This is short answer accounting theory question. Please answer in your words tha

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This is short answer accounting theory question. Please answer in your words that would be very helpful.
This is my first time accounting and im stuck

Question 2 - 4 marks (750 words) Identify the main users of accounting referred to within the AASB/IASB conceptual framework. Does the identification of particular users within the conceptual framework have implications for the future of accounting measurement? In your response you will need to consider the implications of the identification of particular users on the use of fair values and historical cost accounting Question 3 - 4 marks (750 words) a) Outline the advantages for accounting that could result from the development of conceptual frameworks. b) Refer to the following journal article: Hines, R (1989), "Financial accounting knowledge, conceptual framework projects and the social construction of the Accounting profession" Accounting, Auditing and Accountability Journal, 2(2), pp. 72-92. Who does Hines believe has the most to gain from the development of conceptual frameworks? Compare and contrast the views of Hines with the advantages you identified in part a)

Explanation / Answer

2. I think you know the concept and importance of writing a diary in individual life. we record all the material events happen in a day, how we spend the day and so on. The same happens to a firm is called accounting- is the process of recording all the financial and material transactions happened in the business during a course of time. It gives the clear picture to the firm about its activities, its investments, and profits. The overall performance of a business entity will measure based on its profitability only. To measure the profit or loss gained by a firm, it has to record and maintain all the transactions in monetary forms.

The information which maintained in writen form, can be used for many purposes by the internal users like management, owners, employees etc, and external users like potentail investors, industriail analysts, competitors, media, government, accounting bodies, credit rating agencies and so on. Every stakeholder to the business may have interest to know about a firm, its operating effieciency, financial abilities and position, market value of the firm and so on. These people may or may not invest their funds in the firm, but seek information about the firm and establish a value in their minds. the list of users and their utilities are as follows:

3. a. accounting been changing its form from time to time. there were many accounting standards, each nation have its own policies and procedures like India- Indian accounting board, and later they followed International accounting standards by IASB and now converging with IFRS- international financial reporting standards- is a scale of business around the globe in the same way. Due to this globalization, most of the nations are doing business with rest of the world, in each nation they following different accounting practices and polices. when they were combining together, the result is blur and there is no clarity about it. So, to eliminate such kind of confusion among the stakeholders, now most of the nations were following IFRS while preparing their accounting policies. It is a global language and with the same procedure and practices. It gives a clear picture to all users and legslative parties.

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