One of the benefits of a conceptual framework,put forward by Australian standard setters,is that preparers and auditors would find it easier to understand the financial reporting requirements they face.

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A conceptual framework establishes the fundamental concepts and principles that underpin financial reporting. This would provide guidance to preparers and auditors on how to apply accounting standards and would make it easier for them to understand the financial reporting requirements they face.

One of the Benefits of a Conceptual Framework,put Forward by Australian