The Discussion of Conceptual Frameworks Essay - 2941 Words.
The Conceptual Framework can be regarded as the constitution on which the financial reporting is based upon and provides the foundation for standards. FASB together with IASB have embarked on a project which has the specific objective of rebuilding the foundations of financial reporting. The accounting bodies aim to accomplish this by revising the Conceptual Framework issued earlier.
Conceptual Framwork of Accounting In: Business and Management Submitted By mumubenjir Words 1834 Pages 8. Answer to the question no. 1 Conceptual Framework: Conceptual framework is the sole part of financial accounting and financial reporting. It is “a coherent system of interrelated objectives and fundamentals that can lead to consistent rules and that prescribes the nature, function, and.
Conceptual Framework for General Purpose Financial Reporting by Public Sector Entities: Presentation in General Purpose Financial Reports 6 Specific Matter for Comment 5 (See paragraphs 6.1 to 6.27) In addition to the three concepts proposed in Section 6, please provide your views on.
Conceptual framework is like a constitution for financial reporting, which provide the foundation for standards, it provides a proper structure for the creation of financial reporting standards and make sure that the standards are based on fundamental principles. Without framework accounting standards might be based on the most expedient solution for a particular issue. Conceptual framework is.
The conceptual framework is a logically established sensible arrangement and it is of interconnected basics and objectives connected with as well as applied in Financial reporting and Financial accounting. Taken after fundamentally from accounting practices, this framework is in charge of keeping up a consistency in the standards of accounting and sets out its extensions and limitations.CF.
Essay Instructions: The Conceptual Framework sets out the concepts that underlie the preparation and presentation of general purpose financial statements prepared for the benefit of external users. It is generally assumed that financial statements are regarded as being true and fair if they have been properly prepared in accordance with accounting standards.
The IASB discussed an early draft of sections of a Discussion Paper (DP) on the revised Conceptual Framework, addressing (1) presentation and disclosure, (2) certain elements of financial statements, and (3) proposed approach to capital maintenance.