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Why is it necessary to develop a definitional framework for the basic elements of accounting?
. According to the FASB conceptual framework, the objective of financial reporting for business enterprises is based on the needs of the users of financial statements. Explain the level of sophistication that the Board assumes about the users of financial statements
Why is it necessary to have alignment in financial reporting?
To know about the importance of their roles
What elements comprise the FASB's conceptual framework?
The FASB's conceptual framework consists of the following four items:1. Objectives of financial reporting.2. Qualitative characteristics of accounting information.3. Elements of financial statements.4. Operating guidelines (assumptions, principles, and constraints).yayGT
How does GAAP affect financial reporting?
How does GAAP affect financial reporting?
Is conceptual framework a reporting standard?
Not exactly. The FASB conceptual framework sets the general philosophies that the specific reporting standards are based on. For example, the framework establishes that the accrual basis of accounting should be used; the idea that expenses should be matched with the corresponding revenues (the Matching Principle), the Principle of Conservatism, etc. The specific reporting standards generally work inside this framework, unless doing so would mislead financial statement users.
Why is it necessary to develop a definitional framework for the basic elements of accounting?
. According to the FASB conceptual framework, the objective of financial reporting for business enterprises is based on the needs of the users of financial statements. Explain the level of sophistication that the Board assumes about the users of financial statements
What are the objectives of financial reporting for business enterprises based on the FASB conceptual framework?
the needs of the users of the information.
What has the author Richard Macve written?
Richard Macve has written: 'A conceptual framework for financial accounting and reporting' -- subject(s): Accounting, Standards, Financial statements
Why is it necessary to have alignment in financial reporting?
To know about the importance of their roles
What is the objective of financial reporting?
The key financial reporting objectives outlined in the conceptual framework are as follows: -Usefulness -Understandability -Target audience:investors and creditors -Assessing future cash flows -Evaluating economic resourses -Primary focus on earings
What elements comprise the FASB's conceptual framework?
The FASB's conceptual framework consists of the following four items:1. Objectives of financial reporting.2. Qualitative characteristics of accounting information.3. Elements of financial statements.4. Operating guidelines (assumptions, principles, and constraints).yayGT
Why is it necessary for South Africa to bring about this alignment in financial reporting with the rest of the world?
to balance
In accounting what does conceptual framework mean?
The Conceptual Framework has been described as a constitution, a coherent system of interrelated objectives and fundamentals that can lead to consistent standards and that prescribe the nature, function, and limit of financial accounting and reporting.- Intermediate accounting , Sixth EditionBySpicelandSepeNelson
How does GAAP affect financial reporting?
How does GAAP affect financial reporting?
Is conceptual framework a reporting standard?
Not exactly. The FASB conceptual framework sets the general philosophies that the specific reporting standards are based on. For example, the framework establishes that the accrual basis of accounting should be used; the idea that expenses should be matched with the corresponding revenues (the Matching Principle), the Principle of Conservatism, etc. The specific reporting standards generally work inside this framework, unless doing so would mislead financial statement users.
When was Financial Reporting Council created?
Financial Reporting Council was created in 1990.
Do financial reporting and financial statement mean the same thing?
"Do the term financial reporting and financial statement mean the same thing?"
