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Summary Accounting (ACCT212)
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the document explains the basics to accounting by starting with the conceptual framework. then move to broader questions like the revenue as well as IAS-8

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  • August 22, 2022
  • 14
  • 2022/2023
  • Summary

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ACCOUNTING
NOTES
ACCOUNTING 102
CONCEPTUAL FRAMEWORK

, CONCEPTUAL FRAMEWORK ACC0UNTING 102
CHAPTER 4
There are 3 types of statements (reports included in the
annual financial statements)
 Statement of cash flow – to see how much cash has flowed in
and out of the business.
 Statement of financial position – to see financial position of
the business, what assets are controlled, liabilities are owed
and equity is held by the owners of the business.
 Statement of profit or loss and other comprehensive income –
to see how the business has performed and how profitable the
business has been during the year.


GENERALLY ACCEPTED ACCOUNTING PRACTISE (GAAP)
 This provides the underlying principles applied when preparing
financial reports, as well as additional standards that indicate how
the principles are applied in specific situations.
 The reports must achieve “fair representation”, this means that
they must accurately convey what the company has achieved.
 Financial reports should be prepared in terms of principles that
are widely understood and consistently applied.
 Conceptual framework for financial reporting – describes the
objectives of general-purpose financial reporting and the concept
that underlie the preparation and presentation of financial
reports.
 Conceptual framework is issued by the “international accounting
standard board (IASB) ” it is used to assist (IASB) to develop
standards that are based on consistent principles. Also used to
decide how to treat transactions when no specific standards
apply.


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