Define the Conceptual Framework in Accounting;
finance
Description
Instructions:
Students are required to do a written project that includes the following:
1. Define the Conceptual Framework in Accounting;
2. Determine the purpose of the Conceptual Framework;
3. Discuss the difference between IFRS and GAAP?
4. Identify the various Financial Statements used in Accounting;
5. Determine the objectives of Financial Statements;
6. Determine the recognition criteria to:
a. Assets;
b. Liabilities;
c. Incomes; and
d. Expenses.
7. Define and determine the following measurements to be used in accounting:
a. Historical Cost;
b. Current Cost;
c. Net Realizable Value; and
d. Fair Value.
8. Outline the advantages and disadvantages of using IFRS over a national/regional framework.
