Advantages of having conceptual framework
Write down the advantages of having conceptual framework.
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The major advantage of the conceptual framework is which it clarifies conceptual underpinnings of the accounting standards and permits standard setters to expand accounting standards on the consistent basis. It as well aids preparers, auditors as well as users of financial statements to comprehend the approach to standard setting, and the nature and function of financial information reported.
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Accounting Theory 7edition, by Godfrey J., Hodgson A., Tarca A., Hamilton J., and Holmes S. Chapter 2: Theory in Action 2.2 “Normative Theories of Investment” Chapter 3: Theory in Action 3.1 “Companies should come clean on the value of leases on their books” Chapter 5: Theory in A
Give a brief introduction of the term ‘Cost Concept’?
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