what is conceptual framework?

what is conceptual framework?

 

answer:

Conceptual framework describes the objective, and the reason for preparing financial statement under IFRS.

1.It acts as an assistance to help prepare the IFRS standards that are based on consistent concept.

2.It also helps prepare the policies when the IFRS standards do not apply to a specific transactions or event.

3.It assists internal managers in understanding and interpreting the standard.

The primary objective of Conceptual Framework is to improve the financial disclosers on a quarterly or an early basis by providing a set of detailed, updated and clear concept of accounting.

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