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Conceptual framework is critical to the understanding ofseveral principles and concepts that underpin the accounting and financial standards, but many times it is neglected in studies. A conceptual framework is often a guideline which illustrates that why a project is carried out in a particular way.
Introduction A conceptual framework has its basis in a set of concepts. These concepts are linked to a system of methods, behaviors, functions, relationships a.
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The Conceptual Framework's purpose is to assist the IASB in developing and revising IFRSs that are based on consistent concepts, to help preparers to develop consistent accounting policies for areas that are not covered by a standard or where there is choice of accounting policy, and to assist all parties to understand and interpret IFRS.
The History Of Conceptual Framework Accounting Essay Developing a conceptual framework is an impossible possibility 'it is hard to say that this statement is wrong or not. First, there is no accurate or definitive view of what constitutes a conceptual framework, but there is no doubt that conceptual framework helping a development of academic theory, meanwhile, it is also provide a great deal.
Accounting is the art which help in classifying the transactions, recording the same in the books of accounts, summarizing it, reporting in the form of financial statements and then analyzing and making interpretation out of the results.
In a broad sense a conceptual framework can be seen as an attempt to define the nature and purpose of accounting. A conceptual framework must consider the theoretical and conceptual issues surrounding financial reporting and form a coherent and consistent foundation that will underpin the development of accounting standards.