“Case 2-3 The Theoretical Foundation of Accounting Principles During the past several years, the Financial Accounting Standards Board has attempted to strengthen the theoretical foundation for the development of accounting principles. Two of the most important results of this attempt are the Conceptual Framework Project and the Emerging Issues Task Force. During this same period, the FASB has been criticized for imposing too many standards on the financial reporting process, the so-called standards overload problem.” Required: a. “Discuss the goals and objectives of i. The Conceptual Framework Project FASB and IASB are working together on a project to “rebuild the foundations of financial reporting by revising the Conceptual Framework.” This project will be completed in phases and will provide a foundation for standards, somewhat like a constitution. This Conceptual Framework should provide a structure or a standard process for financial reporting standards that will be based on the
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This note was uploaded on 02/22/2011 for the course ACCT 497 taught by Professor Rainwater during the Fall '10 term at University of Phoenix.