Examining the future of financial reporting measurement models

Level: Undergraduate | Grade: 2:1 | Approx. Word Count: 3,300

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This study examines the benefits and disadvantages that apply to a range of measurement models that have been used for the purpose of determining the accuracy of the financial information included within a corporation's annual financial statements.


Over the course of the past few decades there has been considerable discussion and debate regarding international financial reporting standards (IFRS) and, in particular, the appropriate measurement models that should be implemented for use when preparing a corporation’s financial statements. During this period international accounting standard bodies have been endeavouring to develop an agreed standard conceptual framework that is acceptable to all accounting and regulatory bodies for use in financial statement, irrespective of the corporation type and its country of domicile, and one that identifies the items to be included within the statements and the manner in which these should be measured (Johnson 2004).