Requirement: Students are required to answer questions in an essay format (introduction, body, conclusion and references) attached a cover with students' information. Front size 12, 1.5 line space, must be typed in word and submit it in through Turin-it-in. Similarity rate must be lower than 20%, between 20%-30%, you will receive penalty on your report, higher than 30%, you will fail your report immediately. You are allowed to submit your report many times unit the due date (5pm Friday week 5, 02/06/2017). You don't need to delete previous report, you just need to resubmit it and the previous one will be replaced by the new one. If you submit your report after the due date, you will receive 10% penalty on each delay day unit zero mark. No excuses including medical certificate will be accepted

Question: Write a report of 2000 words to the chairpersons of the Financial Reporting Council and the Australian Accounting Standards Board, commenting on the following argument: Attempts to bring about radical change through the introduction of a conceptual framework have failed. When it appeared as though SAC 4 would require firms to report a greater number of liabilities, lobbying began in earnest and business ensured that any innovation was quashed. As such, the best that can be hoped for from a conceptual framework is that it legitimises current practice, maintains existing social and economic status, and staves off public sector attempts to control accounting standard setting.