Ompare and cotrast the accounting conceptual framework and the accounting regulatory framework in the Uk?

Compare and cotrast the accounting conceptual framework and the accounting regulatory framework in the Uk?

SOME HINTS:

Your response should include a description of the elements of the two frameworks, their respective roles and show the interrelationship that exists between them. You should also include some evaluative comment on the frameworks.
Compare and contrast a highlight similarities and differences
What do we mean by a?elementsa?
Sources of information for description
Roles / purpose
Is there an interrelationship? a How do these link?
Evaluation a consider the differences between the conceptual frameworks, the comments regarding the new IASB/FASB version
Evaluation a consider the comments below whether it is against or for the accounting regulatory framework?

arguments against Regulation:

Watts and Zimmerman (1986): individual parties have incentives to make own contracts in order to facilitate monitoring
Companies will favour and encourage use of external audit so as to provide a recommendation as to the quality of their accounts (Watts, 1977)
EMH will identify companies not complying with a?T&Fa
Fear that regulation in form of standards may hinder market operations and result in less communication (Benston, 1982a). Are the users needs met by this additional information?
Regulation may hinder presentation of a?true and fair viewa(Dearing Committee, 1988)
Abuses by few should not cause cost burden for all

aruguments for regulation :


Need for uniform information
for effective communication (Bird, 1973)
to aid investors in assessing yield and risks of alternative investments (Benston, 1982b)
to protect the profession (Benston, 1975)
Efficiency (Beaver, 1981)
Equity (Beaver, 1981)
Abuses (see Beaver, 1981; Wilkinson-Riddle and Pierce-Brown, 1994)




Referencing Requirements:
could you please use different types of academic reliable resources.
as you may find similarities in explaining both conceptual framework and regulatory framework in different sources, could you please express the essay on your owen word that will reflect your understanding of the subject by explaining and analysing in a depth way.