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Disadvantages of a conceptual framework

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FR Exams › Disadvantages of a conceptual framework

  • This topic has 2 replies, 2 voices, and was last updated 1 week ago by menpagalhoon.
Viewing 3 posts - 1 through 3 (of 3 total)
  • Author
    Posts
  • September 11, 2023 at 12:27 pm #691881
    menpagalhoon
    Participant
    • Topics: 23
    • Replies: 10
    • ☆

    I am reading the “Conceptual Framework” chapter in the BPP workbook.

    It reads:

    ”It is not clear that a conceptual framework makes the task of preparing and then implementing standards any easier than without a framework.”

    This is mentioned as a disadvantage.

    How is this a disadvantage? Should not they construct accounting standards on a rules-based approach and simply find out?

    September 13, 2023 at 3:02 pm #691996
    P2-D2
    Keymaster
    • Topics: 4
    • Replies: 6699
    • ☆☆☆☆☆

    Hi,

    We are using a principles based approach to IFRS and so by having something that does not give specific rules can cause difference on areas of judgement, so potentially a disadvantage but not a significant one.

    I’d be more aware that IFRS are based on principles (guidance) as opposed to rules as is the case with US GAAP.

    Thanks

    September 16, 2023 at 10:34 am #692115
    menpagalhoon
    Participant
    • Topics: 23
    • Replies: 10
    • ☆

    Thank you!!

  • Author
    Posts
Viewing 3 posts - 1 through 3 (of 3 total)
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