Compare And Contrast The Qualitative Characteristics Of Financial Reporting In The Current Exposure Draft For The New Conceptual Framework With The Existing Conceptual Framework. In Your Opinion Will These Changes Impact On The Occurrence Of

1NameUnit nameUnit codeDateIntroductionThe primary purpose of the conceptual framework is to provide vigilance to the firm in developing new accounting standards . Choosing an live up to accounting method , the amount and type of cultivation humans dis completiond and the format in which knowledge should be presented involves take root which alternative provide the most usable information for close devising purposes . FASB has developed qualitative characteristic of accounting information that distinguish better (more recyclable ) information from inferior (less useful . The qualitative characteristic suspensor to provide answer to the apparent movement , what characteristic of accounting information make it useful for endpoint making (fridson , 2002In the exposure draftsmanship relevance and faithful psychologica l representation have been set forth as the both fundamental qualitative characteristics while verifiability , comparability , understandability and opportuneness are described as enhancing qualitative characteristics .

Cost and corporeality are referred to as the major constraint in fiscal reportingIn comparing and secernate the existing framework and the exposure draft then separately characteristic will be considered at a time2RelevanceRelevance marrow that the accounting information is capable of making a end in decision . If certain information has no direction on a decision it is unlike to that decisio n . To be relevant information must each co! nfirm or change the decision maker antepast . relevant information helps the user make prediction about the last-ditch payoff of past , present and future event . It in addition help user confirm or correct preliminary expectation . In the existing frameworks both FASB and IASB have a confusable definition of relevance with...If you want to get a beneficial essay, order it on our website: OrderCustomPaper.com

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