Conceptual framework for financial reporting · 2006. 1. 29. · Intermediate accounting:...
Transcript of Conceptual framework for financial reporting · 2006. 1. 29. · Intermediate accounting:...
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Intermediate accounting: conceptual framework 2
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Conceptual framework for financial reporting
At the first level, the objectives identify the goals and
purposes of financial accounting and are the building blocks
for the conceptual framework.
At the second level, are the qualitative characteristics that
make financial accounting information and the elements of
financial statements.
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Intermediate accounting: conceptual framework 4
At the third level are the measurement and recognition
concepts that accountants use in establishing and applying
financial accounting standards.
These concepts include assumptions, principles, and
constraints that describe the present reporting environment.
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Intermediate accounting: conceptual framework 5
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Intermediate accounting: conceptual framework 6
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Intermediate accounting: conceptual framework 7
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Exercise
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Intermediate accounting: conceptual framework 9
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Intermediate accounting: conceptual framework 10
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Intermediate accounting: conceptual framework 11
Qualitative criteria
Qualitative criteria are criteria that, in conjunction with the
organisation’s objectives, are used to evaluate possible
measurement options and to choose the most appropriate
accounting policies. There are trade-offs among the various
criteria, especially between relevance and reliability.
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Exercise
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Intermediate accounting: conceptual framework 14
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Intermediate accounting: conceptual framework 15