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Conceptual Framework

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FR Exams › Conceptual Framework

  • This topic has 1 reply, 2 voices, and was last updated 8 years ago by AvatarMikeLittle.
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    Posts
  • July 21, 2017 at 11:30 am #397921
    Avatarniki27
    Member
    • Topics: 82
    • Replies: 15
    • ☆☆

    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!

    July 21, 2017 at 2:00 pm #397940
    AvatarMikeLittle
    Keymaster
    • Topics: 27
    • Replies: 23368
    • ☆☆☆☆☆

    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?

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