Solution-What role the conceptual framework

What role the conceptual framework

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Jim was very impressed with all of the calculations you did using SEED's accounting reports and can now see the value of doing further analysis rather than just looking at how much profit a business makes. Jim also appreciated the time you took to interpret what the numbers actually meant and was a little surprised at how important it was to be able to communicate that information in a clear and straight forward way. Jim had always assumed accounting was really just maths but with a fancier name and that accountants only talked to themselves, not other people.

One thing Jim had been wondering about was how useful it would be to look at other businesses reports and whether they would be able to be compared to SEED's. Surely every business does things a little bit differently and so it would be useless trying to compare.

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Problem 1. Explain to Jim the some of the key concepts that accountants follow when preparing accounting reports and what role the Conceptual Framework and the AASB Standards play in their creation.

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What role the conceptual framework

Reference no: EM132966382

Reference no: EM132966382

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