how does conceptual framework of accounting attempt to create a theory of accounting ?Describe the components of the IASB framework and how it contributes to a theory of accounting

ACC-706 Accounting Theory & Practice Tutorial Questions Topic- 1 Date-25/01/16 Q.1. How does conceptual frameworks of accounting attempt to create a theory of accounting? Describe the components of the IASB Framework and how it contributes to a theory of accounting. Q.2. How important is it that standard setters agree on objectives, concepts and definitions before they develop a conceptual framework of accounting? Why has the FASB been directed to produce more objective-based standards? Do you consider this to be a realistic standard setting objective? Q.3.What is business risk auditing? How does it differ from traditional substantive auditing? Why do critics believe it is used to justify selling more consulting services to audit clients? How could business risk auditing be blamed for failures such as Enron? Q.4. What is the difference between art and science? Is accounting an art or a science? Does it matter? Why or why not? Q.5.The expressions 'truth', 'justice' and 'fairness' have all been applied to describe desirable characteristics of accounting information. What role do you think they play in practice? Are they included in the IASB Framework? If so, how? If not, why not