In its June 2015 exposure draft for a revised conceptual framework for financial reporting,
the International Accounting Standards Board has reintroduced the concept of prudence.
Complete a group essay discussing the arguments for and against removal and subsequent
reintroduction of prudence as a key accounting concept. Your essay should cover at least
the following elements:
• Describe the main components of Financial Statements and the processes used by a
large company to complete its Financial Statements.
• Discuss the areas during the process where subjectivity is required and the extent to
which such subjectivity is controlled.
Conclude following these discussions on whether or not you support the proposed reintroduction of prudence as a key accounting concept.
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