Write down the primary purpose/objective of the Conceptual Framework.
Question
Write down the primary purpose/objective of the Conceptual Framework.
Solution
The primary purpose or objective of the Conceptual Framework is to provide a coherent system of interrelated objectives and fundamentals that can lead to consistent standards and that prescribes the nature, function, and limits of financial accounting and financial statements. It serves as a guide to the International Accounting Standards Board (IASB) to develop standards and is also a reference for resolving accounting issues.
Similar Questions
Write down the primary purpose/objective of the Framework.
Which of the following BEST defines the conceptual framework?a.It explains the research design and toolsb.It discusses the broader scope that can be used in different studies.c.It contains variables, and concepts of the present study.d.It presents previous studies.
Explain the purpose of conceptual framework in financial reporting.
he Conceptual Framework
Which is a purpose of the Conceptual Framework?Group of answer choicesTo assist all parties to understand and interpret the StandardsTo assist the IASB to develop IFRS based on consistent conceptsTo assist preparers to develop consistent accounting policy when no Standard applies to a particular transaction or when Standard allows a choice of accounting policyAll of these can be considered a purpsoe
Upgrade your grade with Knowee
Get personalized homework help. Review tough concepts in more detail, or go deeper into your topic by exploring other relevant questions.