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Primary objective of financial reporting according to the joint fasb/iasb conceptual framework - Assignment Example

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Primary objective of financial reporting according to the joint fasb/iasb conceptual framework

in 8 phases. The first seven phases will involve the research, planning, and commentary concerns, as well as, deliberations and re-deliberations, while the 8th phase will be left to tackle any remaining issues that evolve during the previous phases. Their goal is to handle each phase individually, but congruently reevaluate the issues and concerns that present themselves along the way. Works Cited "Conceptual Framework—Joint Project of the IASB and FASB." Financial Accounting Standards Board. Financial Accounting Standards Board, n.d. Web. 27 Nov 2012.. Your Name Instructor’s Name Course Name Due Date What are the most important characteristics of accounting information? It is necessary for businesses to be able to trust the accounting information involving their company so that they know the direction, for better or worse, that there business is headed. Some of the most important characteristics of accounting are materiality, relevance, reliability and consistency. It is the FASB and the U.S. Securities and Exchange Commission jointly created the Generally Accepted Accounting Principles, known in the industry as GAAP, to provide guidance to accountants when completing financial reporting. This is intended to help make certain that those businesses can trust the accountants working for them. (Brenner) It is “relevant” financial data that businesses review that helps them apply that current data to make predictions about future occurrences.”Reliability” is important because businesses must know that the information they are receiving is accurately representing the financial data. Accounting departments within companies achieve this by “…by having several reconciliation methods in place to verify that accounting data remains correct, accurate and thus reliable.” (Brenner) “Consistency” is essential in making certain that the same means or procedures are used to calculate that data on a regular basis. They are required to use the same methods to attain the appropriate values are consistent throughout or they will not have an accurate baseline for future financial comparison. Lastly, “materiality” is referring to the qualitative results of the detailed activity and account summarization that is necessary for the material to be included in the accounting process. Ultimately materiality culminates when all the date provided is reliable, relevant, and consistent, and all the necessary data is appropriate and accrued. Works Cited Brenner, Laurie J.. "Why Are Accounting Characteristics Important?." Chron-Small Business. Hearst Communications, Inc., n.d. Web. 27 Nov 2012. . Your Name Instructor’s Name Course Name Due Date What is the accounting hall of fame? - A brief biographical sketch submitted by us of George Oliver May and Katherine Schipper The Accounting Hall of Fame is an award bestowed upon accounting professionals who have made “lasting contributions to the field.”("Investopedia") The Accounting Hall of Fame was founded in 1950 at Ohio State University and is comprised of recipients from both, the areas of academics and professional practitioners. The nominations for the award ...Show more

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The intention of the joint fasb/iasb conceptual framework was developed to improve and build upon the existing framework already being implemented.The joint conceptual framework will be conducted in 8 phases…
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