Attempts to bring about radical change through the introduction of a conceptual framework have failed. When it appeared as though SAC 4 would require firms to report

Write a report of 2000 words to the chairpersons of the Financial Reporting Council and the Australian Accounting Standards Board, commenting on the following argument:

Attempts to bring about radical change through the introduction of a conceptual framework have failed. When it appeared as though SAC 4 would require firms to report a greater number of liabilities, lobbying began in earnest and business ensured that any innovation was quashed. As such, the best that can be hoped for from a conceptual framework is that it legitimises current practice, maintains existing social and economic status, and staves off public sector attempts to control accounting standard setting.

Requirement: 
Students are required to answer questions in an essay format (introduction, body, conclusion and references) attached a cover with students' information. Front size 12,

1.5 line space, must be typed in word and submit it in through Turin-it-in.

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