Briefly discuss what accounting standards are and explain their purpose

Carefully read the attachment and answer the following questions. All the questions below are based on it. You are NOT allowed to cite information from other sources!!! It is based on Australian accou

Carefully read the attachment and answer the following questions. All the questions below are based on it. You are NOT allowed to cite information from other sources!!! It is based on Australian accounting system so do not rely too much on your own experience if you are not Australian!

Questions:

A1)  Briefly discuss what accounting standards are and explain their purpose.

A2)  Briefly explain what an external audit of financial accounts/reports is and explain its purpose.

B)  Given that we have accounting standards and external auditing, briefly discuss the need for a conceptual framework of accounting and explain the purpose it serves for regulators, preparers and users of financial reports.

Word Limit

The word limit for Part 2 is 750 words.

You are required to ensure that your answer fits on no more than two (2) A4 pages.

Please use the following font and paragraph settings:

Font: Times new roman

Font size: 12

Line/paragraph spacing: 1

Margins: Normal (2.54 cm on all sides)

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