Also called financial Accounting 2A .These are Questions and answers to assist you in your revision of concepts of financial reporting and short summaries on the concepts are provided as well
Concepts of Financial Reporting
Webinar 8_Revision
,INTERNATIONAL FINANCIAL REPORTING STANDARDS
Financial statements are prepared and presented by many entities around the world to a variety of exter
They appear similar, but there are variations caused by different legal, social and economic circumstanc
countries concerned. This has led to a variety of definitions, recognition criteria, measurement principle
disclosure in the preparation of financial statements.
Regulatory frameworks/accounting standards are necessary for the preparation of financial statements
The application of reporting standards ensures that the information (the financial statements) provided
stakeholders (users) meet their information needs and is relevant, reliable, comparable and understand
IFRS is becoming the global standard for the preparation of company financial statements. As such, acq
understanding of IFRSs and applying the standards is rapidly becoming a priority of many financial state
, CONCEPTUAL FRAMEWORK FOR FINANCIAL REPORTING
The Conceptual Framework primarily serves in assisting:
- the IASB in revising existing statements and developing new standards that are based on consistent c
- preparers of financial reports in the development of accounting policies that will ensure consistent
application of transactions where no standards apply, or if an existing standard allows a choice of acc
policy.
- All parties to understand and interpret IFRS
Please take note that the Conceptual Framework is not an accounting standard on its own, therefore i
override any formal accounting standard.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through EFT, credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying this summary from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller athidikana803. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy this summary for $3.06. You're not tied to anything after your purchase.
