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    Accounting Regulations

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    1) As regulations are promulgated, must they always fit within the conceptual framework? Why or why not?

    2) What value is there to the various publications in Level Five of the hierarchy? Do they even matter? In what context will they be useful, if any?

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    1) As regulations are promulgated, must they always fit within the conceptual framework? Why or why not?
    No, as regulations are promulgated they need not always fit within the conceptual framework. A regulation may be promulgated on the basis of the prevailing values and principles. Moreover, the regulation may be promulgated on the basis of the exigency of the situation. The regulation may be promulgated on the basis of the political expediencies. There may be hidden agendas why political parties and those who influence legislation may promulgate a regulation. The conceptual framework may ultimately be used to criticize a regulation. Consider the promulgation of the ...

    Solution Summary

    Accounting Regulations are discussed very comprehensively in this explanation.

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