The staff suggested that the conceptual framework project should concentrate on the measurement, reporting entity, presentation, and disclosure of financial statement components.
- The reporting entity concept, components of financial statements, recognition and derecognition, measurement, presentation, and disclosure are additional elements of the conceptual framework that logically follow from the objective. Additionally, there is a cost constraint on useful financial information.
- To create a conceptual framework for your study, you can draw from the following four key sources: Your own experience, previously developed theory, your own pilot and exploratory study, and thinking experiments make up the first four categories.
- An analytical tool with many modifications and settings is a conceptual framework. It may be used in several fields of employment where a comprehensive image is required. It is employed to classify concepts and arrange thoughts.
Thus these are the four key elements of the conceptual framework.
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