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Conceptual Framework For Financial Reporting
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This is financial reporting 1 notes for chapter 1 (conceptual framework for financial reporting)
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CONCEPTUALFRAMEWORK FOR
FINANCIAL REPORTING
BKAR 1013
CHAPTER 1
,Learning Outcomes
On completion of this subject, the student should be able to:
• Explain the role of the professional accountant
• Explain the (Revised) Conceptual Framework for financial
Reporting
, OUTLINE
• The roles of professional accountant
• Introduction to the [Revised] Conceptual Framework for
Financial Reporting (2018)
• Understanding of objectives of financial reporting
• Qualitative characteristics of accounting
information
• Elements of financial statements
• Recognition, derecognition and measurement
concepts
• Disclosure and presentation of financial
statements
, The Roles of Professional Accountant
• The Roles of Professional Accountant
- Professional accountants in businesses have the task of defending the
quality of financial reporting right at the source where the numbers and
figures are produced!
- Accountancy professionals in business assist with corporate strategy,
provide advice and help businesses to reduce costs, improve their top line
and mitigate risks.
- Professional accountants provide independent assurance to management
that the organization’s risk management, governance and internal control
processes are operating effectively.
- They also offer advice on areas for enhancements. In the public sector,
professional accountants in government shape fiscal policies that had far-
reaching impacts on the lives of many.
- Accountants in academia are tasked with the important role of imparting
the knowledge, skills and ethical underpinnings of the profession to the
next generation.
Source:
https://www.ifac.org/news-events/2013-10/roles-and-importance-professional-
accountants-business
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