Q1.docx - Group 5(Monday 12-2.50pm Lee Pui Ching 17059902\/1 Muhammad Yusuf Adriansyah 17094223\/1 Tay Yee Wen 17125354\/1 Nur Farisha Binti Jamali

Q1.docx - Group 5(Monday 12-2.50pm Lee Pui Ching 17059902/1...

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Group 5 (Monday 12-2.50pm) Lee Pui Ching 17059902/1 Muhammad Yusuf Adriansyah 17094223/1 Tay Yee Wen 17125354/1 Nur Farisha Binti Jamali 17159367/1 Pang Ghee Xin 17172446/1 1. Explain why principles-based standards require a conceptual framework. Principle-based standards require a conceptual framework so that they can root in fundamental concepts that help in future establishment and development of principle-based standards. A conceptual framework can also be the guideline for FASB and IASB to achieve coherent accounting and reporting. In theory, the conceptual framework drives the development of coherent principle-based standards as it provides consistent conceptual principles. Conceptual frameworks improve the robustness of standard setting procedures, ensure consistency and help to define and establish potential principles-based standards.Users can obtain a clear and thorough understanding of the details presented in
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  • Spring '16
  • International Financial Reporting Standards, Pang Ghee Xin, Lee Pui Ching, Muhammad Yusuf Adriansyah, Tay Yee Wen

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