Question: Question:The conceptual framework is an example of theoretical development and research that has contributed greatly to the development of accounting practice and clearly expresses the

Question:The conceptual framework is an example of theoretical development and research that has contributed greatly to the development of accounting practice and clearly expresses the way a firm needs to report to stakeholders.Do you agree?Present arguments for and against.

Issues need to be solved regarding the question :

What is a conceptual framework in accounting?

Why did the accounting community choose to develop a conceptual framework?

How does the conceptual framework assist in addressing accounting practice, and assist in filling gaps where rules do not exist?

Were there difficulties in preparing the conceptual framework?Is it complete?Why not?

Is the international framework comparable to the previous Australian version?

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