A conceptual framework underlying financial accounting is important because it can lead to consistent standards and it

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prescribes the nature, function, and limits of financial accounting and financial statements.true or false ?

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Date de publication: 2015/06/14

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par Tranquilino Jr Rivera , General Accountant , Enany Group of Companies

This is True. But the framework does not not override any existing standard when there is conflict between the two.

Explain the role of a conceptual framework in the development of financial reporting standards?
Top Answer: Conceptual framework plays an important role in the development of accounting standards. A conceptual fra ... Voir Plus

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Explain the role of a conceptual framework in the development of financial reporting standards?
Top Answer: it's Contains all changes to keep up with updates Especially at this time when we use computer in all tra ... Voir Plus

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Which of the following statements is false?
Top Answer: I think the answer is d. Under IFRS, there are the same number of financial statement elements as in GAAP ... Voir Plus

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Explain whether conceptual frameworks are a necessary component of financial reporting?
Top Answer: Accounting Standards are needed for the following purposes 1. For bringing uniformity in accounting metho ... Voir Plus

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