The primary motive behind the development of our reference article is trying to evaluate the international accounting standards. Here, the journal focuses on the development of a new conceptual framework which has the ambition to set a robust and consistent basis of future standard setting. Hence, the investigations carried out through the journal investigate on the impact and recognition of criteria for assets and liabilities existing in CF and DP.
Taking a gander at the outcomes accomplished in the wake of completing the examination. It isn't clear from the DP in the matter of whether the recently proposed definitions have a tendency to convey a conclusion to the cost and pay deferrals. In light of table 1, the proposed new definitions neglect to give a reasonable arrangement. In any case, DP dialog on goodwill and conceded impose have a tendency to propose that IASB trusts that goodwill and conceded assessment are resources and liabilities in light of DP definitions, consequently there is no normal critical changes in connection to this things (McGregor and Street, 2007).
Also, concerning acknowledgment of benefits and liabilities and existing principles which are in struggle. In light of the exploration done IASB has reasoned that they haven't accomplished a goal, vigorous and predictable reason for future standard setting and direction which unravels issues of rent, controlled exercises and non-money related liabilities. Moreover, with respect to standard setting by IASB the DP neglects to essentially aid improvement of another powerful structure that has assent to standard settings (Brouwer et al, 2015).
The main limitation that existed in this research is lack of empirical investigation which clarifies concept leading to limitations in the methodology. Hence, the existence of empirical investigation in the research could have increased the viability of the research attaining reliable results.
References
Brouwer, A., Hoogendoorn, M., & Naarding, E. (2015). Will the changes proposed to the conceptual framework's definitions and recognition criteria provide a better basis for IASB standard setting?. Accounting and Business Research, 45(5), 547-571.
McGregor, W., & Street, D. L. (2007). IASB and FASB face challenges in pursuit of joint conceptual framework. Journal of International Financial Management & Accounting, 18(1), 39-51.
