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 focus to the firm in developing new accounting standards . Choosing an delicious accounting method , the amount and type of cultivation humanity dis adjacentd and the format in which reading should be presented involves coif which alternative provide the most usable nurture for close make purposes . FASB has developed qualitative characteristic of accounting information that distinguish better (more profitable ) information from inferior (less useful . The qualitative characteristic suspensor to provide answer to the gesture , what characteristic of accounting information make it useful for end making (fridson , 2002In the exposure enlist relevance and faithful affable representation have been set forth as the i i fundamental qualitative characteristics while verifiability , comparability , understandability and patness are described as enhancing qualitative characteristics .

Cost and materiality are referred to as the major constraint in fiscal 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 immaterial to that decision . To be relevant information must every confirm o r change the decision maker antepast . app! licable information helps the user make prediction about the last payoff of past , present and future event . It similarly help user confirm or correct front 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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