Sample Term Paper
The conceptual framework for accounting standards lays down the basis for the whole works of instructions prepared for the treatment of various elements on the financial statements of companies. The Australian accounting standards similarly have their own conceptual framework which acts as a general guideline for accountants in Australia when deliberating the treatments of different entries in the books of companies. Although in case of conflict, the specific accounting standard has precedence, the conceptual framework still serves as the basis for decision making on a general level.
One of the most crucial underlying aspects in the production of accounting information, as listed in the framework, is the usefulness of the information for the users of financial statements in terms of decision making (Puxty 2006). Since most of these are investors, it can be said that the primary aim is to present the accounts in such a way that the can help the investors get relevant information from the financial statements and make informed decisions based on them. This underlying concept of decision usefulness is ensured through a variety of safeguards.
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