100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
The conceptual framework for financial reporting R150,00   Add to cart
Quickly navigate to
Preview
  2.  
  3. Rosebank College
  4.  
  5. Financial Accounting A (FACT7311)

Class notes

The conceptual framework for financial reporting
 4 views  0 purchase

The Conceptual Framework elaborates on the basics of financial reporting and is the foundation on which the International Financial Reporting Standards (IFRS) are built. IFRS is a set of accounting rules and procedures to ensure consistency. Most countries have adopted IFRS to standardise account...

[Show more]

Preview 1 out of 3  pages

Document information

  • June 28, 2022
  • 3
  • 2021/2022
  • Class notes
  • Ronewa manyweba
  • Class 1 to the conceptual framework for financial reporting

Subjects

Written for

All documents for this subject (1)

Seller

avatar-seller
LilithaLanga

Content preview

Conceptual Framework for Financial Reporting
x objective of general-purpose financial reporting
x qualitative characteristics of useful financial information
x financial statements and the reporting entity
x the elements of financial statements
x recognition and derecognition
x measurement
x presentation and disclosure
x concepts of capital and capital maintenance
Objective of general-purpose financial reporting
x provide financial info
x about the entity
x that is useful to the users *
x in making decisions about providing resources to the entity
* Users (primary) = existing and potential investors, lenders and other providers
of capital
Qualitative characteristics
Fundamental:
x Relevance. Something is relevant if it makes a difference to user’s decision-making,
which will be the case if it has:

• predictive value
• confirmatory value
x Relevance is related to materiality (which is entity specific)
x Faithful representation

• Complete
• Neutral
• Free from error
Enhancing:
x Comparability
x Verifiability
x Timeliness

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

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

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

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 LilithaLanga. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy this summary for R150,00. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

73243 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy summaries for 14 years now

Start selling
R150,00
  • (0)
  Buy now