ACC704: QUESTIONS FOR TUTORIAL PRESENTATIONS

Group 1
What are the objectives of general purpose financial reporting, the nature of its users and
the information to be provided to users to achieve the objectives as provided in the
Conceptual Framework?

Group 2
(a) One of the fundamental qualitative characteristics of useful information is faithful
representation. What does this mean? (3 people to explain this concept)
(b) Explain the following terms
Comparability Going concern
Verifiability Materiality
Timeliness Reliability
Understandability Relevance
Historical cost
Group 3
What is Global Reporting Initiative? Please explain its purpose, guidelines/or the
principles.

Group 4
(a) Explain what the elements of financial statements are according to the Conceptual
Framework

(b) Stakeholders are increasingly concerned with issues of sustainability. Explain how 7
groups of stakeholders interests in corporate sustainability have affected business
operations

Group 5 (b)
Financial reporting has always been heavily regulated as the focus is on the information
needs of stakeholders with financial interests. Hence traditional financial accounting has
tended to ignore social costs that an entity might have imposed on society. In this regard
what are the limitations of traditional financial accounting?
Group 6
(a) What is corporate social responsibility reporting?
(b) Explain the difference between sustainability reporting and traditional financial
reporting
Group 7
(a) What are the fundamental ethical principles?

(b) What have you learnt from the financial scandals that have happened from 2000 to
date? Give at least 4 examples