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...

More than 200 million people in the developing world were out of work this year. Over 1 billion are hungry, while millions more are confronting the threat that climate change poses. The United Nations estimates that 884 million people don't have safe drinking water and more than 2.6 billion...

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...