Furthermore the IASB operates closely with shareholders from all over the world

Furthermore the iasb operates closely with

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Furthermore, the IASB operates closely with shareholders from all over the world, including investors, supervisors, governments, business leaders, accounting standards- representatives and accounting professionals ( Young, 2006). Concurrently, the IASB follows its objectives through an extensive public consultation and further cooperation with international organizations. To advance its operations, the IASB adopted IFRS to its framework enabling it to operate worldwide (Lennox et al., 2011) . Additionally, to become successful in future international developments, the framework has adopted a working process to develop a conceptual framework project for the future. The project's main focus is to create a foundation mainly in accounting standards that are driven by principles, consistent and internationally acceptable. 3.0. Goals and Objectives of the Framework The main goals of the IASB conceptual framework are applicable in the general-purpose fiscal reports. Moreover, major fiscal reports are made of income statements, balance sheets among other reports. Other accompanying documents in the exemption of additional financial or non-financial information such as managerial reports, management dialogue, and analysis. The IASB framework is limited in its areas of operations and it enables it to focus on its business entities' objectives only (Everest & Weber, 1997) . Additionally, the IASB lists an extensive variability of contemporary and possible users.
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With the reason to avoid being more abstract and to meet the information requirements for the related parties while respecting the needs of other parties. 4.0. Qualitative Characteristics The qualitative features of the IASB framework are based on two major assumptions: the accrual basis and the going apprehension foundation. The framework allows the information provided to its users to be more valuable in making financial decisions. The IASB framework allows it to discuss important factors such as qualitative features and influential restrictions. Additionally, the framework discusses restrictions such as cost-benefit deliberations and exchange between different qualitative features for validity and reliability. Furthermore, the pervasive restrictions recognized by the Board include substantially and expenses (Soderstrom et al., 2017) . The conceptual framework states that the process of prudence does not allow the deliberate omission of some information concerning assets and profits. The boards recognize two instrumental features. They include relevance and honest depiction; Relevance: the accessible information should be authentic and reliable. Analytical value, response value, and exact- entity: This helps to determine and identify predictive value and response value (Lakonishok, 2001). Fair representation: it helps in ensuring fair representation and also helps in acquiring stakeholder’s faith over the framework. Comprehensiveness, impartiality, and error-free: the framework follows the rules-wisely
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  • Spring '17
  • Dr. Hassan
  • International Financial Reporting Standards, international Accounting standards Board

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