The Framework of Financial Accounting Concepts and Standards: Special report

From: The Government Accountants Journal | Date: July 1, 1998| Author: | Copyright information

This book illuminates the conceptual framework of financial reporting-why it developed and how the concepts, principles and standards interrelate. The framework represents an "underlying structure of accounting concepts" to help standard-setting bodies deal with accounting problems. While the conceptual framework has not been severely criticized, the same cannot be said of a number of standards supposedly based on this framework.

An accounting principle is "a general law or rule adopted or professed as a guide to action..." (Accounting Research Bulletin No. 7, American Institute of ...

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