Chapter 2 Lecture Outline

Chapter 2 Lecture Outline - Chapter 2 Conceptual Framework...

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Chapter 2 Conceptual Framework Underlying Financial Accounting What are we trying to do? Users (e.g., Investors, managers, etc.) need relevant, reliable, and useful financial information to help them in their decisions The Conceptual Framework helps in that it is … The Conceptual Framework, In Practical Terms Present o To develop a coherent set of standards and rules Future o To solve new and emerging practical problems Statements of Financial Accounting Concepts (SFAC) SFAC No.1  -Objectives of Financial Reporting SFAC No.2  -Qualitative Characteristics of Accounting Information SFAC No.3  -Elements of Financial Statements  SFAC No.4  -Nonbusiness Organizations SFAC No.5  -Recognition and Measurement in Financial Statements  SFAC No.6  -Elements of Financial Statements (replaces SFAC No. 3) SFAC No.7  -Using Cash Flow Information and PV in Accounting Measurements The Conceptual Framework First Level = Basic Objectives
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Chapter 2 Lecture Outline - Chapter 2 Conceptual Framework...

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