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Conceptual Framework Applicable to Australian Accounting Profession

   

Added on  2023-06-04

7 Pages536 Words86 Views
CONCEPTUAL FRAMEWORK
APPLICABLE TO AUSTALIAN
ACCOUNTING PROFESSION.
Conceptual Framework Applicable to Australian Accounting Profession_1
Why conceptual frameworks.
Conceptual framework creates and maintains the fundamentals of the accounting
standards.
Conceptual frameworks outline the objectives and basis of development of the
accounting standards.
It’s a an important theory that outlines the understanding and reasoning underlying
the financial reporting in general (Macve R. 2015).
Conceptual Framework Applicable to Australian Accounting Profession_2
Articles analysis.
Similarities.
In both articles the objectives remain the same which is the preparation of financial
statements.
Both articles reorganizes the uniformity of accounting standards. I.e. Financial
Accounting Standards Boards and International Accounting Standards Board.
The consistency and comprehension of the accounting profession is maintained.
The past, present and future concept of financial reporting is agreed unto.
Conceptual Framework Applicable to Australian Accounting Profession_3

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