In its June 2015 exposure draft for a revised conceptual framework for financial reporting, the International Accounting Standards Board has reintroduced the concept of prudence.
Complete a group essay discussing the arguments for and against removal and subsequent reintroduction of prudence as a key accounting concept. Your essay should cover at least the following elements:
• Describe the main components of Financial Statements and the processes used by a large company to complete its Financial Statements.
• Discuss the areas during the process where subjectivity is required and the extent to which such subjectivity is controlled.
• Consider to what extent International Financial Reporting Standards allow for comparability between Financial Statements.
• Discuss other reasons for differences between the value of net assets recorded in the Financial Statements and the value which the firm may be worth.

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