and societal

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activities. entities have therefore seen the need to show their activities in a holistic way. This
resulted to the need of this reports.
Integrated framework ensures presentation of various moves, discuss various capitals utilized
and show the view of the company in a long term basis
Sustainability guidelines show various elements that must be covered in reporting on the
corporate performance of an entity like materiality, completeness and others.
Integrated framework enables entities prepare its own document instead of using checklist
method. This will enable them adapt to changes thus reporting on their value more effectively.
According to the framework, entities will discuss various elements that drives their value and
include only information that is relevant to the user’s needs.
b).
STRENGHTS AND LIMITATIONS
STREGHTS LIMITATIONS
It underscores the broader perspective of the
guiding principles on the way a firm try’s to
create value(Weber, Diaz & Schwegler,
2014).
It does not give a broader sense in the
concepts used
It solely rely on the specific company to
interpreted its value
Issues relating to measurement hiccups are
evident in the establishment of values of
various items
It gives a clear cut line between the past
traditional values and the current ones
It lacks standards of specific boundaries and
the way they are defined
It ensures that various stakeholders are
engaged in various area since they get
accessed to this reports
Comparing many firms in relations to this
reports are minimal since many present
information the way they want to present
them(Kumar, Jones,Venkatesan & Leone,
2011).
There is a very high possibility to change the
way managers and those in management
There is a high chance of interfering with
various sustainable values

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position behave
c).
APPLICABILITY OF INTEGRATED REPORTING AND SUSTAINABILTY REPORTING
THEORIES
integrated reporting theories
AGENCY THEORY-according to this theory, managers and various regulation agencies aids in
reduction of an information asymmetry and boost on distribution of capital (Jensen & Berg,
2012).
POSITIVE ACCOUNTING THEORY-according to this theory, managers agree to reduce
agreement costs and avoid expensive rule (Zalaghi & Khazaei, 2016).
sustainability reporting theories
STAKEHOLDER THEORY-according to this theory, leaders uses this report as part of their role
to establish an association that exists between entity’s and various participants (Garcí,
Rodríguez& Frías, 2013).
LEGITIMACY THEORY-according to this theory, leaders and administrators want to ensure
that they remain legitimate in the eyes of stakeholders so that they can operate effectively (Dube
& Maroun, 2017).
LIMITATION OF THESE THEORIES
It doesn’t elaborate well why businesses are accepting to spend extra in disclosing various
elements voluntarily.it is only used when such disclosure is willful (Velte & Stawinoga, 2017).
They lack the predictive value in the organization
It doesn’t elaborate well on the reasons behind assistance of the regulator.
d).
COMPONENTS OF AN INTEGRATED REPORT.
 Organization overview  this shows the general overview of the outside
environment that the business carries operations in

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 Governance  this indicates how the business organize itself to create
value and entails leadership structures
 Business model  It is shown by the companies mission and vision
 Risks/prospects(operating
context)
 indicates how the business is positioned to take up the
chances and how they address the risks
 Strategy/resource
distribution
 show the moves that the company takes to create value
and how they allocate resources. Short term, medium and long
term
 Performance
measurement
 show whether goals have been realized
 assurance or
Sustainability
 this element is needed by investors to gain trust from
company’s transparency, that is,assuarance provided.
(Villiers, Venter & Hsiao, 2017).
HOW IT IS SHOWN IN T FORTRESS REIT LTD. (FFA).
Business outline.
In pg. 15 of the integrated report of Fortress REIT Ltd. (FFA), it has been pointed out that the
society will be uplifted through various projects to create value and on the government aspect, it
has promised to adhere to the laws and regulations that govern their operation in order to create
value.
Risks and opportunities
In pg.16, it has been shown that management of risks and creation of opportunities is essential to
the fortress group and it undertakes this through the following ways:
 Identifying and reducing chances of risks on time
 Providing relevant information pertaining to some risks and relevant reactions
 Providing chances available to increase the entity’s value
 Establishing the general culture of risk management in the group

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Business model
In pg. 4 of the report, it is disclosed that the group seek to provide their shareholders with good
returns which are consistent.in pg. 5, the groups discloses various inputs and outputs like
disclosing how dividends have grown and indicating sustained dividend growth (pg. 35).
Development of a new brand resulting to efficient growth in the economy (p. 5)
Strategy/resource allocation.
In pg. 4, the company identifies various resource capitals and applications as shown
below (Gleeson, 2015).
 Financial-capital from shareholders are invested to get returns and create value
 Social/relationship-it underscores that they promote relations with tenants
showing that their achievement is also achievement of fortress group.
 Natural-they have promised to be environmentally friendly
 Manufactured-they have indicated that buildings and erected to provide good
service
 Human-their personnel possess necessary skills to ensure that strategies are
achieved
 Intellectual-this involves innovativeness of the group
Governance
In pg. 48-49, it is disclosed that the managing board lead in an ethical manner and in
establishment of an ethical climate within the group to enhance good governance structures.
Performance measurement
Fortress group utilizes the use of distribution of shares a key measure of performance
Sustainability
In pg. 18 of the integrated report. The group seek to reduce effects caused to the environment,
maximize the benefits to the community and develop sustenance to all stakeholders.

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COMPARISON OF AUSTRALIAN COMPANY AND SOUTH AFRICAN COMPANY CSR
REPORTS.
Dexus company did not prepare the integrated report to show its corporate social responsibility
activities. instead, the company has just published a statement to highlight key social corporate
responsibility it does to accompany its financial performance reports. Key components of such
statement;
Sustainability
As in the south African integrated report, dexus company has included the sustainable program
statement and stated that it provides sustainable values to all stakeholders which include the
community, the environment and customers.
Performance measurement.
The company has stated that it endeavors to monitoring and managing the social and ecological
effects by employing assessable actions and devising good business policies
Governance
the statement has stated that the administration of dexus is accountable unit for each of the four
trusts and also accountable for supervision of the groups 3rd party funds.it has also stated that
there is policy evaluation to manage moral and expert behavior.
Business outline
The company has highlighted important business that they do and pointed out that they undertake
to preserve the environment
Business model
The company has stated that it is set to serve customers currently and in the future by being
flexible, productive and enhancing growth of their investment.
Strategy
The company has disclosed its strategy.it says that they are ready to work with customers to give
opportunities that can inspire and give quality service including good returns to the investors.

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CONCLUSION
In conclusion the conceptual framework has achieved a lot in its role of resolving the accounting
differences through the harmonisation of these differences by setting up the IFRS which is an
independent body mandated to set up the standards for recording and reporting financial
transactions that the accountants must adhere to in the preparation of financial statements and
their reporting.Sustainabilty and integrated reporting assist organizations to disclose various
economic, societal and environmental concerns that they endeavour to develop in the process of
their development.

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APPENDICES
APPENDIX I: consolidated statement of financial position of dexus
group

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APPENDIX II: fortress group statement of financial position