Explain, describe, and demonstrate mastery of the financial

Assignment Detail:- MA601 Theory and Current Issues in Accounting - Melbourne Institute of Technology Learning Outcome 1: Explain, describe, and demonstrate mastery of the financial accounting standard setting process of Australia-Learning Outcome 2: Critically analyse and interpret current issues and developments in accounting theory and financial reporting- Assessment Part: Write the following abstract based on their empirical research findings- In your report: 1- Discuss the due process employed by the AASB in the preparation of accounting standards, and critically evaluate its strengths and weaknesses regarding timely issue of standards for the use of financial statement preparers- 2- Analyze Handlet et al -2020-'s findings in connection with the economic and political motives of participants in the standard setting process and describe how these attributes affect timely issue of standards required for a quality financial reporting- 3- Examine the purpose of a conceptual framework for financial reporting- 4- Explain what has happened to the Australian conceptual framework because ofAASB issuing accounting standards that are equivalent to those issued by IASB- 5- Critically analyze whetherAASB due process is conducive to developing standards that meet financial information user needs as explained in the conceptual framework and enhance external reporting consistency and quality- Attachment:- Theory and Current Issues in Accounting-rar

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