5 Pages 1310 Words HI6025 Accounting Theory And Current Issue

The Conceptual Framework:
• is considered a normative theory
• seeks to test the external of unconcealed intention financial reporting
• seeks to cater accounting control among a ‘coherent’ and ‘consistent’ framework
• identifies the inherent characteristics financial knowledge should possess
7 | P a g e H I 6 0 2 5 G r o u p A s s i g n m e n t T 2 2 0 1 7
• makes recommendations that sometimes vanish from present practice
Other normative theories
Three deep classifications
• Current-cost accounting
• Exit-price accounting
• Deprival-value accounting
Financial proposition making-ready arrangement (from Business Activities to Financial Statements) and influencing factors:
Financial propositions are an significant origin of knowledge to the excellent markets.
Quality financial reporting caters much-needed apt and current knowledge to excellent market participants.
The Following features of accounting systems qualify character knowledge:
a) The role of accrual accounting
b) Accounting standards or unconcealedly current accounting principles (GAAP)
c) Auditing of financial knowledge
d) Delegation of reporting to management

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