chrisbillakings Asked: October 25, 2019 In: Accounting What is the meaning of conceptual framework 1k What is the meaning of Conceptual Framework in accounting? ACCOUNTING, conceptual framework Share Facebook You must be logged in to Answer this question! kindly login here or sign up here 1 Answer Voted Solutionwheels Best Answer 2019-10-27T10:18:58+00:00 Added an answer on October 27, 2019 at 10:18 am V Conceptual Framework is a system of concepts and principles that underpin the preparation of financial statement. The purpose of conceptual framework is to: 1.Eradicate inconsistencies in the preparation of financial statement 2. Reduce the filure if accounting standards to address important issues 3. Strenghen the credibility of financial reporting 4. Have a harmonized standard Deleted
Conceptual Framework is a system of concepts and principles that underpin the preparation of financial statement.
The purpose of conceptual framework is to:
1.Eradicate inconsistencies in the preparation of financial statement
2. Reduce the filure if accounting standards to address important issues
3. Strenghen the credibility of financial reporting
4. Have a harmonized standard