Answer ALI. questions. Each question carries 20 marks. Question 1 (20 mark) (a) The Conceptual Framework sets out the fundamental concepts for financial reporting that guide the Board in developing IFRS Standards. It helps to ensure that the Standards are conceptually consistent and that similar transactions are treated the same way, so as to provide useful information for investors, lenders and other creditors. Required: Evaluate the above statement with regards to the conceptual framework and justify how it helps to improve the accounting practices in the international level 15 marks) (b) Companies registered in Malaysia are required to prepare statutory financial statements in accordance with the approved accounting Standardsed by the Malaysia Accounting Standards Board (MASR), Foreign Companies listed on the stock exchange in Malaysia may prepare financial statements in accordance with certain internationally recognised accounting standards such as International Financial Reporting Standards (IFR). Required: Discuss how MASB helps to replate the accounting practices in Malaysiu (5 marks) (c) Accounting provides companies with various pieces of information regarding business operations. It is often conducted by a company's internal conting department and reviewed by public accounting firm Required: Explain why it is important to ensure high level of quality of accounting information made available for the various users. What are the benchmarks used to determine the quality of the accounting information? 15 marks) (d) What are the method wied in the Capital Maintenance Concepts Justify which method is more appropriate to provide a better evaluation of the company's performance during the period of high inflation 15 marks) Answer ALI. questions. Each question carries 20 marks. Question 1 (20 mark) (a) The Conceptual Framework sets out the fundamental concepts for financial reporting that guide the Board in developing IFRS Standards. It helps to ensure that the Standards are conceptually consistent and that similar transactions are treated the same way, so as to provide useful information for investors, lenders and other creditors. Required: Evaluate the above statement with regards to the conceptual framework and justify how it helps to improve the accounting practices in the international level 15 marks) (b) Companies registered in Malaysia are required to prepare statutory financial statements in accordance with the approved accounting Standardsed by the Malaysia Accounting Standards Board (MASR), Foreign Companies listed on the stock exchange in Malaysia may prepare financial statements in accordance with certain internationally recognised accounting standards such as International Financial Reporting Standards (IFR). Required: Discuss how MASB helps to replate the accounting practices in Malaysiu (5 marks) (c) Accounting provides companies with various pieces of information regarding business operations. It is often conducted by a company's internal conting department and reviewed by public accounting firm Required: Explain why it is important to ensure high level of quality of accounting information made available for the various users. What are the benchmarks used to determine the quality of the accounting information? 15 marks) (d) What are the method wied in the Capital Maintenance Concepts Justify which method is more appropriate to provide a better evaluation of the company's performance during the period of high inflation 15 marks)