Conceptual Framework

It define the scope of judgment in planning financial statements by formulate the characteristic, activity and restrict of financial accounting and reporting. It also increases different of financial statements by reduce the number of other accounting methods. If standards were come from a reasonable style of concepts. Likewise, reporting requirement will be more constant and fair because they will record accounting base on former set of concepts. Moreover, the setting requirement will be more economical because problem should not be discuss from different position. In additional, it help to reduce accounting common error and political

As stated in the AASB Framework, financial statements play an utmost important role to a variety of users, which mainly consist of the investors, employees, lenders, suppliers and other trade creditors, customers, governments and their agencies, as well as the public, in making vital financial decisions. For accounting information to be ‘decision useful' to this groups of people, the financial information

36) Which of the following objectives is considered the cornerstone of financial reporting by a governmental entity?

I believe nurses learn both my observation and experience. As a preceptor, I do not throw a nurse to the sharks. If the nurse has never done something before, I let the new nurse observe me and explain each step as I do it. The next time a similar situation appears, I ask the new nurse to do it his/herself. If I see a variation in how I did the same task and it does not harm the patient; I feel the nurse has established their own way of doing things and is feeling more comfortable in that particular task. If the situation presents itself, I ask the new nurse to teach another nurse how to perform the task. I also explain to my nurses that the textbook shows you the perfect world, but in real life we never get quite that scenario. I explain we have to alter our actions to perform interventions and do what is best for the patient. An example, I often share, is that in an ideal world, when inserting a tracheostomy tube, we have a prepped sterile field. However, there are times the airway is needed in such a hurry; we have to think about providing an airway first and dealing with the infection later.

•"General purpose financial report" means a financial report intended to meet the information needs common to users who are unable to command the preparation of reports tailored so as to satisfy, specifically, all of their information needs.

This is a situation in which those entities that are government owned are governed by GASB and those that are owned by the private sector are governed by the FASB. According to the current rules the GASB would consider the fact that the private sector special entities have their financial statements prepared in accordance to the FASB and this matter should be considered by the GASB when it is comparing financial statements of privately owned and state owned special entities. In other words the private entities continue to be governed by the FASB in this environment.

In 2008, the Securities and Exchange Commission (SEC) issued a road map for the United States (US) to implement International Financial Reporting Standards (IFRS) that would eventually lead to the dissolution of US Generally Accepted Accounting Principles (US GAAP) (Cox 2008). US GAAP is rules based system of accounting that contains over 25,000 detailed pages of guidance, whereas IFRS is a principles based system of accounting that contains 2,500 pages of guidance. IFRS allows accountants to exercise professional judgment when making many decisions. This paper will compare and contrast US GAAP with IFRS on Intermediate Accounting Topics.

IASB. 2010, "The Conceptual Framework for Financial Reporting" IFRS, pp. A21- A38, viewed 23 April 2014,

2. Which of the following is not an objective of financial reporting described in FASB Concepts Statement No. 1? 
a. To provide information about how management of an enterprise has discharged its stewardship responsibility to owners.
B. To measure the current market value of the business enterprise.
c. To provide information so potential investors or creditors can make their own predictions of future

According to FASB, to achieve any improvement to the effectiveness will require a framework that supports consistent decision about disclosure requirement by the board. Also the reporting entities will be required to exercise discretion appropriately with the main objective of enhancing effectiveness. In pursuit of this objective FASB came up with a proposed disclosure framework project that comprises of the board decision process and the entity decision processes. The objective of FASB is to improve the

9. Program & execute review. Assessments needs to be performed around the recommended formatting as well as in place together with the unit specifications. Assessors needs to be material authorities - skilled 1 amount greater than the particular level which they will evaluate as well as being qualified assessors.

On Thursday, October 8, at Leland elementary school BUILD colleagues and I was in the lunchroom recruiting and gaining a relationship with the youth participants. While engaging with the youth an argument between to students sparked and then led to a fight. This situation quickly got out of hand and I had to break it up because the security that were women could not handle the children.

General Purpose Financial Reports can be defined as a financial report which is made with the intention to meet the need of information common to users who are unable to command the preparation of reports tailored so as to satisfy, specifically, all of their information needs (Statement of accounting concept – 2, Page – 5, paragraph – 4). In simple words, the users who do not have necessary power to demand financial statements from a company specifically depends on the information given in the general purpose financial reports. Under the Conceptual Framework released in 2010, the primary users of the financial reports are mentioned as

General purpose financial statements provides information on the financial position of an entity. Thus it includes information on economic resources and claims against them.

The Financial Reporting Council (FRC) has recently released four new standards: FRS 100 Application of Financial Reporting Requirements; FRS 101 Reduced Disclosure Framework; FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland; and FRS 103 Insurance Contacts. FRS 100 basically describes who does what with the new UK GAAP. It describes which principles apply to which type of business; when a business can apply the reduced disclosure framework; and when a business should follow a statement of recommended practices, or SORP. FRS 101 lays out a reduced disclosure framework for entities. Certain entities can choose to use this reduced disclosure framework while creating their financial statements. FRS 102