Nr072 conceptual framework and accounting standards conceptual framework for financial reporting

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Conceptual Framework for Financial ReportingLearning Objectives•State the basic purpose, authoritative status, and scope ofthe Conceptual Framework.•••State the objective of financial reporting.Identify the primary users of financial statements.Explain briefly the qualitative characteristics of usefulinformation and how they are applied in financialreporting.•Define the elements of financial statements and state theirrecognition criteria.Conceptual Framework & Acctg.Standards (by: Zeus Vernon B. Millan)2Conceptual Framework for Financial Reporting•The Conceptual Framework sets out the concepts thatunderlie the preparation and presentation of financialstatements for external users.Conceptual Framework & Acctg.Standards (by: Zeus Vernon B. Millan)3Authoritative Status and Applicability•The Conceptual Framework is not a PFRS. When there is aconflict between the Conceptual Framework and a PFRS, thePFRS will prevail.•In the absence of a standard, management shall consider theConceptual Framework in making its judgment in developingand applying an accounting policy that results in informationthat is relevant and reliable.•The Conceptual Framework is concerned with generalpurpose financial statements.Conceptual Framework & Acctg.Standards (by: Zeus Vernon B. Millan)4Objective of general purpose financial reporting• The objective of general purpose financial reporting is toprovide financial in … Purchase document to see full attachment

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