Question

Roger Chang has some questions about the theoretical framework in which standards are set. He knows that standard setters are continually striving to develop a conceptual framework for the formulation of accounting theory.
Yet Roger's supervisors have said that these theoretical frameworks have little value in the practical sense- in the real world. Roger did notice that accounting standards seem to be established after the fact rather than before-in other words, after problems occur. He thought this meant the theory could be poorly structured but he never really questioned the process at school because he was too busy doing the homework. He also noted that the conceptual framework for IFRS is worded differently from the one for ASPE and that some of the concepts are different.
Roger thinks that he might feel less anxious about accounting theory and accounting terminology if he could identify the basic concepts and definitions that are accepted by the profession and then consider them in light of his current work. By doing this, he hopes to develop an appropriate connection between theory and practice. He also wonders if everyone should use the same fran1ework.
Instructions
Explain to Roger the purpose and benefit of a conceptual framework.


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  • CreatedSeptember 18, 2015
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