BACT 307: FINANCIAL REPORTING WEEK I ASSIGNMENT QUESTION 1 The financial reporting process is concerned with providing information that is useful in the business and economic decision- making process. Therefore a conceptual framework will form the theoretical basis for determining which events should be accounted for, how they should be measured and how they should be communicated to the user. Although, theoretical in nature, a conceptual framework for financial reporting has practical aims. Required: Discuss whether an agreed international framework for financial reporting is needed in order to resolve practical accounting issues