The existing conceptual framework has proven to be extremely helpful to the IASB while trying to improve the financial reporting standards (IFRS, 2013a). The framework is a key parameter that defines the underlying concepts of transparent and relevant preparation of financial statements (AASB, 2010). It must be understood that the Conceptual framework in no way represents the IFRS and therefore the framework does not state accounting requirements for any particular disclosure issue or measurement (IFRS, 2013b). Nothing that is outlined in the conceptual framework supersedes any specific IFRS. However, in certain cases issues covered under the IFRS have conflicted with the conceptual framework. As such, in those cases the IFRS supersedes the conceptual framework as it is a globally accepted standard (BDO international, 2010). The conceptual framework plays a crucial role in the presentation and preparation of high quality financial reports in order to satisfy the needs of their users (Working Group on Fundamental Concepts, 2004). The primary objectives of the conceptual framework are to assist the IASB in order to help them to develop the future international accounting standards. ...Show more
The conceptual framework includes the principles, regulations and rules that are to be followed by accounting officials while preparing and presenting financial statements…
I am going to give an in-depth analysis of accounting. Primary objectives of accounting In a business setup, recording and summarizing financial transaction after ensuring their validity is usually conducted in determining the overall progress of the of the business setup.
The purpose of this essay is to argue the fact that accounting is simply mathematics and a precise subject as compared to the belief that it involves judgment and other critical thinking tools. First of all, by definition, accounting is an important tool used in evaluating the operations of a business through the use of bookkeeping methods that related to financial records of business transactions and preparations of asset statements.
The internal rate of return tool enhances the decision making process. Internal Rate of Return Concept The internal rate of return (IRR) is one of the popular tools used in managements’ decision making activities (Moyer, 2009). The tool shows the real economic return of a project or investment alternative.
However, the paper doeѕ take into account the potential value of the poѕitive theory of accounting and itѕ limitationѕ. Finally, the paper attemptѕ to aѕѕeѕѕ the need for an accounting theory and to determine whether we need one.
5). It is monitoring internal costs of the company (Anthony 2003). This internal cost measurement is used to make long term and short term goals (Aranya 1990). Recent years have caused a change in the perspective of management accountants towards assisting
The main objective of urban planning is to provide proper economic, social, and cultural conditions to the growing population, and to provide them with fulfillment of their physical and material needs.
For urban planning to
Therefore, the biggest factor which has been observed due to which immigrants flee their country is money. Nothing is free in this world and nowadays, jobs also don’t come easily, especially when there is little or no
The basic concept of mathematics is as old as humans themselves. Since the start of this world mathematical calculation ns are being used for different purposes. For instance, somewhere in 300 BC, Chinese used to do calculations using tortoise and rods. They did
Four years after his divorce, Mr Bogusz bought unregistered land in 2 Eldon Street in Reading. His daughter, Ms. Vallee was married to a French national, after which she moved to China and finally to France. Occasionally, she visits her father Mr