The International Accounting Standards Board (IASB) has begun a joint project to revisit its conceptual framework for financial accounting and reporting. The goals of the project are to build on the existing frameworks and converge them into a common framework.

Required:
(a) Discuss why there is a need to develop an agreed international conceptual framework and the extent to which an agreed international conceptual framework can be used to resolve practical accounting issues. (20 marks)
- 5 reasons good to have good international conceptual framework
- 5 reasons bad

(b) Discuss the key issues which will need to be addressed in determining the basic components of an internationally agreed conceptual framework.
- 7 issues