Topic: Conceptual framework and accounting standard

Main requirements:

(a) Undertake a review of literature regarding the history and development of the Conceptual Framework for Financial Reporting in the USA, UK, Australia, and globally since 1920s.

(b) Based upon a review of journal articles, critically discuss researchers evaluation of the significance and criticisms of the Conceptual Framework for Financial Reporting.

(c) Carefully read the Conceptually framework currently adapted in Australia and discuss where modifications have been made by the AASB.

(d) Discuss the influence of the Conceptual Framework adapted in Australia on the accounting standard AASB 116 Property, Plant and Equipment.

(e) Download the annual report of 2022 or 2021 annual report of the orica company limited on the Australian Securities Exchange. Carefully read this report and explain how the conceptual framework has been applied by this company while it prepared its financial statements and notes to the accounts. Present your answer considering the (i) how many statements/reports have been prepared as per the Conceptual Framework (CF) and what are their major components as per CF, (ii) which recognition principles and measurement bases have been applied for revenue, assets and liabilities, and (iii) what qualitative characteristics of information exhibit in companys various financial reports. Develop your answer referring to specific pages of the annual report.