Part one of term paper
The purpose of this essay is to explore the arguments surrounding the most appropriate method of accounting for assets. The historical cost form of evaluating assets should be used in conjunction with some version of market value. There are advantages and disadvantages for the use of historical cost and the conceptual framework has the p ...

Part two of term paper
... to meet the common information needs of users who are unable to command the preparation of reports tailored to their particular information needs' (SAC 2 Paragraph. 7). Further it considers measurement of performance, as one of those information needs. Thus 'disclosure of revenues generated by the entity during the reporting period and the expenses incurred in generating this revenue, together with the assets, liabilities and equity of the entity at the end of the reporting period, will provi ...