A frame of solid objective and fundamentals is known as conceptual framework which objectifies the purpose and goals of financial reporting and the concepts that underlay the fundamentals which help achieve the objectives

A frame of solid objective and fundamentals is known as conceptual framework which objectifies the purpose and goals of financial reporting and the concepts that underlay the fundamentals which help achieve the objectives. The concepts direct in choosing transactions, situations and events to be regarded for, how is it intended to be measured, recognized, briefed and reported. This view regularly prompts the advocates of conceptual framework projects is that it is difficult and perhaps illogical to develop systems of financial accounting if we do not initially agree on important issues such as what general purpose financial reporting is, what the objective of a general purpose financial reporting system is and in relation to this, what the qualitative characteristics of the information generated from that system should be.

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