The purpose of the conceptual framework is to provide a structure and framework for a consistent set of GAAP.

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The primary purpose of the conceptual framework is to provide a coherent and consistent set of concepts, principles, and assumptions that underlie financial reporting and to guide the development of new standards and interpretations to address emerging issues. This helps ensure that financial statements are prepared according to a set of generally accepted accounting principles (GAAP) that are consistent and understandable to users of financial statements.

The Purpose of the Conceptual Framework Is to Provide a Structure