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What is the only underlying assumption mentioned in the conceptual framework for financial reporting?
The only underlying assumption mentioned in the conceptual framework for financial reporting is the "going concern" assumption. This means that financial statements are prepared with the expectation that the entity will continue its operations for the foreseeable future, typically at least the next twelve months. This assumption is crucial as it influences the valuation of assets and liabilities and affects the overall presentation of financial statements.
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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 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 is Status and scope of conceptual framework?
secret....... :P
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 does the conceptual framework needs to be updated?
So it does not become out of date.......
What is the content of conceptual framework?
what are the contents of conceptual framework
Benefits of Conceptual framework in accounting?
advantages of conceptual framework in accounting
What is the conceptual framework for interactive graphics?
conceptual framework for interavtive graphic
How to illustrate conceptual framework?
To illustrate a conceptual framework, you can create a visual diagram that represents the key concepts, variables, relationships, and underlying theoretical foundations of your research. Use boxes to represent concepts and arrows with labels to show how these concepts are linked and interact with each other. Ensure that your conceptual framework is clear, logically structured, and visually appealing to effectively communicate your research framework.
What are the objectives of financial reporting for business enterprises based on the FASB conceptual framework?
the needs of the users of the information.
Conceptual framework of online ordering system?
conceptual framework of online ticketing system
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 do we need conceptual framework?
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.
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
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
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 is the nature of conceptual framework?
Conceptual framework is used in research to outline possible causes of action or present a preferred approach to an idea or thought. There are altogether 5 conceptual frameworks.
