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Compare and cotrast the accounting conceptual framework and the accounting regulatory framework in the Uk? - Essay Example
Author : herzogsister
Finance & Accounting
Pages 6 (1506 words)
Compare and contrast the accounting conceptual framework and the accounting regulatory framework in the UK Name: Institution: Supervisor: Course: Date: October 29, 2013. Compare and contrast the accounting conceptual framework and the accounting regulatory framework in the UK Introduction The scope of accounting that defines collection, classification, recording, analysis, and reporting of accounting information to relevant stakeholders identifies the profession’s sensitivity problems that amount to legal and ethical concerns…
The accounting conceptual framework in the UK One of the elements of the accounting conceptual framework, as applicable in the United Kingdom, relates to goal of financial statements that is to offer information on “financial position, performance and changes in financial position” of an enterprise (Rolfe 2006, p. 123). The subject information must however be significant to the entity’s stakeholders. Three documents, financial statements meet the objectives. Cashbook reports an entity’s financial position, income statement reports financial performance and cash flow statement reports and entity’s change in financial position. Basic assumptions in accounting are another set of factors that form elements of accounting framework. ...