Distinguish between the accounting concept and economic concept of income measurement

Question: Undertake a review of literature to describe the meaning, objective and significance of measurement in accounting. Explain in detail what qualitative characteristics are necessary to be judged in selecting measurement approaches. Distinguish between the accounting concept and economic concept of income measurement. Based on your study of the IASB’s conceptual framework, explain what measurement bases have been prescribed for the measurement of the items of financial statements. Based upon a review of literature, compare and contrast the four major measurement bases other than the fair value accounting (FVA). Consider the following items of Andaman Enterprise for the year ended 31 December 2019: Opening net monetary assets $ (15000) Sales 210,000 Purchase of goods (105,000) Payment of interest (2,500) Payment of administrative expenses (10,000) Tax expense (25,000) Dividends (12,000) In the same year, the general price level index for all these items was 135/130. Under the assumptions of CPPA, you are required to: Compare the unadjusted and adjusted prices. Calculate the value of unadjusted and adjusted net closing monetary assets. Calculate the net profit or loss at the end of the year and compare the purchasing power to explain how much more or less the firm would have needed to have the same purchasing power they had at the commencement of the year. On the basis of IFRS 13, explain the fair value hierarchy. Also undertake a review of literature to critically appreciate the assumptions of fair value hierarchy. Refer to the ASX company allocated to you. Read the balance sheet (statement of financial position), income statement (statement of financial performance) and relevant notes to the accounts. On the basis of careful reading of these three parts of financial statements, explain the measurement bases applied for different items of these financial statements. Note: Choosen Company is Regis Resources Required: Prepare a report responding to the above questions. Your assessment will also be marked on the basis of your depth of knowledge, executive summary, introduction, conclusion, references and quality of presentation of research report.