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,Learning unit 1: The conceptual framework forfinancial reporting
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, 1.1 Purpose of learning unit
Students should be able to apply the conceptual reporting framework to solve complex problems
and explain its purpose in the IFRS standards, together with developing and communicating their
ideas and opinions in well-formed arguments within an accounting and related services context.
1.2 Assessment criteria
After completion of this learning unit, students should be able to:
• Discuss the objective of general purpose financial reporting and the qualitative characteristics of
useful financial information.
• Identify the reporting entity and its reporting boundaries.
• Apply the definitions of an asset, a liability, equity, income and expenses in a given scenario.
• Apply criteria for including assets and liabilities in financial statements (recognition) and
guidance on when to remove them (derecognition) in a given scenario.
• Explain measurement bases and their applicability in given scenarios.
• Explain concepts and guidance on presentation and disclosure.
• Communicate clearly and concisely in a professional manner, appropriate to the audience and
situation.
• Communicate and collaborate with others using a wide range of digital devices, technologies
and platforms (e.g., teams, discussion forums).
• Apply effective listening and discussion techniques to obtain and clarify relevant information.
A discussion forum has been set up for learning unit 1 on the FAC3764 site, as well as your e-tutor site. It
is strongly recommended that you post your questions and comments on the forum as you work
through the learning unit. Your allocated e-tutor is more than happy to assist you on your learning
journey.
Please click HERE to go the forum for The Conceptual Framework
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