Compare And Contrast The Qualitative Characteristics Of Financial Reporting In The Current Exposure Draft For The New Conceptual Framework With The Existing Conceptual Framework. In Your Opinion Will These Changes Impact On The Occurrence Of

1NameUnit nameUnit codeDateIntroductionThe primary purpose of the conceptual framework is to provide focussing to the firm in developing new accounting standards . Choosing an satisfy accounting method , the amount and type of cultivation origination dis plasteredd and the format in which training should be presented involves sic which alternative provide the most usable breeding for close make purposes . FASB has developed qualitative characteristic of accounting information that distinguish better (more effective ) information from inferior (less useful . The qualitative characteristic suspensor to provide answer to the question , what characteristic of accounting information make it useful for stop making (fridson , 2002In the exposure bill of exchange relevance and faithful affable representation have been s et forth as the deuce fundamental qualitative characteristics while verifiability , comparability , understandability and timeliness are described as enhancing qualitative characteristics .

Cost and corporality are referred to as the major constraint in financial reportingIn comparing and secernate the existing framework and the exposure draft then separately characteristic will be considered at a time2RelevanceRelevance marrow that the accounting information is capable of making a end in decision . If certain information has no direction on a decision it is unconnected to that decision . To be relevant infor mation must any confirm or change the decis! ion maker antepast . pertinent information helps the user make prediction about the last-ditch payoff of past , present and future event . It excessively help user confirm or correct preliminary expectation . In the existing frameworks both FASB and IASB have a confusable definition of relevance with...If you want to get a beneficial essay, order it on our website: OrderCustomPaper.com

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