Assignment Title: Critically analyse whether the IASB’s revised Conceptual Framework for Financial Reporting definitions of useful information, assets and liabilities, will enhance the usefulness of financial statements.
The essay should draw on the application of IFRS16 Leases in a UK listed company to support the analysis.
Description of the assignment, task, content and structure: In writing this academic essay you should:
• Define and introduce the key technical terms in the essay title including useful information, asset, and liability.
• Explore what is meant by faithful representation and relevant information in the context of assets and liabilities.
• Discuss the requirements of IFRS 16 Leases and its application, with reference to a UK listed company of your choice.
• Analyse whether in your view the usefulness of financial statements for the users is enhanced by the definitions of assets and liabilities in the IASB’s revised Conceptual Framework for Financial Reporting.
• Reach a conclusion based on your research.