Discuss the conceptual frameworks, threats, and safeguards.

Discuss the conceptual frameworks, threats, and safeguards.

Expert Solution

Conceptual Frameworks: They actually define the assumptions on the basis of which financial statements of a business entity are prepared. The word concept means "idea", which as an universal application. Financial transactions are interpreted in the light of the concepts which governs accounting methods.Like accounting principles should be based on real assumptions and they must be simple understandable and explanatory.

Threats : There are chances for cyber criminals to hack or access the bank accounts and financial transactions of accounting clients. Hence it become mandatory for accounting to look for security threats in mere future in order to prevent loss and maintain good reputation of the organization.

Safeguards : They are actually actions that eliminate and prevent threats for an organization. They are created by profession, legislation , or certain regulations. Safe guarding systems are there in all kinds of work atmospheres.

ekkarill92 answered 2 years ago

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