The political influences on the setting of accounting standards are demonstrated in Cortese, Irvine and Kaidonis (2010) as well as Howieson (2011).

Required:
Select one of the above papers and briefly outline the nature of the political interference identified by the author(s). Assess the outcomes of this political interference in terms of the Conceptual Framework for Financial Reporting (eg. the objective of general purpose financial reporting, fundamental qualitative characteristics or definitions of elements).

Answer rating: 100% (QA)

Main Objective of the Conceptual Framework The Conceptual Framework 2010 has a core objective from which all its other aspects flow This central objective is to provide financial information which is ... View the full answer