Difference between Conceptual frameworks and Accounting Standards
The conceptual framework is an articulate system of interconnected objectives and essentials that can lead to constant standards which would describe financial accounting and financial statements. The Accounting standards, on the other hand, are the ways that you follow while preparing accounts.
What is conceptual framework and accounting standards?A conceptual framework can be defined as a system of ideas and objectives that lead to the creation of a consistent set of rules and standards.