(2) GAAP and IFRS have their own “Conceptual Frameworks” for financial accounting.

– What roles does IASB’s Conceptual Framework play? Is it different from the FASB?

– What are the contents of IASB’s conceptual frameworks? is it different from the FASB?

Note: see the 2018(new) Conceptual Frameworks.

(3)   Explain ‘Rulebased vs. Principle                    Rargaclii in setting accounting standard

– Show the benefits of each approach

– Any kind of problem in adopting those approaches.

(4)  Explaining the accounting treatment for the impairment of Goodwill and Infinite-
life Intangibles (other than goodwill).

(5)  Answer 1 question out of the following 2 questions

1)    How is the accounting treatment of the following asset’s valuation (after acquisition)

different between 1FRS and US GAPP?

  • Property, Plant & Equipment
  • Biological product
  • Research and development costs