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Dear sir,
I have a doubt with this line in the BPP text for conceptual framework advantages:
The situation is avoided whereby standards are developed on a patchwork basis where a particular accounting problem is recognised as having emerged, and resources were then channelled into standardising accounting practice in that area, without regard to whether that particular issue was necessarily the most important issue remaining at that time without standardisation
Could you explain the meaning of this?
Thanks!
The Standards Committee prioritise accounting matters that require attention … in effect, one of the advantages of having the conceptual framework is that it maintains order in what could otherwise become a chaotic situation
Makes sense?