“Some people argue that there is no need for a general theory of accounting, as established in a conceptual framework. They say there is no overall theory of physics, biology, botany or psychology, so there is no need for an overall theory of accounting. Furthermore, attempts to develop such a theory are futile and unnecessary, since accounting has not needed a conceptual framework so far”(Godfrey, Hodgson, Holmes & Tarca, 2006, p.439). Identify some of the perceived advantages and disadvantages that arise from the establishment and development of conceptual frameworks.

“Some people argue that there is no need for a general theory of accounting, as established in a conceptual framework. They say there is no overall theory of physics, biology, botany or psychology, so there is no need for an overall theory of accounting. Furthermore, attempts to develop such a theory are futile and unnecessary, since accounting has not needed a conceptual framework so far”(Godfrey, Hodgson, Holmes & Tarca, 2006, p.439). Identify some of the perceived advantages and disadvantages that arise from the establishment and development of conceptual frameworks.

Contemporary Auditing

11th Edition

ISBN:9781337650380

Author:KNAPP

Publisher:KNAPP

Chapter8: International Cases

Section8.5: Shari’a

Problem 3Q

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