Accounting conceptual framework essay

CONCEPTUAL FRAMEWORK ESSAY There is no definitive view of what constitute a conceptual framework but it can be applied in many disciplines. Conceptual Framework 1208 Words 5 Pages.

Abstract This essay protrudes the objective of general purpose financial reporting (GPFR) as edged in the conceptual framework. The essay instigated with a brief history and development of conceptual framework which comprises Statement of Accounting Concepts.

A conceptual framework of accounting can be considered to be a normative theory of accounting. A conceptual framework makes prescriptions in regards to what the objectives of accounting are, what qualitative characteristics generalpurpose financial information should possess, how the elements of accounting should be defined and The Conceptual Framework for Financial Accounting Accounting is at the core of business finance, and with the dynamic developments of the global economics, this subject has also become a key area of research and analysis.

The forth conceptual framework attempt discussed is the conceptual framework established by the Financial Accounting Standard Board (FASB).

It is established in response to the criticisms of the professions standard setting and was subject to the onus of demonstrating its authority and legitimacy to set standards.

Today, the accounting conceptual framework is being blamed for accounting standards becoming rulebased, which leads to the structuring of transactions (Nobes, 2005; SEC 108(d)).

In fact, FASB has even acknowledged that the conceptual framework might be inadequate for current accounting standards (AICPA, 2002). How can the answer be improved? Writing: Conceptual Framework Conceptual Framework From the review of related literature and studies, the researcher may formulate a theoretical scheme for his research problem. This scheme is a tentative explanation or theoretical explanation of the phenomenon or problem and serves as the basis for the formulation research The Conceptual Framework helps Accounting Standards puting are to analyse accounting issues, the conceptual model is more prompt by offering a common set of footings and premises.

Lack of a conceptual model might distribute of rulesbased accounting systems.

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