The underlying foundation for the development of accounting standards and interpretation of accounting information is referred to as the conceptual framework.
The term conceptual framework has to do with the formal theories that would be applied to the concepts as well as empirical findings. It is what is used to show existing relationships between the theories that have been developed and how they would be interpreted.
Hence we can say that The underlying foundation for the development of accounting standards and interpretation of accounting information is referred to as the conceptual framework.
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