Financial Reporting & Analysis Coursework Example | Topics and Well Written Essays - 1500 words

Financial Reporting & Analysis - Coursework Example The researcher of this coursework describes the subject of the conceptual framework in financial accounting as well as on an evaluation of whether the criticism, that is leveled on the conceptual framework for failing to fulfill its main objective depends on outlining the main objectives of conceptual framework and comparison with what is undertaken in the field by the practice. The analysis depends on actualizing that the conceptual framework financial accounting concurrently reflects, represents, mirrors, or measures the normal feature of the pre-existent economic reality. The conceptual framework can further be analyzed in terms of the evaluating the accounting principles, inherent concepts and enhanced or entailed focus of general function financial reporting elaborated in the Conceptual framework. The main idea behind the introduction and development of the conceptual framework lies in the provision of the structure for creating accounting standards that act as the main or sole center for resolving emergent accounting disputes. In conclusion, the researcher sums up his study and opinions and states that the criticism of a conceptual framework for being a failure and not satisfying its purposeful roles is hence notable and real. Lack of certain rules in the frameworks denies the essential regards desired for control of the professional. The framework, hence requires a streamlined approach aimed to mend the framework that would create a real economic approach that is healthy for the accounting profession in entirety