C02 - 1 Chapter 2 Financial Financial Reporting: Its...

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1 Financial Financial Reporting: Reporting: Its Conceptual Its Conceptual Framework Framework C hapter 2 An electronic presentation by Douglas Cloud Pepperdine University
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2 1. Explain the FASB conceptual framework. 2. Understand the relationship among the objectives of financial reporting. 3. Identify the general objective of financial reporting. 4. Describe the three specific objectives of financial reporting. Objectives Objectives Continued Continued
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3 5. Discuss the types of useful information for investment and credit decision making. 6. Explain the qualities of useful accounting information. 7. Understand the accounting assumptions and conventions that influence GAAP. 8. Define the elements of financial statements. Objectives
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4 Charges Given to the FASB Charges Given to the FASB To develop a conceptual framework of accounting theory.
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5 Charges Given to the FASB Charges Given to the FASB To establish standards (GAAP) for financial accounting practices.
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6 FASB Conceptual Framework FASB Conceptual Framework To guide the FASB in establishing accounting standards. To provide a frame of reference for resolving accounting questions in situations where a standard does not exist. To determine the bounds for judgment in the preparation of financial statements. To increase users’ understanding of and confidence in financial reporting. To enhance comparability.
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7 Relationship of Conceptual Framework Relationship of Conceptual Framework and Standard-Setting Process and Standard-Setting Process Conceptual Framework Objectives and Concepts Objectives and Concepts Terms Identify goals and Identify goals and purpose of accounting purpose of accounting Guide the selection of events to Guide the selection of events to be accounted for, the be accounted for, the measurement of these events, and measurement of these events, and the means of summarizing and the means of summarizing and communicating the information communicating the information to external users, to external users, P u r p o s e Statements of Financial Statements of Financial Accounting Concepts Accounting Concepts Documents Continued Continued
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8 Relationship of Conceptual Framework Relationship of Conceptual Framework and Standard-Setting Process and Standard-Setting Process Standard Setting Statements of Financial Accounting Standards Standards Establish methods and procedures for measuring, summarizing, and communicating financial accounting information to external users. From Objectives and Concepts Statements of Financial Accounting Concepts
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9 Conceptual Framework Projects for Conceptual Framework Projects for Financial Accounting and Reporting Financial Accounting and Reporting Objective Project Accounting Projects Reporting Projects continued continued continued Qualitative Characteristics Project
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10 Accounting Projects Reporting Projects Qualitative Characteristics Project Conceptual Framework Projects for Conceptual Framework Projects for Financial Accounting and Reporting
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C02 - 1 Chapter 2 Financial Financial Reporting: Its...

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