Which is not a purpose of the conceptual framework? a. To provide definitions of key terms and fundamental concepts. b. To provide specific guidelines for resolving situations not covered by existing accounting standards. c. To assists accountants in selecting among alternative accounting and reporting methods. d. To assists the International Accounting Standards Board in standard-setting process.

Q: For which classification of users are financial statements prepared?  What characteristic of these…

A: Solution Generally Accepted accounting Principle (GAAP) to a common set of accounting principles ,…

Q: Briefly discuss the difference between (A) a “rules-based" approach to accounting standard setting…

A: Rules-based accounting: Rules-based accounting is based on a set of detailed rules that the…

Q: Which of the following statement best explains the need for a regulatory framework? A regulatory…

A: Financial statements are prepared for various purposes such as for external reporting, managerial…

Q: Globally, accounting standards are developed based on different methods. It is generally agreed that…

A: International Accounting Standards Board (IASB): IASB is the board which frames, develops, approves,…

Q: Which of the following is not an objective of the conceptual framework? O a. Provides guidance for…

A: A conceptual framework is a lucid arrangement of interrelated goals and fundamentals that can prompt…

Q: Why is there a need for a change in the structure of the International Accounting Standards…

A: IAS Committee (IASC) was set up in 1973 for bringing harmonization to the accounting process around…

Q: Discuss agency theory, including its basic assumptions, agency relationships, why the political…

A:

Q: Generally Accepted Accounting Principles

A: Generally accepted accounting principles (GAAP) seek advice from a standard set of accounting…

Q: t receives financial support principally from the Professional Regulations Commission (PRC).

A: In the given case FRSC was established by the Professional Regulatory commission to assist the Board…

Q: Write suitable discussion related to (i) the definitions of accounting and the forms of the…

A: (i) Accounting is the practice of keeping track of a company's financial activities. Summarizing,…

Q: In what ways/How can making accounting standards compulsory cause problems in financial presentation…

A: Financial Statements under IAS 1 The basic standards for financial statements are outlined in…

Q: What is the premise behind the double - entry recording framework developed and refined in the…

A: Double entry system is an accounting system in which two aspects of each transaction are required to…

Q: standard setting process for Generally Accepted Accounting Principles, including the standard…

A:

Q: Which of the following characteristics must exist for accounting information to be useful in making…

A: Definition:

Q: Which is the first step within the hierarchy of guidance when selecting accounting policies? a.…

A: Accounting Policies - These are the fixed principles, concepts, rules, etc. which are used by a…

Q: The measurement principle requires that Oa. accounting principles meet the objectives of the…

A: Accounting principle are the basis on which the whole accounting all over the world is based on.…

Q: a) explain the main purposes of the IASB’s Conceptual Framework document.  (b) discuss the…

A: The International accounting standards committee (IASC) was replaced by international accounting…

Q: ich of these statements is not correct? Australian accounting standards are not enforceable by the…

A: Accounting standards are very important for any country in maintaining standard of accounting and…

Q: A conceptual framework for financial reporting is a statement of generally accepted theoretical…

A:

Q: Under what circumstances might it be acceptable for a company preparing IFRS financial statements to…

A:

Q: The purpose of the Conceptual Framework is: A. To assist the International Accounting Standards…

A: The question is multiple choice question. Required  Choose the Correct Option.

Q: Professional judgment plays a major role in the practice of accounting.a. In general terms, explain…

A: Accounting process: Accounting process is a system of collecting and organizing economic…

Q: Which of the following is not true concerning a conceptual framework in accounting? O It should be a…

A: Conceptual framework in accounting means rules, regulations and guidelines that are used for…

Q: Why is it necessary to develop a definitional framework for the basic elements of accounting ?…

A: Accounting serves as the foundation for the creation of financial statements. Accounting is carried…

Q: Why does The conceptual framework has been described as an “Accounting Constitution”?

A: The conceptual framework sets the boundary within which financial accounting and reporting takes…

Q: The IASB has created accounting standards that are: Select one: a. Rules-based. b.…

A: IASB stands for International Accounting Standard Board.

Q: What does the conceptual framework intend to establish? a. the objectives and cocepts foruse in…

A: Accounting framework defines the rules and framework which depicts the rules, standards that were…

Q: Describe the recognition, measurement, and disclosure concepts that guide accounting practice.

A: Accounting concepts are referred to the basic assumptions, principle and rules which guides the…

Q: what are the Approaches adopted in the development of accounting standards ,indicating and explain…

A: International accounting standards Board (IASB) is an independent body for setting the International…

Q: nce. How could these materials be useful in accounting research? Provide exampl

A: GAAP is a set of methodologies and concepts used by businesses to produce financial statements and…

Q: A primary objective of international financial accounting standards is to equip a company with…

A: Accounting standards refers to the set of rules, principles or the standards which are used for…

Q: Which of the following statements is correct with respect to the IFRS accounting policy hierarchy in…

A: International Accounting Standards Board (IASB): IASB is the board which frames, develops, approves,…

Q: Statements of Financial Accounting Concepts issued by the FASBa. Represent GAAP.b. Have been…

A: Financial accounting standards board (FASB): This is the organization which creates, develops, and…

Q: In general, what is the conceptual framework that underlies accounting principles, and how  does it…

A: A conceptual framework can be defined as a system of ideas and objectives that lead to the creation…

Q: ccounting in the United States follows Generally Accepted Accounting Principles (GAAP), which are…

A: The Financial Accounting Standards Board issues a set of accounting principles, standards, and…

Q: Which is the first step within the hierarchy of guidance when selecting accounting policies? A.…

A: Accounting policy is the rule or method which is adapted by any entity to determine the error free…

Q: Choose the correct. Which of the following statements is correct with respect to the IFRS accounting…

A: International Accounting Standards Board (IASB): IASB is the board which frames, develops, approves,…

Q: In what ways was it felt that the pronouncements issued by the Financial Accounting Standards Board…

A: The American Institute of Certified Public Accountant created the Accounting principles board in…

Q: GAAP stands for: The answer is A. Generally Accepted Accounting Principles. B. Generally Accepted…

A: Introduction: GAAP: GAAP is a bunch of Rules and principles issued by FASB.