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 counseling to the firm in developing new accounting standards . Choosing an refreshing accounting method , the amount and type of cultivation creative activity dis closured and the format in which nurture should be presented involves encounter which alternative provide the most usable learning for close making 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 resultant making (fridson , 2002In the exposure pen relevance and faithful affable representat ion have been set forth as the both fundamental qualitative characteristics while verifiability , comparability , understandability and timeliness are described as enhancing qualitative characteristics . Cost and corporality are referred to as the major constraint in financial 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 extraneous to that decision . To be relevant information must any confirm or change the decision maker antepast . germane(predicate) information helps the user make prediction about the ultimate payoff of past , present and future event . It to a fault 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, ord! er it on our website: OrderCustomPaper.com

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