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5 Cards in this Set
- Front
- Back
- 3rd side (hint)
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Financial statement are used by who and what for? |
Used by the user for decision making purposes |
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What is meant by a conceptual framework of accounting? |
Used as a guidelines to produce financial statements |
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What conceptual framework need to do? |
Develop new reporting practices if there's no existing practices
Evaluate the existung one if reporting practices already exist |
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Advantages? |
▪Standardised accounting practice ▪Less subject to political pressure: Because it protect the majority of the user ▪Consistent SOFP or P/L approach ▪Avoids 'firefighting' (fix when it happen) approach to standard setting |
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Disadvantages? |
▪Needs of all users cannot be satisfied ▪Different uses withbdifferent concepts: e.g. F5 focus on the future, while F7 focus on the past ▪Does not make preparing standard easier: Some standard are still complex to do eventhough guideline exist |
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