Conceptual Framework for Mediatization †Free Samples to Students

Question: Discuss about the Conceptual Framework for Mediatization. Answer: Introduction: It can be seen that there are some building blocks in the accounting conceptual framework. There are total 19 blocks in the conceptual framework. Block 1 contains the definition of financial reporting of various entities like statement of income, statement of balance sheet, statement of cash flows and others. Block 2 provides the definition of various reporting entities like business entities and others. Block 3 refers to the broad objectives of the general purpose financial reporting (Assessment, 2013). Block 4 refers to the process to identify the qualitative characteristics of the financial information. Block 5 and 6 deal with various elements of financial statements like assets, liabilities, equities and others. Block 7 deals the different kinds of basis for the purpose of measurement. Block 8 provides the accounting techniques for the measurement of different accounting aspects. Block 9 helps to describe the financial position of the companies like wealth, financial structure, c apacity of adoption and many others. Block 10 helps to assess the financial performance of the companies like change in wealth, variability and others. Block 11 helps to assess the change in the financial position of the companies like change in financial activities, investing activities and others (aasb.gov.au, 2017). Block 12 helps the organizations to meet the requirements of block 9, 10 and 11. Block 13 helps the organizations in the applications of accounting concepts. Block 14 helps in the elevation of various accounting principles against details. Block 15 provides the research methodology for accounting. Block 16 describes the requirements for audit. Block 17 helps in the re-transition of accounting policies. Block 18 provides the monitoring compliances of accounting. Block 19 helps in the prosecution of non-compliances (aasb.gov.au, 2017). There are some major advantages of the accounting processes from the development of accounting framework. Among all these advantages, two of the major advantages are discussed below: The main advantage of accounting system from the development of conceptual framework is that it helps to clarify the major accounting concepts underpinnings of accounting standards. With the help of these accounting processes, the accountants are able to understand and make others understand different complex of accounting. In addition, with the assistance of these accounting systems, the accounting standard setters can set different accounting standards (Weil, Schipper Francis, 2013). Another major advantage of this accounting system is that it provides great assistance to the auditors, preparers and users in the understanding the accounting standers of different kinds of accounting statements (Pitelis, 2012). In the recent years, it has been seen that the conceptual framework has received major criticism some parties. As per some of the criticism, conceptual framework has failed to provide adequate accounting basis for the standards setters. In addition, conceptual framework has received criticism as it is not requiring the firms for the reporting of information for the interpretation of financial statements and to assist the users of financial statements. Thus, it can be seen that these are the major criticisms of conceptual framework (Landerer, 2013). It can be said that all these arguments are not justified. As per the first criticism, conceptual framework has failed to provide adequate accounting basis for the standards setters. In this regard, it needs to be mentioned that there is not any concrete evidence to support this allegation. As per the second criticism, conceptual framework not requires the firs to report different accounting information for the users. In this case, it also needs to be mentioned that the critics are unaware of the fact that there is not any empirical data and information as evidence to support the criticism. Thus, there is not any reason of agreeing in these criticisms (Smith, 2017). References Assessment, W. S. B. P. (2013). Conceptual Framework. Landerer, N. (2013). Rethinking the logics: A conceptual framework for the mediatization of politics.Communication Theory,23(3), 239-258. Pitelis, C. (2012). Clusters, entrepreneurial ecosystem co-creation, and appropriability: a conceptual framework.Industrial and Corporate Change,21(6), 1359-1388. Smith, M. (2017).Research methods in accounting. Sage. The Nature and Purpose of Statements of Accounting Concepts. (2017).aasb.gov.au. Retrieved 30 August 2017, from https://www.aasb.gov.au/admin/file/content102/c3/ACCPS5_07-01.pdf Weil, R. L., Schipper, K., Francis, J. (2013).Financial accounting: an introduction to concepts, methods and uses. Cengage Learning.