Q1. Principles-based standards requiring a conceptual framework
It is very much important to define the various aspects of conceptual framework in a much defined manner so as to ascertain the fundamental concepts that are very much related in this case scenario. On the other hand, the natures of accounting procedure are very well related with the different set of accounting principles and procedures (Weil, Schipper & Francis, 2013). Thus, setting a particular standard can help in determining the standards that are primarily set by IASB and FASB. The future standard that is determined within the framework would be very much helpful in assessing the various standards and guidelines. On the other hand, the various parameters of conceptual framework can be very well related with that that of accounting principles and laws.
Hence, it can be very well determined from the fact that the parameters of conceptual framework primarily aims to improve the different aspects of conceptual framework with respect to the frameworks that were existing previously (Fasb.org, 2017). On the other hand, the need of the conceptual framework initiates the level of transparency on the basis of financial reporting and accounting. Thus, the main purpose of analyzing the principle-based standard of financial accounting and forming a conceptual framework on the basis of that have been successful when it comes to providing proper financial information to the various group of investors. Hence, it can be very much evident from the fact that the principles that are mainly dealt with the different cases of objectives and concepts can come in handy at the time of defining the conceptual framework and analyzing the proper standard of accounting. It can result into various aspects of accountability, compatibility and sustainability process of the organization.
Thus, the principle-based system of standard in the process of accounting can be very well derived from the various conceptual frameworks which are determined on the long-term basis. Here, with context to this particular case scenario, the entire conceptual framework has to be conducted on the standard of accounting principles and procedures (Gebhardt, Mora & Wagenhofer, 2014). The approach of a principle based system of accounting is very much related with that of the different cases of a conceptual framework, that are determined and laid down for each and every accounting principles and procedures in the long run scenario.
Q2. Importance of IASB and FASB sharing a common conceptual framework
IASB and FASB principles
It is a true fact that, the various parameters of FASB and IASB are having a common conceptual framework. This would result in assessing the statement of procedure of completion, updating along with analyzing the process of updating of the conceptual framework resulting in FASB and IASB framework. As per the various shreds of shreds of evidence that are being developed, a convergence of the accounting standard of IASB with that of FASB has yielded a greater amount of benefits to the world of accounting. One aspect that illustrates the implications of the standard of FASB determines the standard goals of the company in defining the principle-based standard of FASB.
Therefore the objective of accounting body of FASB has successfully resulted in ascertaining the standards with respect to a principle based process of accounting. On the other hand, accounting standards that are mainly developed provide the various target investors, the much-needed information, and knowledge regarding the important aspects of financial reporting procedures, which may help the investors to make sound decisions in the various operations of the business (Murphy & O’Connell, 2013).
Q3. Benefits of conceptual framework for some parties
Analysis of conceptual framework in providing help to the different parties
The various applications of the system of the conceptual framework have been very much helpful when it comes to providing information to the creditors, investors along with some other external parties (Zhang & Andrew, 2014). This can be very much prevalent from the fact regarding the clubbing of IASB and FASB for the sole purpose of improving the practices of GAAP along with analyzing the IFRS. Hence, the usefulness of conceptual framework can very well be associated with several parties who are functioning actively in the field of accounting and finance.
Some of the parties that are being benefited comprise of the practitioners f financial statement and information, the different set of accountants and auditors who are very much involved in the process of financial statement and standards (Bohušová, 2014). In addition to these, there are certain financial analysts along with employees, customers, governmental agencies and relevant financial managers that are acting in different departments. As opined by Bradbury & Schröder, (2012), there is an immediate necessity for all the parties to have access to a well defined conceptual framework. This can be primarily due to the fact that conceptual framework acts as a major tool for success when it comes to producing reliable and transparent financial knowledge and information. On the contrary, the accounting set of standards that are mostly ascertained deals with proper reporting, analysis and evaluating the financial statements. Thus, the different implications of the process of a conceptual framework can come in handy at the time of preparing the different set of financial reports and information to the internal as well as the external users.
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Management Accounting,The overall aim of this unit is to introduce the fundamentals of management accounting which apply to the wider business environment and the organisations which operate within that environment. Students will explore how management accounting uses financial data to aid planning decisions, and the monitoring and control of finance within organisations.