c) Evaluate the goals and objectives of:

i)The Conceptual Framework Project

ii)The Emerging Issues Task Force.

d) Analyse the standards overload problem

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i)The Conceptual Framework Project

Having a conceptual framework, gives a direction to the standard setting and it is not done in a haphazard manner.It is a coherent system of interrelated objectives which leads to the development of refined standards. Benefits of a conceptual framework include consistent and logical reporting, increased compazrability and economic development of accounting.

ii)The Emerging Issues Task Force.

The emrging issues task force issues a consensus position on the implementation of accounting standards. Accounting are standards are not exactly rigid in nature. Their application might change in reaction to the changing economy and varying conditions in different countries. The FASB seeks to provided updated guidelines about burning economic issues through the emerging issue task force.

d) Analyse the standards overload problem