Current Developments in Accounting

Added on -2020-02-23

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Running head: CURRENT DEVELOPMENT IN ACCOUNTING THOUGHTSCurrent Developments in Accounting ThoughtName of the StudentName of the UniversityAuthor’s Note
1CURRENT DEVELOPMENT IN ACCOUNTING THOUGHTSAnswer to Question 1It can be seen that there are some building blocks in the accounting conceptualframework. There are total 19 blocks in the conceptual framework. Block 1 contains thedefinition of financial reporting of various entities like statement of income, statement of balancesheet, statement of cash flows and others. Block 2 provides the definition of various reportingentities like business entities and others. Block 3 refers to the broad objectives of the generalpurpose financial reporting (Assessment, 2013). Block 4 refers to the process to identify thequalitative characteristics of the financial information. Block 5 and 6 deal with various elementsof financial statements like assets, liabilities, equities and others. Block 7 deals the differentkinds of basis for the purpose of measurement. Block 8 provides the accounting techniques forthe measurement of different accounting aspects. Block 9 helps to describe the financial positionof the companies like wealth, financial structure, capacity of adoption and many others. Block 10helps to assess the financial performance of the companies like change in wealth, variability andothers. Block 11 helps to assess the change in the financial position of the companies like changein financial activities, investing activities and others (aasb.gov.au, 2017). Block 12 helps theorganizations to meet the requirements of block 9, 10 and 11. Block 13 helps the organizations inthe applications of accounting concepts. Block 14 helps in the elevation of various accountingprinciples against details. Block 15 provides the research methodology for accounting. Block 16describes the requirements for audit. Block 17 helps in the re-transition of accounting policies.Block 18 provides the monitoring compliances of accounting. Block 19 helps in the prosecutionof non-compliances (aasb.gov.au, 2017).

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