List the Three Primary Components of the Conceptual Framework for Financial

question 39

Essay

List the three primary components of the conceptual framework for financial reporting and the two subcomponents of each component.

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Definitions:

Universal Values

Fundamental principles or standards of behavior that are widely accepted and upheld across different cultures and societies.

Human Dignity

A fundamental concept that suggests that all humans possess inherent worth and deserve respect and ethical treatment.

Social Institutions

Complex systems of norms and structures that fulfill societal needs, such as family, education, and government.

Justice View

Considers ethical behaviour as that which treats people impartially and fairly according to guiding rules and standards.