Conceptual Framework
(subsequently adopted by IASB)
By Amy Huckabay - September 28, 1999
Differences between IASC and FASB Conceptual Frameworks
Sections in IASC Framework
1. Introduction
2. The Objective of fiscal Statements
3. Qualitative Characteristics of financial Statements
4. The Elements of Financial Statements
5. Recognition of the Elements of Financial Statements
6. Measurements of the Elements of Financial Statements
7. Concepts of Capital and Capital Maintenance
FASB Conceptual Framework
1. Objectives of Financial Reporting by note Enterprises
2. Qualitative Characteristics of Accounting Information
3. Elements of Financial Statements of Business Enterprises
4. Objectives of Financial Reporting by Nonbusiness Organizations
5. Recognition and Measurement in financial Statements of Business Enterprises
6. Elements of Financial Statements (replaced #3)
Purpose of IASC Framework
Assist the carte du jour in the development of future standards and in its review of be standards.
Assist the board in promoting harmonization of regulation
Assist national standard-setting bodies in developing national standards
Assist prepargonrs of financial statements in applying International Accounting Standards and in dealing with topics that have heretofore to form the subject of an International Accounting Standard.
Assist auditors in forming an opinion as to whether financial statements conform with standards
Assist users of financial statements in interpreting the information contained in financial statements fain in conformity with International Accounting Standards
Provide those who are interested in the work of IASC with information about its go on to the formulation of International Accounting Standards.
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