In your report:

1. Evaluate the due process employed by the AASB in the developments of accounting standards.

2. Explain how accounting standards are enforced by the Australian Securities and investment Commission (ASIC) being the Australian capital market regulator.

3. Examine why conceptual framework 2014 has failed to provide guidance on what principles should underlie disclosure practices.

4. Critically discuss whether current financial reports published by the reporting entities fulfil the information needs of financial information users. If not, indicate the possible improvement in financial reporting that would meet these needs.

In your report: 1. Evaluate the due process employed by the AASB in the developments of accounting standards. 2. Explain how accounting standards are enforced by the Australian Securities and investment Commission (ASIC) being the Australian capital market regulator. 3. Examine why conceptual framework 2014 has failed to provide guidance on what principles should underlie disclosure practices. 4. Critically discuss whether current financial reports published by the reporting entities fulfil the information needs of financial information users. If not, indicate the possible improvement in financial reporting that would meet these needs