Introduction Financial accounting is branch of accountancy that deals with the financial statements which helps in informing public as well other concerned people who are not involved in day to day working of a company, about its current financial performance. Different stages involved in financial accounting are governed by certain standards set by organisations such as The International Accounting Standards Board (IASB) and Financial Accounting Standards Board (FASB). The standards made by IASB
Conceptual framework is a theory of accounting prepared by a standard setting body against which practical problems can be tested objectively. In addition the business dictionary states that conceptual framework is a theoretical structure of assumptions, principles and rules that hold together the ideas compromising a broad concept. Other sources state that a conceptual framework can be viewed as a set of interrelated objectives and theoretical principles, which forms a reference for the underlying
ABSTRACT Income is mostly described as flow of cash since it is the revenue of the organization and it is used to spend short as well as long term expense. Australian Accounting Standard Board conceptual framework has provided information on the classification of income by dividing it into two categories which is revenue and gain. Revenue in general happens to be involved in an entity day-to-day activity which gives rise to future benefit whereas gain is considered other things that complete the
why it is necessary; the role of conceptual framework and accounting standards in external financial reporting; accounting standards that are relevant for the presentation and disclosure of the statement of profit or loss and other comprehensive income that is disclosed in the Mainfreight Annual Report, and also management judgement and estimates and issues that can arise when used to disclose items. Regulate External Financial Reporting Regulation of accounting information is designed to ensure
A Case Study Analysis on the Applications of Accounting Standards and the Conceptual Framework by a Reporting Entity The Warehouse Group Limited (WHS) Shannil Varma 1106665 366601 Case Study Analysis Words: 1883 Contents Introduction 3 Regulating external financial reporting 3 Role of accounting standards and the conceptual framework 4 Statement of Changes in Equity 4 Application of management judgement and estimates 5 Application of management judgements and estimates issues 6 Conclusion
The Conceptual Framework The conceptual Framework of the International Accounting Standards Board (IASB) was issued in 1989 by the International Accounting Standards Committee (IASC) to provide a theoretical and non-arbitrary structure to guide the development of accounting standards. The Conceptual Framework was defined by the Financial Accounting Standards Board (FASB) as a ‘coherent system of interrelated objectives and fundamentals that are expected to lead to consistent standards and that prescribe
The development of accounting standards and rules is based upon conceptual framework which is part of system of financial reporting. These standards set the nature, function and limits of financial account and financial statement. In line with the suggestion of Reichel and Ramey (1987), conceptual framework is described as a set of broad ideas and principles taken from relevant fields of enquiry and used to structure a subsequent presentation. This reflects the items such as equity, expenses, income
Can Conceptual Framework advance the development of accounting standard? International Accounting standard Board (IASB) is ‘responsible for the development of high quality global accounting standards for use in the world’s capital markets and by other users.’ It is the standard-setting body of the International Accounting Standards Committee (IASC) Foundation. It was formed in 2001 to replace IASC. The objectives of IASC foundation are to develop a single set of global financial reporting standard
1. Methodology 1.1. Research Approach. The research approach is divided by two main groups, the First is Deductive and the Second is Inductive Research Approach. The differences between them are, the Deductive Approach is using the theory and testing it with the aim. However, the Inductive is trying some ways to make a proof in order to genera new theories. In addition, the Inductive usually uses the research questions so that the researchers can narrow the scope of analysing While, Deductive approach
To gain proper and effective research on how technology impacts the lives of children with disabilities in an academic setting using qualitative descriptive research methods. There are three different ways to conduct qualitative research. Participant observation is appropriate for collecting data on naturally occurring behaviors in their natural environment, such a school, work, or home setting. In depth interviews are best for collecting data on individuals’ personal histories, perspectives, and