Wayne Cooper has some questions regarding the theoretical framework in which IFRS is established. He knows that the IASB has attempted to develop a conceptual framework for accounting theory formulation. Yet, Wayne Cooper's supervisors have indicated that these theoretical frameworks have little value in the practical sense (i.e., in the real world). Wayne Cooper did notice that accounting rules seem to be established after the fact rather than before. He thought this indicated a lack of theory structure but never really questioned the process at school because he was too busy doing the homework. Wayne Cooper feels that some of his anxiety about accounting theory and accounting semantics could be alleviated by identifying the basic concepts and definitions accepted by the profession and considering them in light of his current work. By doing this, he hopes to develop an appropriate connection between theory and practice. Instructions: Help Wayne Cooper recognize the purpose of a conceptual framework. Identify the benefits that arise from a conceptual framework.
Wayne Cooper has some questions regarding the theoretical framework in which IFRS is established. He knows that the IASB has attempted to develop a conceptual framework for accounting theory formulation. Yet, Wayne Cooper's supervisors have indicated that these theoretical frameworks have little value in the practical sense (i.e., in the real world). Wayne Cooper did notice that accounting rules seem to be established after the fact rather than before. He thought this indicated a lack of theory structure but never really questioned the process at school because he was too busy doing the homework. Wayne Cooper feels that some of his anxiety about accounting theory and accounting semantics could be alleviated by identifying the basic concepts and definitions accepted by the profession and considering them in light of his current work. By doing this, he hopes to develop an appropriate connection between theory and practice.
Instructions:
- Help Wayne Cooper recognize the purpose of a conceptual framework.
- Identify the benefits that arise from a conceptual framework.
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