Question

QUESTION 1

In 2018, both FASB and IASB published a new version of their conceptual framework, this step can be considered as a major step forward.

1- Identify the components (the levels) of the conceptual framework
                                                                                                [4 Marks]


2- Discuss similarities and differences between these two conceptual frameworks
                                                                                                      [6 Marks]

                                                                                                [Total 5 Marks]

Answer 1

Answer ay so as per the data in 2018 both FASB (Financial Accounting standards Board) and IASB ( International accounting standard board) Published new version of conceptuan trame work and its the major step in coming days. " lets discuss the components framework or sure but of conceptual - Fastly we can say that the basic components of conceptual framework are financial reporting and quautative, beatures of accounting.. Both the organizations FASB and IASB set the accounting Standards and also produce Standards which are used as a common language for accounting procedures such as GAAP & IFRS. - a The conceptual framework of accoun- ting and establishing standards for financial accounts is charged to FASB and it deals with many Projects activities

It also deals with various accounts Practices and objectives of reporting - Those Objectives are related to general purpose of finance reporting of various enterprises and it has to deal to various needs of external users than internal.. 6. Nows eets discuss the similarities and differences. - The framework of international accoun- ing standard board [IASB] state that the main objective of these financial Statements is to present information which will be useful in making economical decisions , - The assumptions are that the company should be a going concern and it should use accural accounting - The qualitative characteristics such as understandibility, relevana, reliability and compatability are idetified by both frameNor D. The IASB identifies the Pramowore elements such as assets ett and also constraint lost a such as time lines, balance benefit and between qualitative characteristics (betwon .