We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

The IASB Conceptual Framework for Financial Reporting (the Conceptual Framework) sets out the concepts that underlie the preparation and presentation of financial statements. According to Hines (1980), the ontological assumption underpinning the - Essay Example

Comments (0) Cite this document
Summary
The conceptual framework was recently proposed by the IASB (International Accounting Standards Board) and prior its introduction, most accounting standard setters pursued financial accounting operations without any specific framework resulting to disorganized and substandard…
Download full paper
GRAB THE BEST PAPER
The IASB Conceptual Framework for Financial Reporting (the Conceptual Framework) sets out the concepts that underlie the preparation and presentation of financial statements. According to Hines (1980), the ontological assumption underpinning the
Read TextPreview

Extract of sample
The IASB Conceptual Framework for Financial Reporting (the Conceptual Framework) sets out the concepts that underlie the preparation and presentation of financial statements. According to Hines (1980), the ontological assumption underpinning the

Download file to see previous pages... The main objective of the conceptual framework was to build up a steady set of accounting standards and to solve accounting controversies. However, considerable amount of issues were recognised in the framework and as a result, development of a converged framework was proposed so that problems and conflicts among similar individual frameworks can be resolved (Pearson Education, n.d.). The paper discusses role of the conceptual framework in financial reporting and examine the issues that has been recognised thereof.
The framework is responsible for assisting the board in promotion of synchronisation among various accounting standards, procedures and regulations so that efficiency is brought in financial statement preparation and presentation.
The framework was delivered official responsibility of determining objective financial responsibility, its qualitative characteristics and usefulness and the definition, measurement and recognition of various elements in a financial statement.
The framework acts as a guideline for assisting auditors in developing an opinion regarding robustness of financial statements with respect to the standards defined by IASB. Additionally, it delivers ease of understanding and interpreting the financial statements to its users (AASB, 2010).
It was determined that the existing conceptual framework has been significantly helpful to the IASB in developing and building further amendments in International Financial Reporting Standards (IFRS). However, the conceptual framework remained largely unchanged since incorporation and recently, IASB recognised certain issues in the existing framework that has been discussed as follows:
The board identified that a number of important areas has not been covered in the existing conceptual framework. For instance, the framework provide negligible amount of guidance regarding identification, disclosure, measurement and presentation of reporting entity. Guidance in a number of areas ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“The IASB Conceptual Framework for Financial Reporting (the Conceptual Essay”, n.d.)
Retrieved from https://studentshare.org/finance-accounting/1673043-the-iasb-conceptual-framework-for-financial-reporting-the-conceptual-framework-sets-out-the-concepts-that-underlie-the-preparation-and-presentation-of-financial-statements-according-to-hines-1980-the-ontological-assumption-underpinning-the
(The IASB Conceptual Framework for Financial Reporting (the Conceptual Essay)
https://studentshare.org/finance-accounting/1673043-the-iasb-conceptual-framework-for-financial-reporting-the-conceptual-framework-sets-out-the-concepts-that-underlie-the-preparation-and-presentation-of-financial-statements-according-to-hines-1980-the-ontological-assumption-underpinning-the.
“The IASB Conceptual Framework for Financial Reporting (the Conceptual Essay”, n.d. https://studentshare.org/finance-accounting/1673043-the-iasb-conceptual-framework-for-financial-reporting-the-conceptual-framework-sets-out-the-concepts-that-underlie-the-preparation-and-presentation-of-financial-statements-according-to-hines-1980-the-ontological-assumption-underpinning-the.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document
CHECK THESE SAMPLES - THEY ALSO FIT YOUR TOPIC
IASB improved conceptual framework for financial reporting
If a company complies with the international accounting standard, it will likely achieve a faithful representation of its financial performance; as well as it will provide the basis for analysis of the company’s position on the global market and further prospects for development of its business.
12 Pages(3000 words)Essay
War in Iraq
After the operation started, the roots of the organization became weak; its members either left the country or were killed. It was believed that Al-Qaeda was not focused in one country per se. Its roots extended into other Middle Eastern regions as well. That put every other country in the region on the risk list: Al-Qaeda could reorganize and activate its missions from any of the neighboring countries of Afghanistan.
1 Pages(250 words)Essay
Conceptual Framework: Financial Reporting
The effort is aimed to orchestrate the financial systems of International Financial Reporting Standards (IFRS) and the US Generally Accepted Accounting Practices (GAAP). In this paper, the writer intends to analyze and evaluate this joint effort. Research Question Explain what is meant by a ‘conceptual framework’ for financial accounting, discuss the reasons why such a framework might be useful and the reasons why the IASB and FASB believe it is necessary to develop a joint framework.
4 Pages(1000 words)Essay
Conceptual framework for financial reporting
The concept of the conceptual framework can be regarded as recent in the field of business and accounting. In the past, people involved in the setting of accounting standards used to operate in the absence of conceptual frameworks. .
5 Pages(1250 words)Essay
Conceptual Framework
The determination of conceptual framework projects' success parameters is necessarily based on the fact that they depend on a set of prior defined variables. Since variables are subject to change over the total duration of the project it's possible that CF projects would still be continued without abatement despite their above average failure rate, in some instances almost amounting to 92%.
10 Pages(2500 words)Essay
Compare and contrast the objectives of financial statements as outlined by the Companies Act and Conceptual Framework
Some fear that the mixture of both parts will result to use of too much wasted time preparing a complex income statement, balance sheet and statement of cash flows.
8 Pages(2000 words)Essay
Full Day Kindergarten. It is effecitve Does it allow for higher academic acheivement in the elementary grades
e onset of birth, a truly healthy child is a vigorous participant in that growth as they begin to explore of the environment, learn how to communicate and conceptualize their own ideas and theories concerning the way things work in the world surrounding them (Bowman et al.,
22 Pages(5500 words)Research Proposal
I need an introduction and conclusion for my essay ( accounting conceptual framework for financial reporting)
The assets- liability approach of the conceptual framework adopted by IASB for designing international accounting standards, which is akin to the purposes of the framework implemented by FASB, has been explored in
2 Pages(500 words)Essay
FINANCIAL REPORTING & ANALYSIS / IASB Conceptual Framework for Financial Reporting
For that reason, any accounting conceptual framework, if properly adhered to, ought to reflect lists of qualitative characteristics that make sure financial reporting is provided to users with sufficient
8 Pages(2000 words)Essay
FINANCIAL REPORTING & ANALYSIS of IASB Conceptual Framework for Financial Reporting
The reaction towards the issues arising due to the defect in the conceptual framework is reactive in nature rather than proactive. Therefore the lack of proper and standard conceptual framework has increased the risk of inconsistency in the standard with each other and
7 Pages(1750 words)Essay
Financial Reporting
Framework is that the relationship between financial accounting and economic reality is unidirectional, reflecting or faithfully reproducing relationship”, which presupposes that “economic reality exists objectively, intersubjectively, concretely and independently of
8 Pages(2000 words)Essay
Let us find you another Essay on topic The IASB Conceptual Framework for Financial Reporting (the Conceptual Framework) sets out the concepts that underlie the preparation and presentation of financial statements. According to Hines (1980), the ontological assumption underpinning the for FREE!
Contact us:
+16312120006
Contact Us Now
FREE Mobile Apps:
  • About StudentShare
  • Testimonials
  • FAQ
  • Blog
  • Free Essays
  • New Essays
  • Essays
  • The Newest Essay Topics
  • Index samples by all dates
Join us:
Contact Us