An extensive consultation paper has been provided to you related to the Conceptual Framework from the International Public Sector Accounting Standards Board.
As a group, you are to read the report, understanding its purpose and then discuss Phases 3 only (Measurement information in GPFR’s) NOTE: you are not required to discuss Phases 1 & 2.
This will require further research to understand the background, a clear understanding of the relevance of each phase and a discussion as to where this will lead, what the likely outcomes are and why. You should consider and include the history and practices in Australia in your report, e.g. AASB and the structure that existed pre-IASB.
Whilst it is expected that each submission will differ, assessment consideration will be based on the effort undertaken, the research and the understanding shown. Each assignment will be considered on the merits and quality of the submission. Poor presentation and referencing will draw mark deductions.