Summary
Summary FAC2601 NOTES.
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Summary of 68 pages for the course Financial Accounting for Companies at University of South Africa (FAC2601 NOTES.)
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Visit www.tabaldi.org for a range of UNISA products Visit www.tabaldi.org for a range of UNISA productsThe
Conceptual
Framework
for
Financial
Repor6ng
FAC2601-SU2-Summary Notes Copyright Tabaldi Education
,Visit www.tabaldi.org for a range of UNISA products Visit www.tabaldi.org for a range of UNISA products
Framework
Lecture
Video
1
WHAT
IS
THE
FRAMEWORK?
FAC2601-SU2-Summary Notes Copyright Tabaldi Education
,Visit www.tabaldi.org for a range of UNISA products Visit www.tabaldi.org for a range of UNISA products
What
is
the
Framework?
• Sets
out
the
objec7ves
&
concepts
– that
underlie
the
prepara7on
&
presenta7on
of
– general
purpose
financial
statements
for
external
users.
(Framework
par
1)
• Provides
a
theore7cal
background
or
general
frame
of
reference
–
used
by
standard
seEers
(IASB)
when
seKng
new
standards
FAC2601-SU2-Summary Notes Copyright Tabaldi Education
, Visit www.tabaldi.org for a range of UNISA products Visit www.tabaldi.org for a range of UNISA products
What
is
the
Framework?
(Cont.)
• NOT
an
accoun7ng
standard.
• Does
not
override
an
IAS
or
IFRS
standard.
FAC2601-SU2-Summary Notes Copyright Tabaldi Education
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