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advantages and disadvantages of historical cost accounting.

Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 asked

Discuss the advantages and disadvantages of historical cost accounting.

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 answered

A THE CONCEPTUAL AND REGULATORY e) Discuss whether the use of current   value
  FRAMEWORK FOR FINANCIAL REPORTING   accounting overcomes the problems  of
      historical cost accounting.
1. The need for a conceptual framework and the    
  characteristics of useful information f) Describe  the  concept of  financial  and physical
      capital maintenance and how this affects    the
a) Describe what is meant by a conceptual framework for financial  reporting.   determination of profits.
    3. Regulatory framework
b) Discuss whether a conceptual framework    is    
  necessary  and  what an alternative system a) Explain why a regulatory framework is   needed
  might be.   including the advantages and disadvantages    of
      IFRS over a national regulatory framework.
c) Discuss what is meant by relevance    and    
  faithful representation and describe  the b) Explain why accounting standards on their    own
  qualities  that  enhance  these characteristics.   are not a complete regulatory  framework.
d) Discuss whether  faithful representation c) Distinguish between a principles based and a
  constitutes more  than compliance with   rules based framework and  discuss  whether
  accounting standards.   they  can  be complementary.
e) Discuss what is meant by understandability d) Describe the IASB’s Standard setting process
  and verifiability in relation to the provision  of   including revisions to and interpretations  of
  financial  information.   Standards.
f) Discuss the importance of comparability    and e) Explain the relationship of national   standard
  timeliness  to  users of financial  statements.   setters to the IASB in respect of the    standard
      setting process.
g) Discuss the principle of comparability    in    
  accounting for changes in   accounting 4. The concepts and principles of groups   and
  policies.   consolidated financial statements
2. Recognition and measurement a) Describe the concept of a group as a single
      economic unit.
a) Define what is meant by ‘recognition’   in    
  financial  statements  and  discuss the b) Explain and  apply  the  definition of  a subsidiary
  recognition criteria.   within relevant accounting standards.
b) Apply the recognition criteria to: c) Using  accounting  standards  and other
  i)    assets and liabilities.   regulation, identify and outline  the
  ii)  income and expenses.   circumstances in which a group is required to
      prepare consolidated financial statements.
c) Explain and  compute amounts  using  the    
  following measures : d) Describe  the  circumstances  when a  group may
  i)   historical cost   claim exemption from the preparation  of
  ii)   current cost   consolidated  financial statements.
  iii) net realisable value    
  iv)  present value of future cash  flows e) Explain why directors  may  not wish to
  v)   fair value   consolidate a subsidiary and when this is
      permitted by accounting standards and   other
      applicable  regulation.

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