Question 3 - 750 words Outline the key building blocks of conceptual frameworks. Conceptual Frameworks are...

Question 3 - 750 words Outline the key building blocks of conceptual frameworks. Conceptual Frameworks are yet to provide significant prescription in relation to measurement issues in accounting. Why do you think this is the case? Would you consider conceptual frameworks to have been successful in achieving their objectives? Justify your response

Expert Solution

The Conceptual Framework (or “Concepts Statements”) is a body of interrelated objectives and fundamentals. The objectives identify the goals and purposes of financial reporting and the fundamentals are the underlying concepts that help achieve those objectives. Those concepts provide guidance in selecting transactions, events and circumstances to be accounted for, how they should be recognized and measured, and how they should be summarized and reported.

HOW DOES THE FRAMEWORK AFFECT THE APPLICATION OF ACCOUNTING STANDARDS?

Concepts Statements do not affect practice directly. They do not change existing generally accepted accounting principles (GAAP). Certain aspects of existing GAAP conflict with the framework. For example, museum collections meet the Concepts Statements definition of an asset, but existing GAAP does not require those assets to be recognized in the financial statements. The framework affects practice over time because of its influence in the development of new accounting standards.

ekkarill92 answered 1 year ago

Outline the key building blocks of conceptual frameworks. Conceptual Frameworks are yet to provide significant prescription...

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