an accounting frame work is general frame of references for a specific area of acounting
Accounting concepts and conventions are a list of standard practices. These develop a framework for accounting and are used by accountants and students for learning.
limits the different and diversity between the financial statements of entities.
The main purpose of cost accounting is to provide management with financial information necessary to make business decisions. Cost accounting focuses mainly around cost variances, budget analysis, etc. Financial accounting on the other hand ensures that information being reported to outside investors/users is accurate and in compliance with a given financial reporting framework. Hope this helps...
. 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
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
advantages of conceptual framework in accounting
Accounting concepts and conventions are a list of standard practices. These develop a framework for accounting and are used by accountants and students for learning.
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
Depending on where you live, Accounting principles will be set as a standard by your local or state accounting regulator. See the related links for more information.
Robertine Chaderton has written: 'The regulatory framework of accounting in Barbados' -- subject(s): Accounting, Standards
limits the different and diversity between the financial statements of entities.
Richard Macve has written: 'A conceptual framework for financial accounting and reporting' -- subject(s): Accounting, Standards, Financial statements
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.
Athula Naranpanawa has written: 'A framework for social accounting matrices (SAMs) for Sri Lanka' -- subject(s): Mathematical models, Social accounting, Equilibrium (Economics), Economic conditions, Accounting, National income
Data whose absence would affect the decision or choice to be made.
accountig principles shall be useful in having unified and transparent accountong records . They are also useful in making comparison and having better knowledge of accounting policies which have been followed by the company
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.