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Chapter 2

ACCO 310 NOTES_Chapter 2.docx

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Concordia University
ACCO 310

Chapter 2 Conceptual FrameworkA conceptual framework in accounting is a coherent system of interrelated objectives and fundamentals that can lead to consistent standards and that prescribe the nature function and limits of financial accounting and financial statementsThe benefits its development will generate can be characterized as follows aThe standard setters AcSB IASB and FASB will be able to issue more useful and consistent standards in the futurebProblems in practice should be solved more rapidly and consistently by reference to a framework of basic theorycUnderstanding of and confidence in the financial reporting process by financial statement users will be increaseddComparability with respect to the financial statements of various companies will be enhancedThe conceptual framework is used by standard setters to devise new standardsIt is also used people in industry in applying professional judgement to a given situationThe pillars of the conceptual framework are1Objectives Take into account reporting environment regulations etc2Qualitative Characteristics Primary and Enhancing3Elements of the Financial Statements4Foundational Principles1
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