IFRS, ASPE, and US GAAP each have a conceptual framework. Explain why a conceptual framework is necessary
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IFRS, ASPE, and US GAAP each have a conceptual framework. Explain why a conceptual framework is necessary for a set of high quality accounting standards. Provide three reasons by considering the concepts in the framework, the standard setters, and the financial statement preparers.
GAAPGenerally Accepted Accounting Principles (GAAP) is the accounting standard adopted by the U.S. Securities and Exchange Commission (SEC). While the SEC previously stated that it intends to move from U.S. GAAP to the International Financial Reporting Standards (IFRS), the...
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Three reasons for having a conceptual framework for accounting standards include the following ...View the full answer
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I have collective experience of more than 7 years in education. my area of specialization includes economics, business, marketing and accounting. During my study period I remained engaged with a business school as a visiting faculty member and did a lot of business research. I am also tutoring and mentoring number of international students and professionals online for the last 7 years.
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