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Description:
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This book focuses on the theoretical comparison of the new Conceptual Framework (2018) and the preceding Frameworks (1989, 2010) of the IASB to grasp the extent of revisions and the effects of the major changes to some implications towards the future direction of financial reporting. It was found that this document is one of high importance for all the stakeholders of accounting and financial reporting, and this is to be used as the main guide for developing future standards or reviewing existing standards and reporting financial statements. The main purpose of financial statements is not only to provide reliable information about the financial position, results of operations and changes in the financial position of the company but also to show the results of the activities of the company’s management in operating business. This is one of the significant changes in accounting issues because, currently, users of financial reports need the information to help them assess management’s stewardship. The current status of the Framework does not reflect the specified importance and purpose as is clear in the statement from the IASB (IASB, 2010a; 2010b; 2010c; 2010), |