)What is the conceptual framework, and why is it important?

Accounting Conceptual Framework (graded)

Hello Class, Welcome to week 1 Discussion Topic 2.

A sound foundation is necessary for success in any task from building a house to putting on make-up.

In terms of U.S. Accounting Standards, it is also necessary to have a sound foundation, referred to as the conceptual framework.

a)What is the conceptual framework, and why is it important?

Once students have answered the above thoroughly, lets move on and…

b) discuss it step by step starting with the objective. What is the objective of accounting standards?
Remember, these discussion threads are supposed to be stimulating conversation, a back and forth discussion among students and teacher.

After the first person responds, he or she can respond to the first item, the next person can add a point that maybe the previous discussions failed to point out or answer the second item..

I don’t want to see everybody repeating the same answer. You wouldn’t do that if you were in class and I asked a question.

You need to respond to each of the two separate discussion topics by Wednesday the latest. And, including Wednesday, you need to respond to each of the 2 discussion threads on 3 different days. For example, you could come in as late as Wednesday and respond to topic one and two. Then do the same for both topics on Thursday and Sunday.

They need to be of quality responses. Not “I agree with what you said John.” or Not “Yes, John, you are correct in saying that…..”

Prof. Marnellweek 2