a) What is a conceptual framework of accounting?
b) What advantages or benefits have been advanced by standard-setters to support the development of conceptual framework projects? Do you agree that in practice such benefits will be achieved?
c) Conceptual framework projects identify a number of qualitative criteria that financial information should possess if it is to be useful for economic decision making. Two such attributes are neutrality and representational faithfulness. Do you believe that financial information can, in reality, be neutral and representationally faithful? Explain your answer.
d) Would you consider that conceptual frameworks have been successful in achieving their stated objectives? Why, or why not?