Scope of Framework

Framework deals with: A. Objective of Financial Statements. B. The qualitative characteristics that determine the usefulness of information in financial statements. C. The definition, recognition, and measurement of elements from which financial statements are constructed. D. Concepts of capital and capital maintenance. Framework concerned with general purpose financial statements including consolidated statements that are prepared

Conceptual Framework

FASB definition of Conceptual Framework -is a coherent system of interrelated basic concepts and propositions that prescribe objectives, limits and other fundamentals of financial accounting and serves as a basis for developing and evaluating of accounting principles, resolving accounting and reporting controversies. FRSC - Financial Reporting Standards Council was established by the BOA in 2006

Unfinish CPA Dream

I graduated in year 2007 with a Bachelor of Science in Accountancy degree. I did not take the CPA board exam due to the need for me to go abroad and work.  After 8 years working in different field from hospitality, marketing, real estate, finance and oil and gas industry, I realized that I have