The existence of a CF is to serve as a guide for the standard setters
to provide them with a set of objectives and constraints. Furthermore,
CF provides a framework for setting standards, a basis for resolving
accounting disputes and fundamental principles, which then do not have
to be repeated in the Standards.
The CF has been developed over the years, and it is continually being
developed due to the changing environment, especially in a politically
charged rulemaking environment to pursue the appropriate structure for
a ‘real’ CF designed to provide a base for the standards. Ultimately,
the purpose is to provide “true and fair” financial reports for the
users in making and evaluating decisions about the allocation of scare
However from this paper, it is appropriate to conclude that accounting
professions persist with attempts to develop a CF because of they
trying to structure a CF designed to provide a base for the standards
programme which is the accounting profession’s holy grail. Although it
has its limitations, it is still playing a very important role in
consistency and standardisation of standards setting and reviewing,
furthermore it provides a quality and quantitative guideline in the
preparation of financial reports.
This paper discusses the statement ‘in a politically charged
rulemaking environment, conceptual frameworks has only limited utility’.
From this statement I identify and explain the perceived functions of
a Conceptual Framework (CF) and a role a CF plays. Following this will
be an explanatio...
... middle of paper ...
... Hoggett, J & Edwards, L, 2000, Accounting in Australia, 4th Edition,
Horngren, Charles T. April 1981. “Uses and Limitations of a CF”.
Journal of Accountancy.
Johnson, L.T. December 2004. “The Project to Revisit the Conceptual
McGregor, Warren, December 1990. “The CF for General Purposes
Financial Reporting: Its Nature and Implications”.
Miller, Paul B.W, March 1985. “The CF: Myths and Realities”. Journal
of Accountancy, pp. 62-71.
Peasnell, K.V, 1982. “The Function of a CF for Corporate Financial
Policy Statement 5: 'The Nature and Purpose of Statements of
Urgent Issues Group Abstract 11, Accounting for Contributions of, or
Contribution for the Acquisition of, Non-Current Assets, 1996,
Australian Accounting Research Foundation.
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