


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
2.02 The Conceptual Framework – useful financial information
- Qualitative characteristics of useful financial information
- Fundamental characteristics
- Enhancing characteristics
2.03 The Conceptual Framework – elements of the financial statements
- Assets
- Liabilities
- Equity
- Income
- Expenses
2.04 The Conceptual Framework – recognition and measurement
- Recognition of the elements
- Measurement or valuing the elements
- The going concern principle