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Accounting Theory and Contemporary Issues

Analysis of the revised conceptual framework for financial reporting by the International Accounting Standards Board (IASB). Answering 4 questions related to the framework and financial reporting.

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Added on  2023-04-21

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This presentation discusses various aspects of accounting theory and contemporary issues. It covers the purpose of conceptual framework, advantages and criticisms associated with it, general purpose financial reporting, preparation of financial reports, substance over form concept, and more.

Accounting Theory and Contemporary Issues

Analysis of the revised conceptual framework for financial reporting by the International Accounting Standards Board (IASB). Answering 4 questions related to the framework and financial reporting.

   Added on 2023-04-21

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Accounting theory and contemporary issues
Name of the student
Name of the university
Student ID
Accounting Theory and Contemporary Issues_1
Answer 1
Purpose of conceptual Framework is presenting the concepts for
fundamental accounting, financial reporting, methods for
measuring accounting information, concepts associated with the
financial statements, recognition of the financial activities and
representing them under proper accounting system. It plays
major role while issuing and setting accounting standards and
rules thereon that shall be followed by established body of
concepts and objectives. Further, it allow the users to generate
useful information associated with the accounting 2 May take
credit related and investment related decisions (Aasb.gov.au
2018)
Accounting Theory and Contemporary Issues_2
Advantages associated with conceptual framework while
reporting the financial statements are as follows –
It provides the basis for the rationale and objectives of financial
reporting
Conceptual framework provides the standards compared with
which different core and dedicated accounting practices are
demonstrated in the objective manner
It helps in developing various decisions in consistent manner.
Generally, these decisions are concerned with different
approaches for supporting accounting standards and appropriate
accounting practices (Aasb.gov.au 2018).
Accounting Theory and Contemporary Issues_3

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