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
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,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.
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