This would be avoided if a cohesive set of principles were in place. A conceptual framework can also bolster standard setters against political pressure from various 'lobby groups' and interested parties. Such pressure would only prevail if it was acceptable under the conceptual framework. 1.2 Advantages and disadvantages of a conceptual framework Advantages (a) The situation is avoided whereby standards are developed on a patchwork basis, where a particular accounting
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Abstraction, Standard, standard setters, cohesive set