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

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Assignment Title: Stewardship and the Conceptual Framework?
Word limit: 2,500 [10%]
Student notes:
This assignment comprises 50% of the overall assessment for this module.
This is an individual assignment.
This in-course assignment will test elements of the Learning Outcomes relevant to this course which
are available within the module outline. Any answer you prepare is meant to demonstrate your
competence in each of the separate domains.
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Description

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).