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The FASB Conceptual Framework was established in 1973 as a comprehensible set of standards and rules intended to address and solve new emerging issues. The conceptual framework underlaid financial accounting by serving as the Board's reasoning behind its standards-setting decisions. [18] [19]
The New Zealand Framework (NZ Framework) is an accounting conceptual framework based on the International Accounting Standards Board (IASB) Framework. It was issued by the Financial Reporting Standards Board (FRSB) of the New Zealand Institute of Chartered Accountants and approved by the Accounting Standards Review Board in [July] 2004 under the Financial Reporting Act 1993.
In 2009, the Codification superseded the FASB's Statements of Financial Accounting Standards. 168 standards had been issued before the Codification. Concepts Statements, first issued in 1978. They are part of the FASB's conceptual framework project and set forth fundamental objectives and concepts that the FASB use in developing future standards.
The International Accounting Standards Committee (IASC) was established in June 1973 by accountancy bodies representing ten countries. It devised and published International Accounting Standards (IAS), interpretations and a conceptual framework.
2012 – Institute of Management Accountants, Managerial Costing Conceptual Framework Task Force. Conceptual Framework for Managerial Costing. An Exposure Draft was released July 2012 for public comment and is the most extensive and thorough guidance available to management accounting practitioners and users of management accounting information.
The use of the term conceptual framework crosses both scale (large and small theories) [4] [5] and contexts (social science, [6] [7] marketing, [8] applied science, [9] art [10] etc.). The explicit definition of what a conceptual framework is and its application can therefore vary. Conceptual frameworks are beneficial as organizing devices in ...
1989. "The Sociopolitical Paradigm in Financial Accounting Research", Accounting, Auditing & Accountability Journal. Vol 2. Issue 1 [2] 1989. "Financial Accounting Knowledge, Conceptual Framework Projects and the Social Construction of the Accounting Profession", Accounting, Auditing & Accountability Journal. Vol 2. Issue 1 [3] 1991.
The philosophy of accounting is the conceptual framework for the professional preparation and auditing of financial statements and accounts.The issues which arise include the difficulty of establishing a true and fair value of an enterprise and its assets; the moral basis of disclosure and discretion; the standards and laws required to satisfy the political needs of investors, employees and ...