F1 2 The Conceptual Framework

In this section…

In this section we shall look at the IASB’s Conceptual Framework for Financial Reporting, its purpose and how it provides a theoretical basis for preparing accounts.

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2.01 The Conceptual Framework – objectives and users
  • The objective of general purpose financial reporting
  • Users of financial statements
    • The information they require
    • Decisions made using financial statements
  • Information provided by financial statements

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2.02 The Conceptual Framework – useful financial information
  • Qualitative characteristics of useful financial information
    • Fundamental characteristics
    • Enhancing characteristics

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2.03 The Conceptual Framework – elements of the financial statements
  • Assets
  • Liabilities
  • Equity
  • Income
  • Expenses

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2.04 The Conceptual Framework – recognition and measurement
  • Recognition of the elements
  • Measurement or valuing the elements
  • The going concern principle

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