Conceptual Framework for Financial Reporting
The conceptual framework methodology is widely used in the wide variety of subject as a tool for theoretical modeling. In order to make accounting process harmonized and coherent, all the accounting standards both national and international genre have developed a uniform framework, based on the principles, concepts, and taxonomy of accounting practices to raise the standard of the entity. The conceptual framework is expected to provide a frame of reference or foundation for standard setting. It provides the standard setting authority with the reason and guidance to develop standards and promulgate it. The reason and guidance are rooted in Continue reading...