Finance | Critical evaluation the importance of stewardship within the Conceptual Framework for Financial


Assignment Title: Stewardship and the Conceptual Framework?
Word limit: 2,500 [10%]
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This assignment comprises 50% of the overall assessment for this module.
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This in-course assignment will test elements of the Learning Outcomes relevant to this course which
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In 2010, International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) came up with a new Conceptual Framework for Financial Reporting (Cascino et al, 2014). The framework sought to review various concepts of financial reporting. One of the crucial aspects of the framework was the objective of financial reporting. The ‘preliminary views’, PV, from the two boards proposed that financial reporting should have one objective; decision usefulness objective. According to the framework, the objective would provide the necessary information to all users of financial reports to make their decisions. However, the proposal saw contention from various quarters on the omission of the stewardship objective. In defense, IASB argued that the decision usefulness objective provided room for stewardship reporting (Cascino et al, 2014).