ACC3461 Specialised Accounting is a comprehensive course offered by the University of Michigan (UM). This course is designed to provide students with a deep understanding of the specialized areas of accounting, equipping them with the necessary knowledge and skills to tackle complex financial challenges faced by organizations today.
In the dynamic and ever-evolving field of accounting, professionals are required to possess expertise beyond the fundamental principles. ACC3461 Specialised Accounting aims to bridge this gap by delving into various advanced topics, allowing students to explore specialized accounting areas in detail.
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In this section, we will discuss some assignment objectives. These are:
Assignment Objective 1: Conceptual Framework in establishing what the principle behind each accounting standard is rather than just grasping what is required from the standard itself.
A conceptual framework in accounting refers to a set of fundamental principles and concepts that underlie the preparation and presentation of financial statements. It provides a coherent and logical foundation for developing accounting standards and guidelines.
The primary purpose of a conceptual framework is to establish the objectives, characteristics, and principles that guide the development of accounting standards. Instead of focusing solely on the specific requirements of each standard, a conceptual framework helps accountants and standard-setters understand the underlying principles behind those requirements.
Here are some key aspects of a conceptual framework that aid in establishing the principles behind accounting standards:
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Objectives: The conceptual framework begins by defining the overall objectives of financial reporting. These objectives typically include providing relevant and reliable information to users for making economic decisions.
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Qualitative characteristics: The framework identifies the qualitative characteristics of financial information that make it useful to users. These characteristics include relevance, reliability, comparability, and understandability.
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Elements of financial statements: The framework defines the basic building blocks of financial statements, such as assets, liabilities, equity, income, and expenses. It establishes principles for recognizing, measuring, and presenting these elements.
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Assumptions: The framework includes key assumptions that underpin financial reporting, such as the going concern assumption (assuming the entity will continue to operate) and the accrual basis assumption (recognizing transactions when they occur, not when cash is received or paid).
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Principles: The conceptual framework sets forth fundamental accounting principles that guide the recognition, measurement, and presentation of financial information. These principles include historical cost, fair value, matching principle, and others.
By understanding the conceptual framework, accountants can go beyond the surface-level requirements of accounting standards and gain a deeper understanding of the underlying principles. This understanding helps in applying the standards in various situations, making informed judgments, and addressing emerging issues that may not be explicitly covered by existing standards.
It is important to note that different accounting standard-setting bodies, such as the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB), have their own conceptual frameworks. These frameworks provide a basis for developing specific accounting standards applicable in their respective jurisdictions, while still aiming to align with the overall principles and objectives of financial reporting.
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