as transparency, accuracy, and comparability promote high-quality financial
reporting.
Purpose of the Conceptual Framework - ✔✔The conceptual framework
guides the development of accounting standards and ensures consistency
in financial reporting.
Characteristics of Financial Reporting Information - ✔✔Financial reporting
provides data on assets, liabilities, equity, revenues, expenses, gains, and
losses to aid decision-making.
Four Basic Assumptions Underlying GAAP - ✔✔GAAP assumptions
include economic entity, going concern, monetary unit, and periodicity.
Recognition, Measurement & Disclosure Concepts in Accounting -
✔✔Guiding principles for identifying, quantifying, and reporting economic
events in financial statements.
Evolving GAAP - ✔✔Refers to the ongoing changes and updates in
accounting standards to adapt to new business practices and
environments.
Main Differences Between U.S. GAAP and IFRS - ✔✔Distinct variations in
accounting principles and reporting requirements between US Generally
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