CONCEPTUAL FRAMEWORK

CONCEPTUAL FRAMEWORK - CONCEPTUAL FRAMEWORK CONCEPTUAL...

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CONCEPTUAL FRAMEWORK
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CONCEPTUAL FRAMEWORK COHERENT SYSTEM, INCLUDING OBJECTIVES FUNDAMENTALS FOR FINANCIAL ACCOUNTING AND REPORTING STANDARDS PRESCRIPTIVE IN NATURE FOR CONSISTENT GUIDANCE IN DEVELOPING FINANCIAL ACCOUNTING AND REPORTING RULES INTENDED TO SERVE THE PUBLIC INTEREST – BY PROVIDING STRUCTURE AND DIRECTION TO FINANCIAL ACCOUNTING AND REPORTING MORE EFFIENT ALLOCATION OF SCARCE RESOURCES IN CAPITAL AND OTHER MARKETS
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FUNDAMENTAL CONCEPTS UNDERLYING CONCEPTS THAT GUIDE THE SELECTION OF TRANSACTIONS AND OTHER EVENTS AND CONDITIONS TO BE ACCOUNTED FOR: RECOGNITION MEASUREMENT PRESENTATION AND DISCLOSURE
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7 STATEMENTS CON 1: OBJECTIVES CON 2: QUALITATIVE CHARACTERISTICS CON 3 SUPERSED BY CON 6 CON 4: OBJECTIVES BY NONBUSINESS ORG CON 5: RECOGNITION AND MEASUREMENT CON 6: ELEMENTS OF FINANCIAL STATEMENTS CON 7: USING CASH FLOW INFO AND PRESENT VALUE CON 8: CONCEPTUAL FRAMEWORK FOR FINANCIAL REPORTING (REPLACEMENT OF CON 1 AND CON 2)
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USERS MAJOR USERS – FASB OTHER USERS ALL WHO ARE AFFECTED BY GAAP ANYONES WHO ARE INTERESTED IN GAAP
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BENEFITS ENHACING CONFIDENCE IN FINANCIAL ACCOUNTING AND REPORTING PROVIDING GUIDANCE IN RESOLVING NEW OR EMERGING PROBLEMS OF FINANCIAL ACCOUNTING AND REPORTING IN THE ABSENCE OF APPLICABLE AUTHORITATIVE PRONOUNCEMENTS PROVIDING GUIDANCE TO EVALUATE CURRENT ACCOUNTING RULES FOR CONSISTENT ACCOUNTING RULES TO IMPROVE FINANCIAL REPORTING (E.G., PROVING MORE USEFUL INFORMATION)
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LIMITATIONS DEALS WITH BROAD CONCEPTS NO SPECIFIC GUIDANCE IN SETTING ACCOUNTING RULES ROOM FOR ARGUMENTS BY BOARD MEMBERS WITH THEIR OWN CONCEPTS
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CONCEPTUAL FRAMEWORK - CONCEPTUAL FRAMEWORK CONCEPTUAL...

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