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What are the objectives of financial reporting for business enterprises based on the FASB conceptual framework?
Wiki User
∙ 13y ago
the needs of the users of the information.
Wiki User
∙ 13y ago
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What is the content of conceptual framework?
what are the contents of conceptual framework
What are the financial decision areas?
Modern approach of financial management provides a conceptual and analytical framework for financial decision making. According to this approach there are 4 major decision areas that confront the Finance Manager these are:- a) Investment Decisions; b) Financing Decisions; c) Dividend Decisions d) Financial Analysis, Planning and Control Decisions
What are the objectives of IT financial management?
The key objectives of IT financial management are to ensure that: • There is an effective system for financial planning and budgeting • Financial plans and budget allocations are aligned with the Service Portfolio • All proposed investments have a business case that meets the standards of the organization • All significant financial risks are identified and fully managed • There is an appropriate governance framework in place with clear accountabilities and all those who need to be are properly trained in relation to it • All financial expenditure is properly accounted for and there is an audit process to ensure proper stewardship of financial resources • The costs and value of all IT services, processes and activities are monitored, measured and understood and appropriate actions are taken on the basis of their financial performance.
What is the goal if IT Financial Management?
The goal of IT Financial Management is to ensure that optimal use is made of the organization's financial resources and that this is achieved in compliance with the regulatory framework within which the IT service provider operates.
What is the role of enterprise risk management in banks?
Enterprise Risk Management (ERM) refers to the methods and processes used by organizations to manage risks (or seize opportunities) related to the achievement of their objectives. ERM provides a framework for risk management, which typically involves identifying particular events or circumstances relevant to the organization's objectives (risks and opportunities), assessing them in terms of likelihood and magnitude of impact, determining a response strategy, and monitoring progress. By identifying and proactively addressing risks and opportunities, business enterprises protect and create value for their stakeholders, including owners, employees, customers, regulators, and society overall.
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
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
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 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
Conceptual framework of online ordering system?
conceptual framework of online ticketing system
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
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.
What are the 3 major components of literature review?
Conceptual framework Theoretical framework Empirical framework
