Conceptual Framework And Ethics Theories

Accounting 381: Winter 2012 (Wed Evening Class)
Reading Assignment 1: conceptual Framework and Ethics Theories
Zhao, Siyi

1. How does the Conceptual Framework help in the GAAP standard setting process?
The Conceptual Framework creates innates of the underlying concepts help achieve goals and purposes of financial reporting. FASB established this framework accidentally when it got AICPAs job in 1937. At that time, the projects of replacing concepts of what financial accounting ought to be to what it is was on its initial agenda firstly was incepted by AICPA.
This framework makes accountants work easier. First, with its standard-setting, redebate fundamental issues such as what is an asset? were diminished. In other word, demythologised debate cannot occur without the framework. Bases on that, it create an general communicating platform for the accounting professionals. Therefore, personal biases on standard-setting decisions were eliminated, also few political pressures in making accounting judgments occurs. This created more dwell for FSAB and its frameworks to enhance themselves. Eventually, the whole standards became a international general setting.
2. imbibe each of the kinds of moral theories discussed in the framework.
3.



Describe an ethical dilemma you faced in the workplace and what f setors you considered to determine whatever performance (or non-action) you took.
Five kinds of moral theories were discussed:
* Whether it will produce the most skilful and do the least harm to all the stakeholders?
* Whether it best prize the basic human rights of all stakeholders?
* Whether it treats people equally? In other word, if the decision fits commontsense of fair?
* Whether it best serves the community as a whole instead of just some members?
* Whether it leads me to act as the sort of person I want to be
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