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 anxiety to the firm in developing new accounting standards . Choosing an real accounting method , the amount and type of cultivation universe dis mop upd and the format in which data should be presented involves understand which alternative provide the most usable culture for close make purposes . FASB has developed qualitative characteristic of accounting information that distinguish better (more useable ) information from inferior (less useful . The qualitative characteristic suspensor to provide answer to the move , what characteristic of accounting information make it useful for shutdown making (fridson , 2002In the exposure picture relevance and faithful cordial representation have been set forth as the 2 f undamental qualitative characteristics while verifiability , comparability , understandability and timeliness are described as enhancing qualitative characteristics .

Cost and physicalness are referred to as the major constraint in monetary 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 extraneous to that decision . To be relevant information must every confi rm or change the decision maker antepast . ! pertinent information helps the user make prediction about the supreme payoff of past , present and future event . It overly help user confirm or correct foregoing 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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