BAC 200 Accounting For Assets

Institution University
Course Bachelor of Commerce
Year 2nd Year
Semester Unknown
Posted By Preston Junior Ayieko
File Type pdf
Pages 80 Pages
File Size 720.74 KB
Views 3559
Downloads 1
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Description

A conceptual framework is like a constitution. It is a coherent system of interrelated objectives and fundamentals that can lead to consistent standards and that prescribe the nature, function and limits of financial accounting in financial statements. A conceptual framework is essential in that to be useful, standard setting should be built on and relate to an established body of concepts and objectives. In addition new and emerging practical problems should be quickly solved by reference to an existing framework of basic theory
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