“Some people argue that there is no need for a general theory of accounting, as established in a conceptual framework. They say there is no overall theory of physics, biology, botany or psychology, so there is no need for an overall theory of accounting. Furthermore, attempts to develop such a theory are futile and unnecessary, since accounting has not needed a conceptual framework so far”(Godfrey, Hodgson, Holmes & Tarca, 2006, p.439). Identify some of the perceived advantages and disadvantages that arise from the establishment and development of conceptual frameworks.
“Some people argue that there is no need for a general theory of accounting, as established in a conceptual framework. They say there is no overall theory of physics, biology, botany or psychology, so there is no need for an overall theory of accounting. Furthermore, attempts to develop such a theory are futile and unnecessary, since accounting has not needed a conceptual framework so far”(Godfrey, Hodgson, Holmes & Tarca, 2006, p.439). Identify some of the perceived advantages and disadvantages that arise from the establishment and development of conceptual frameworks.
Chapter1: Financial Statements And Business Decisions
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“Some people argue that there is no need for a general theory of accounting, as established in a conceptual framework. They say there is no overall theory of physics, biology, botany or psychology, so there is no need for an overall theory of accounting. Furthermore, attempts to develop such a theory are futile and unnecessary, since accounting has not needed a conceptual framework so far”(Godfrey, Hodgson, Holmes & Tarca, 2006, p.439).
Identify some of the perceived advantages and disadvantages that arise from the
establishment and development of conceptual frameworks.
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