developing a conceptual framework is an impossible possibility

developing a conceptual framework is an impossible possibility Essay example
Masters
Essay
Finance & Accounting
Pages 7 (1757 words)
Download 0
DEVELOPING A CONCEPTUAL FRAMEWORK IS AN IMPOSSIBLE POSSIBILITY: FINANCIAL ACCOUNTING STATEMENTS BY NAME COURSE: 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…

Introduction

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. ...
Download paper
Not exactly what you need?

Related papers

Conceptual Framework: Financial Reporting
The Conceptual Framework for Financial Accounting Accounting is at the core of business finance, and with the dynamic developments of the global economics, this subject has also become a key area of research and analysis. In this situation, even the most basic accounting concepts like assets, liabilities, revenue, debt, etc. are of critical importance. Terms based on the accounting concepts need…
'DEVELOPING CONCEPTUAL FRAMEWORKS ARE A TIME WASTING ACTIVITY'
The financial accounting theory functions on the basis of conceptual framework, explains the observed accounting practices and predicts the unobserved practices. The theoretical framework of accounting evolved significantly in the 20th century following the market crash in 1929 and recent financial crisis. The major accounting theories, developed in 20th century are Efficient Market Hypothesis…
developing a conceptual framework is an impossible possibility
It fixes a standard of financial accounting which, when followed, ensures consistency in the financial statements of different companies. The financial statements of different companies must be able to satisfy the needs of a variety of users who mostly want to compare one company with another. When a standard is followed by all the companies, the financial statements become reliable for the users…
Developing a conceptual framework is an impossible possibility
Conceptual frameworks have been constantly changed from them. However, individual organizations have come up with their own conceptual frameworks that suit specific organizational needs. A conceptual framework provides an over view of how things should be done in an organization. It is a coherent system of related objectives and fundamentals that should lead to consistent standards that prescribe…
Developing a conceptual framework is an impossible possibility
It works on the determining the basis of theoretical theories, measurement of transactions (e.g. historical value) and their reporting lines to their end users (SA, 2011). Historical View in Conceptual Framework: The sophistication and excessive increase in businesses and accounting disclosures gave birth to the rules and regulations in accounting standards. A generalised approach was established…
Compare and cotrast the accounting conceptual framework and the accounting regulatory framework in the Uk?
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…
Conceptual Framework
The IASB want to ensure that equity has first priority to common stock insolvency or liquidation. This is because in business, liability is the duty of an entity that emerge from past or previous events or transactions, the settlement that may lead to the use or transfer of assets, service provision or any other yielding profits or benefits in the future. It is also significant to note that…