Company Accounting Presentation 2022

Company Accounting

Role of Conceptual Framework
 A conceptual framework has important role in the accounting.
 A main purpose of conceptual framework is helping International
Accounting Standards Board to create IFRS along with reviewing
existing International Financial Reporting Standards.
 It can be more useful for financial statements makers for establishing
accounting policies to deal along with event not involved by current
standards.

Issues of
conceptual framework 2010
 For various reasons, the conceptual framework 2010 was criticized.
The conceptual framework 2010 has no clarity.
 It is not in support of updated thinking of AASB. It also does not have
certain important concepts related to accounting.
 It lacks the important data and information for the users.
 Due to the challenges and issues of conceptual framework 2010, the
new conceptual framework are adopted by AMP GROUP LTD.

General Purpose Financial
Reporting
 In new conceptual framework, an objective of General purpose
financial reporting is for rendering data data, which is useful for
future along with current equity investors, creditors and lenders for
taking decision in the capital provider’s capacity.
 General purpose financial reports cannot capable to render the data
required by users for making economical decisions.