An acceptable coherent framework of fundamental accounting principles is essential for preparing financial statements. The major reasons for providing the framework are to: 1) identify the essential concepts underlying the preparation and presentation of financial statements; 2) guide standard...

The publication of this fifth edition coincides with the convergence in accounting standards that has been a feature of the international landscape since the global financial crisis of 1998. The events of that year prompted several international organizations, including the World Bank and the...