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What is the purpose of conceptual framework

Assignment Help Financial Accounting
Reference no: EM133291489

Question 1.

Sample Research Topic:

Policy-setting, Standard-setting process, GAAP, Codification, Limitations of financial reporting, IFRS vs. GAAP

1. What is the FASB? Detail the history of the FASB.

2. What it IFRS? Where does IFRS stand, and what is its history.

3. What is the AICPA? What is its impact on Intermediate Accounting?

4. Login to the FASB/GASB and review financial statement structure and content.

5. Discuss GAAP and the shortcomings of historical financial reporting.

6. Discuss SOX and the SEC.

Question 2.

Conceptual Framework (levels and understanding); Elements of financial statements, Assumptions; Basic accounting principles.

1. What is the FASB Conceptual Framework.

2. When was it instated and by whom.

3. What is the purpose of the Conceptual Framework.

4. Discuss in detail the Element of financial statements.

5. Discuss fundamental concepts and assumptions in financial reporting.

6. Discuss revenue and expense recognition.

7. Discuss fair value vs. historical cost principles.

8. Research disclosure: what is it, how is it presented, many examples exist in the textbook, Chapter 1-11.

9. Discuss/research the main tenets of the accrual basis of accounting.

Reference no: EM133291489

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