Conceptual Framework and Accounting Theory Word account: 2138 Table of content Executive summary………………………………………………………1 1. Introduction……………………………………………………………2 2. Main body……………………………………………………………...3 2.1 The framework of accounting………………………………………………...3 2.1.1 Theoretical level………………………………………………………...4 2.1.2 Fundamental conceptual level…………………………………………..4 2.1.3 Operational levels……………………………………………………….5 2.2 Theory of accounting…………………………………………………………
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ACCA QUALIFICATION PAPER F7 AND PERFORMANCE OBJECTIVES 10 AND 11 The need for and an understanding of a conceptual framework This topic forms most of Section A (and has an influence on Section B) of the syllabus for Paper F7‚ Financial Reporting. A conceptual framework is important to the understanding of the many principles and concepts that underpin International Financial Reporting Standards (IFRS) and is an often-neglected part of candidates’ studies. Questions from these areas regularly appear
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Topic- Conceptual Framework Name: Kashish Jashnani HW ID: H00114889 Conceptual Framework Introduction Conceptual framework is defined as the “a coherent system of interrelated objectives and fundamentals that can lead to consistent standards and that prescribes the nature‚ function‚ and limits of financial accounting and financial statements.” [wiley.com‚ 2002]. The conceptual framework is needed in the accounting body due to two reasons. Firstly‚ to be beneficial‚ standard setting must
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An Assignment on Conceptual Framework of Accounting An Assignment on Conceptual Framework of Accounting Course Name: Financial Accounting-II Course Title: MGT-204 Submitted By: Md. Nazrul Islam ID#2340 2nd Batch Department of Management Studies Submitted To: AKM Anisuzzaman Lecturer‚ Dept of Accounting & Information Systems Jahangirnagar University‚ Savar‚ Dhaka Date of Submission:____May 2013 Conceptual Framework: A conceptual framework establishes the concepts
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Before conceptual framework is formed‚ companies prepared their financial report by their own methods. As to increase the utility of the financial report to the users for making economic decisions‚ conceptual framework is begun to develop by various professional bodies and organizations. 2. DEVELOPMENT OF CONCEPTUAL FRAMEWORK In 1970s‚ Financial Accounting Standards Board (‘FASB’) of United States began to develop a conceptual framework. The FASB defined the conceptual framework as a
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School of Management Semester 1‚ Academic Session 2013/14 ACW 367: Accounting Theory & Issues THE CONVERGENCE TO A GLOBAL ACCOUNTING STANDARD LECTURER: PROFESSOR DR. FAUZIAH MD. TAIB GROUP MEMBERS: BIL NAME MATRIC NO. 1 MUHAMAD FAZLULLAH B MUHAMAD NAZRI 108548 2 SITI NUR AMIRAH BT SAIKH MD NOR 108569 [ACKNOWLEDGEMENT] Through this opportunity‚ we would like to thank Professor Dr. Fauziah Md. Taib‚ our ACW367’s lecturer because she gave us a lot of valuable information
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A conceptual framework is a statement of theoretical principles that provides guidance for financial accounting and reporting. (Collins & Hussey‚ 2007). It therefore prescribes the nature‚ function and limits of financial accounting and financial statements. The IASB’s Framework for the preparation and presentation of financial statements sets out the concepts that underlie the preparation and presentation of financial statements that external users are likely to rely on when making economic decisions
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Uniformity of Accounting Standard and Conceptual Framework Executive summery Harmonization of the accounting standard and conceptual framework is emerging as a requirement for of the international community. As business cross national boundaries so the transecting parties need uniformity in the financial reporting for better understanding of the business conditions. The process of harmonization gets accelerated by the initiative of the two major standard setting body of the world IASB and FASB
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Why Conceptual Framework is considered to be a Normative theory? Do we need conceptual framework? Discuss. 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 general-purpose financial information should possess‚ how the elements of accounting should be defined and when they should be recognised and how the elements of accounting
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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. Apart from that‚ the essay also clarifies on how the financial information is essential for the users as stated in the SAC 2‚ for decision making purposes. Additionally‚ an illustration of the relationship between the SACs and how they are
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