Accounting Conceptual Framework Assignment | Top Universities

Accounting Conceptual Framework 2014 states that measurement is the process of determining the monetary amounts at which the assets are to be recognized and carried in the balance sheet. This involves the selection of the particular basis of measurement. A number of different measurement bases are employed to different degrees and in varying combinations in the statement of financial position to provide decision-useful information about an entity’s economic resources (Henderson et al 2018). Paragraph 100 of the conceptual framework of 2014 identifies a selection of different measurement bases as given below.

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1. Historical cost

2. Current replacement cost

3. Realizable value

4. Present value.

Many accountants believe that value is the characteristic of an asset that should be measured (Henderson et al 2018). According to Framework 2014, an asset is future economic benefits. Therefore, the value of an asset should be the value of its future economic benefits. Furthermore, the basic requirement of the Corporations Act of 2001 is that the statement of financial position and the notes should comply with the accounting standards and present a ‘true and fair view’ of the entity’s financial position at the end of the financial year.

Further, the widely used historical cost has been subject to many criticisms. Some empirical research argues that the reliability of historical cost may be illusory (McDonald, 1968, & McKeon, 1971). Revsine (1973) argues that the current cost is a good approximation to value. Chambers (2006) supports realizable value. It appears that there is no consensus among empirical researchers on the selection of the appropriate measurement basis of assets.


With reference to the above requirements/arguments critically examine what bases of measurement of assets you would consider, when preparing the statement of financial position, to provide the true and fair view of the financial position of the entity.

The report should incorporate the followings:

1. Distinguish between the recognition and the measurement of assets of the statement of financial position.

2. What are the essential components of the measurement of assets as per the Accounting Conceptual Framework 2014? Get Accounting homework help today

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