framework

(noun)

A basic conceptual structure.

Related Terms

Examples of framework in the following topics:

  • Reasons for a Conceptual Framework

    • A conceptual framework is a system of ideas and objectives that lead to the creation of a consistent set standards.
    • A conceptual framework can be defined as a system of ideas and objectives that lead to the creation of a consistent set of rules and standards.
    • The main reasons for developing an agreed conceptual framework are that it provides:
    • CONCEPTUAL FRAMEWORK FOR FINANCIAL REPORTING, a replacement of SFAC No. 1 and No. 2 2010
    • With a sound conceptual framework in place the FASB is able to issue consistent and useful standards.

  • Introduction to IFRS

    • The Conceptual Framework for Financial Reporting states the basic principles for IFRS.
    • The IASB and FASB frameworks are in the process of being updated and converged.
    • The Joint Conceptual Framework project intends to update and refine the existing concepts to reflect the changes in markets and business practices.
    • In making that judgment, IAS 8.11 requires management to consider the definitions, recognition criteria, and measurement concepts for assets, liabilities, income, and expenses in the Framework.
    • This elevation of the importance of the Framework was added in the 2003 revisions to IAS 8.

  • Introduction to GAAP

    • Generally Accepted Accounting Principles (GAAP) is the standard framework for financial accounting used in any given jurisdiction.
    • Generally Accepted Accounting Principles (GAAP) refer to the standard framework of guidelines for financial accounting used in any given jurisdiction; generally known as accounting standards.

  • Objectives of Accounting

    • Generally Accepted Accounting Principles refer to the standard framework of guidelines for financial accounting used in any given jurisdiction; generally known as accounting standards or Standard accounting practice.

  • Defining Liabilities

    • The following is a quotation from the International Financial Reporting Standards (IFRS) Framework: "A liability is a present obligation of the enterprise arising from past events, the settlement of which is expected to result in an outflow from the enterprise of resources embodying economic benefits. "

  • Full-Disclosure Principle

    • An opinion is said to be unqualified when the auditor concludes that the financial statements give a true and fair view in accordance with the financial reporting framework used for the preparation and presentation of the financial statements.

  • Differences Between GAAP and IFRS and Implications of Potential Convergence

    • With a principle based framework there is the potential for different interpretations of similar transactions, which could lead to extensive disclosures in the financial statements.

  • Calculating Fair Value

    • A three-level framework is used to determine an asset or liability's fair value:

  • Standard-Setting Groups: SEC, AICPA, and FASB

    • The FASB sets standards based on their conceptual framework.

  • Additional Items: Auditor and Management Reports

    • An opinion is unqualified when the auditor concludes that the financial statements give a true and fair view in accordance with the financial reporting framework used for their preparation and presentation.