You have been asked by a group of corporate accountants to research and write an essay on the concept and its implications for accounting practice.
Following the requirements outlined in the Study Guide you are required to write an essay which addresses the following questions.
a) What is and its key concepts?
b) Based on your research and understanding, what are the apparent opportunities/benefits and challenges/limitations of for reporting entities?
c) Based on your research and understanding, what do you consider to be the implications to accounting practice resulting from the adoption of ?