What are your thoughts about the history of the development of conceptual frameworks?
In the ‘Opening Issues' section of this week's topic on page 79 in your textbook, ". . . It has been argued that the development of a conceptual framework led to improved financial reporting, and this improved reporting provided benefits to financial statement readers as it enabled them to make more informed resource allocation decisions." Hint: think about, how do stakeholders go about making economic/business decisions; how the present conceptual framework applies to global business. Do you think there are issues?