Explanations of the different purposes of company financial reporting as stated in the literature. The different purposes are stewarship, accountability and economic decision making.use academic literature for this section.
Discussion of the two frameworks, including the main components / chapters making up each framework
Make sure you cover all three elements of the regulatory framework providing sufficient detail to show your knowledge of the different sources of regulation.( Legislation companies act, accounting regulation and stock exchange requirements)
For the conceptual framework, the main elements are the chapters / main content points. while you dont need to discuss all 8 chapters, again you should provide sufficient information to show that you know the main content of the publication.This section is likely to be supported by reference to textbooks and the regulatory body websites
Consideration of the approaches of the frameworks (e.g. principles- versus rules-based)
Any successes or (real or potential) problems with the frameworks, relating to aiding the purposes of company financial reporting, identified in the literature or in practice.
This is referring to the part of the essay title requiring you to analyse the extent to which the frameworks aid the purposes i.e. stewardship, economic decision making.
It could include analysis like the conceptual framework does not focus on stewardship. In comparison, within the regulatory framework, the FRC produces the corporate governance code which is very much based on stewardship. with academic literature to back it up.
Then the conclusion
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