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developing a conceptual framework is an impossible possibility - Essay Example
Finance & Accounting
Pages 7 (1757 words)
DEVELOPING A CONCEPTUAL FRAMEWORK IS AN IMPOSSIBLE POSSIBILITY: FINANCIAL ACCOUNTING STATEMENTS BY PRESENTED TO: DATE: It is Impossible to Develop a Conceptual Framework in Accounting Introduction In every business entity, there is a growing need to develop financial statements to facilitate measurement of performance in ensuring the company is in line with its goals and objectives, as well as identifying the business position in the competitive market…
There have been increasing efforts towards formation of standardized approaches in accounting, in what may be explained to be an accounting conceptual framework. The standardized approach in accounting aims to offering a holistic and uniformed approach in which all accounting problems can be handled. Moreover, such standards help in ensuring ethics and morality in accounting discipline considering that fraud and dishonesty are the main vices affecting the economic discipline as people undertake such economic roles with selfish interests, eroding the integrity of such a profession. Knowledge regarding elements and aspects of accounting and the image created by such profession are thus of critical importance in accounting. Knowledge and Sources of Knowledge Epistemology is the discipline concerned with the theory of knowledge and the way people can attain knowledge. In most cases, sentences are only used to convey meaning, and the meaning itself does not reside in sentences. A proposition is the main element in a sentence as it refers to the meaning of a sentence, and it is the one that leads to knowledge. In accounting, knowledge can be gained from a diversity of sources. ...
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