This document discusses the current development in accounting thought, focusing on the IASB Conceptual Framework and its objective of general purpose financial reporting. It explores the advantages of conceptual frameworks and outlines the relevant beneficiaries. Additionally, it discusses the proposal that conceptual frameworks are used as a strategic manoeuvre for providing legitimacy to standard setting bodies. The document also outlines the objectives of general purpose financial reporting, identifies the main users, and discusses the implications for accounting measurement. Furthermore, it defines normative theory, HCA, and its underlying assumptions, strengths, and weaknesses. It describes the normative alternatives to HCA and evaluates their relevance to users of accounting.
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