The Theory Of Principles For Financial Theory

1337 Words Nov 23rd, 2015 6 Pages
Karl Gunnar Myrdal was an economist who belongs to Swedish and lived during the year 1988 till 1987. He contributed towards the theory of markets, economic fluctuation and a very efficient use of the limited resources and got the Nobel Prize for his theories presented. The theory of principles for Financial Theory profile sets out the principles that the Accounting Standards Board considers should bring about the research and demonstration of general purpose financial theories in the field of economics. The basic purpose of articulating such principles is to provide a rational frame of reference to be used by the Board for the improvement and evaluation of accounting standards in economics and by others who act together with the Board through the standard-setting procedure. Such a frame of orientation should explain the conceptual foundation of projected accounting standards and should enable standards to be developed on a steady basis by decreasing the need to discuss fundamental issues each time a standard is reviewed or established (Qiyan Wua, 2014). The economic theory is being published because of the knowledge of the principles should help the users and the preparers of the theories, as well including auditors and others, to appreciate the Board’s line of attack to formulating accounting principles and the nature of the information mentioned in the general purpose financial theories. Economic theories are a very valuable tool in analyzing the company’s economical…
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