Discuss the ways that framework can help effective & coherent standard for accounting for brands Free Essay, Term Paper and Book Report
The IASB framework for the preparation and presentation of financial statements is a conceptual accounting framework that sets out the concepts that underlie the preparation and presentation of financial statements for external users. It was set in 1989 by the International Accounting Standards Committee (IASC) and adopted by the International Accounting Standards Board (IASB) in April, 2001. Its main purpose is to assist the IASB in the review, development, interpretation, application and harmonization of International Accounting Standards (IAS). Overall, the framework has provided a firm guide for standard setting. It can also be said that in some cases, it has provided conflicting guidelines. E.g. the importance of two qualitative characteristics of relevance and reliability and their mutual relationship. In the last 20 years, companies have delved into incurring relatively high expenditure on intangible assets. This resulted in companies wanting to account for them. IAS 38 Intangible assets, was issued in March 2004. The objective of the standard is to prescribe the accountin......
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