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Why is the Conceptual Framework of Accounting needed? Define one of the elements, assumptions, principles, or...

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Accounting

Why is the Conceptual Framework of Accounting needed? Define oneof the elements, assumptions, principles, or constraints of theConceptual Framework, and explain why it is fundamental for meetingthe objectives of financial reporting?

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Conceptual framework of accounting is about to developing rules and regulation of accountancy it form a frame of reference for financial reporting Why we need it World has witnessed the past history of accounting scandals whether it was worldcom Enron Royal Ahold Paramlat and Healthsouth Corporation etc these scandals were happened in between 2002 and 2003 because of lack of framework of accounting accounting firms was also held liable for such scandals because they failed to provide the    See Answer
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Why is the Conceptual Framework of Accounting needed? Define oneof the elements, assumptions, principles, or constraints of theConceptual Framework, and explain why it is fundamental for meetingthe objectives of financial reporting?

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