Conceptual framework docx

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PAGE 1FINANCIAL ACCOUNTING AND REPORTINGThe Conceptual Framework for Financial ReportingPURPOSE AND STATUS OF THE FRAMEWORKThe IASB Framework for the Preparation and Presentation of Financial Statements describes thebasic concepts by which financial statements are prepared. The Framework serves as a guide tothe FRSC in developing accounting standards and as a guide to resolving accounting issues thatare not addressed directly in Philippine Accounting Standards or Philippine Financial ReportingStandards or Interpretations. The purpose of the framework as outlined is to:a) To assist the Board in the development of future IFRSs and in its review of existingIFRSsb) To assist the Board in promoting harmonisation of regulations, accounting standardsand procedures relating to the presentation of financial statements by providing abasis for reducing the number of alternative accounting treatments permitted byIFRSsc) To assist national standard-setting bodies in developing national standards;d) To assist preparers of financial statements in applying IFRSs and in dealing withtopics that have yet to form the subject of an IFRSe) To assist auditors in forming an opinion on w … Purchase document to see full attachment

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