Conceptualframework.docVIP

The 21st century witnesses the booming of economy highlighted by the prosperity of business transactions throughout the world, which give rise to increasingly requirements of accounting-related standards and frames. It calls highly for more emphasis to be attached on accounting conceptual framework, especially the nature and objectives of general-purpose reporting. Generally, conceptual framework consists of a series of coherence and interrelated theory, concepts or constitutions for financial accounting, which initially aims at clarifying the nature, scope as well as purpose of financial acco