In general terms, a conceptual framework is a statement of generally accepted theoretical principles which form the frame of reference for a particular field of enquiry. In terms of financial reporting, these theoretical principles provide the basis for both the development of new reporting practices and the evaluation of existing ones. Since the financial reporting process is concerned with the provision of information that is useful in making business and economic decisions, a conceptual framework will form the theoretical basis for determining which events should be accounted for, how they should be measured and how they should be communicated to the user. Therefore, although it is theoretical in nature, a conceptual framework for financial reporting has a highly practical end in view.
Weitere Kapitel dieses Buchs durch Wischen aufrufen
- The quest for a conceptual framework for financial reporting
- Palgrave Macmillan UK
- Chapter 2
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