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A soundly developed conceptual framework enables the FASB to issue more useful and consistent pronouncements over time. A conceptual framework is a coherent system of concepts that flow from an objective.
The first level of the conceptual framework identifies the recognition, measurement, and disclosure concepts used in establishing accounting standards.
The second level of the conceptual framework provides the qualitative characteristics that make accounting information useful and the elements of financial statements. The objective of financial reporting is the foundation of the conceptual framework.
Users of financial statements are assumed to need no knowledge of business and financial accounting matters to understand information contained in financial statements. Relevance and faithful representation are the two fundamental qualities that make accounting information useful for decision making.
The idea of consistency does not mean that companies cannot switch from one accounting method to another.
Timeliness and neutrality are two ingredients of relevance. Verifiability and predictive value are two ingredients of faithful representation.
Revenues, gains, and distributions to owners all increase equity. Comprehensive income includes all changes in equity during a period except those resulting from investments by owners and distributions to owners.
The historical cost principle would be of limited usefulness if not for the going concern assumption. The economic entity assumption means that economic activity can be identified with a particular legal entity.
The expense recognition principle states that debits must equal credits in each transaction. Revenues are recognized in the accounting period in which the performance obligation is satisfied. Supplementary information may include details or amounts that present a different perspective from that adopted in the financial statements.
In order to justify requiring a particular measurement or disclosure, the benefits to be derived from it must equal the costs associated with it.
In cost-benefit analysis, costs are generally more difficult to quantify than are benefits. Generally accepted accounting principles a. A soundly developed conceptual framework of concepts and objectives should a.
All of these answer choices are correct.
Which of the following is not true concerning a conceptual framework in accounting? It should be a basis for standard-setting. It should allow practical problems to be solved more quickly by reference to it.
It should be based on fundamental truths that are derived from the laws of nature. All of these answer choices are true. What is a purpose of having a conceptual framework?
To make sure that economic activity can be identified with a particular legal entity. To segregate activities among different companies.KWW: Kieso, Weygandt and Warfield “Intermediate Accounting” IFRS: Incorporating International Financial Reporting Standards (available on course web site) Week Date 1 M 1/3 W 1/5 2 M 1/ Intermediate Accounting 2 Chapter 15 SolutionsChapter 23 kieso intermediate accounting ifrs-1st-ed, Access intermediate accounting 14th Edition solutions now.
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