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Objectives of GPFRs in AASB and IASB Framework – A comparison

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The AASB Framework (SAC2) outlines, among other things, the objective of general purpose financial reports (or GPFRs).
The International Accounting Standards Board has recently issued an exposure draft for “An improved Conceptual Framework for financial Reporting”. It proposes changes to the framework.

Compare and contrast the objective of GPFRs in the current AASB Framework with that proposed in the IASB Exposure Draft. Do you think the IASB proposal is an improvement? Why, or why not? Do you think that the objective in either of these documents is appropriate? Why, or why not?

Solution

This report aims at understanding the concept of General Purpose Financial Report (GPFR), and the objectives set down by both the Australian Accounting Standard Board (AASB) and the International Accounting Standard Board (IASB). It is to be noted that both the boards have set down the objectives of General Purpose Financial Reports on different basis. The further sections of this report focus on the helpfulness of the objectives set down by International Accounting Standard Board to improve the general purpose financial report. There are several questions that have been raised regarding the usefulness of the objectives. A comparison of the objectives of both the Australian Accounting board and the International Accounting board is made to analyze which one of the two is better suited as objectives for the general purpose financial report.

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Objectives of GPFRs in AASB and IASB Framework – A comparison

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