02ConceptualFramework

02ConceptualFramework - Intermediate Financial Accounting I...

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Intermediate Financial Accounting I Conceptual Framework Underlying Financial Reporting
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Environment and Theoretical Structure of Financial Accounting 2 Objectives of the Chapters (contd.) Study the Conceptual framework underlying financial reports.
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Environment and Theoretical Structure of Financial Accounting 3 Conceptual Framework of Financial Reporting What does the current accounting standard setting authority rely on to prescribe the accounting standards? Conceptual Framework of Financial Reporting: A system of interactive objectives and fundamentals which can lead to a set of consistent standards in preparing financial reports.
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Environment and Theoretical Structure of Financial Accounting 4 Financial Reporting: A Theoretical Structure A Conceptual Framework for Financial Reporting Assumptions Entity Going- Concern Monetary unit Periodicity Constraints Cost/Benefit Industry Practices Objectives Qualitativ e Characteri stic of Accountin g Informatio n Elements (SFAC No. 6) Recognition and Measurement Concepts Principles Cost & Fair Value Option Revenue Matching Full Disclosure SFAC No. 8, Ch. 1 SFAC No. 8, Ch.3 SFAC No.5 First Level Second Level Third level
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02ConceptualFramework - Intermediate Financial Accounting I...

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