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Richard Macve has written: 'A conceptual framework for financial accounting and reporting' -- subject(s): Accounting, Standards, Financial statements
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
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.
Generally Accepted Accounting Principles. These are a framework of guidelines for financial accounting. The GAAP in each country differs and the standards are shaped by the relevant country company law and governed by an accounting standards board.
Conceptual Framework is a structure of objective and ideas. With conceptual framework, it is easy to determine how profit should be measured and number of standards, principles and emphasis are reduced.
The Financial Accounting Standards Board (FASB) is a private organization (within the Financial Accounting Foundation) that issues financial accounting and reporting standards for nongovernmental entities.
Financial Accounting Standards Board was created in 1973.
Regulation of accounting information is aimed at ensuring that users of financial statements receive a minimum amount of information that will enable them take meaningful decisions regarding their interest in a reporting entity. The bodies responsible for these regulations are often statutory agencies such as the Accounting Standards Board, Securities and Exchange Commission and the Stock Exchange. The bulk of this framework is usually contained in Accounting Standards. The Nigerian Accounting Standards Board is the body responsible for the issuance of Accounting Standards in Nigeria. This Board was initially an advisory body responsible for the production of standards that will serve as a guide to Accountants in the preparation of financial statements.
The purpose of the Financial Accounting Standards Board is to develop (GAAP) generally accepted accounting principles in the US that are in the public's interest.
The purpose of the Financial Accounting Standards Board is to develop (GAAP) generally accepted accounting principles in the US that are in the public's interest.
The Governmental Accounting Standards Board (GASB) was organized in 1984 under the auspices of the Financial Accounting Foundation.
The Financial Accounting Standards Board (FASB)