Financial accounting Vale stewardship Are stewardship and accountability yesterday’s heroes?…

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Financial accounting

Vale stewardship

Are stewardship and accountability yesterday's heroes?


In December 2013 The Australian Accounting Standards Board (AASB) issued AASB CF 2013-1 ‘Amendments to the Australian Conceptual Framework'. These amendments reflect and incorporate developments by the International Accounting Standards Board (IASB) following the issuance of the revised IASB Conceptual

Framework for Financial Reporting in September 2010.

Chapter 1 of the amendments sets out ‘The objective of general purpose financial reporting'. Specifically, the “Amendments to the Conceptual Framework” (AASB, 2013, p. 11) states:

The objective of general purpose financial reporting is to provide financial    information about the reporting entity that is useful to existing and potential investors, lenders and other creditors in making decisions about providing resources to the entity. Those decisions involve buying, selling or holding equity and debt instruments, and providing or settling loans and other forms of credit.
Relative to the previous objectives, the newly adopted objectives have an increased focus on financial-decision making, while the stewardship and accountability objectives have seemingly been relegated to amino status.


Compare and contrast the objectives of general purpose financial reporting set out in the ‘Amendments'(OB2-OB11) with ‘The Objectives of Financial Statements' (paras 12-14) in the ‘superseded Framework'. Provide at least two examples to illustrate the differences you have discussed. (For the purpose of this assignment references in the Amendments to not for-profit entities are to be ignored).

Research and discuss the implications for all stakeholders of the narrower focus of the ‘Amendments' on providers of financial resources.

As a result of your research provide your opinion as to whether the change in the ‘Amendments ‘is an enhancement to financial reporting or a retrograde step. Justify your opinion.

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