This assignment assesses students' understanding of accounting standards and theoretical approaches by analyzing the current accounting framework's ability to meet the needs of financial report users, as prescribed in the Conceptual Framework of Accounting. Students must analyze the annual reports of two listed companies, comparing and contrasting their disclosures and identifying areas of non-compliance with accounting standards. The assignment also requires students to consider the revision of the conceptual framework to include Prudence and its potential impact on corporate reporting disparity.