The quest for a conceptual framework for financial reporting

Mike Davies, Ron Paterson and Allister Wilson
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Mike Davies: Ernst & Young
Ron Paterson: Ernst & Young
Allister Wilson: Ernst & Young

Chapter Chapter 2 in UK Gaap, 1992, pp 29-97 from Palgrave Macmillan

Abstract: Abstract In general terms, a conceptual framework is a statement of generally accepted theoretical principles which form the frame of reference for a particular field of enquiry. In terms of financial reporting, these theoretical principles provide the basis for both the development of new reporting practices and the evaluation of existing ones. Since the financial reporting process is concerned with the provision of information that is useful in making business and economic decisions, a conceptual framework will form the theoretical basis for determining which events should be accounted for, how they should be measured and how they should be communicated to the user. Therefore, although it is theoretical in nature, a conceptual framework for financial reporting has a highly practical end in view.

Keywords: Cash Flow; Balance Sheet; Replacement Cost; Financial Account Standard Board; Historical Cost (search for similar items in EconPapers)
Date: 1992
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-12998-0_2

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DOI: 10.1007/978-1-349-12998-0_2

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