Definition And Format Of Conceptual Framework

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In the following question conceptual framework will be examined, firstly the critical definition and format of conceptual framework will be reviewed. Which is then follow by its general benefit and limitation of this method. Secondly the limitation and benefit of a single framework in developing accounting standard is discussed in relation to their economy culture and language. Finally there will be a summarise answer to the question above

The term conceptual framework can be describe as a coherent system of concept that flow from an objective. The objectives are the foundation of the framework and the concepts provide guidance on setting and identifying boundaries of financial reporting for example selecting transactions and providing a structure on how things should presented, recognise and measure. And how they should be summarised and communicated in financial reporting.(Deegan.C).I could talk about what is ias here ???

Firstly, the purpose and role of the conceptual framework is a set of tools used to assist the IASB in developing and revising existing IFRS in order to adapt to various situation.(Brower.A,2015). Moreover it also has to promote harmonisation of regulation, accounting standard and procedures relating to presentation of financial statement in order to reduce the number of alternative accounting treatments. Additional other than helping the IASB it also have to inform interest party of the IASB with information about how it works and the formulation of
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