Define the Conceptual Framework in Accounting;




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.

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