2014年ACCA考试《P2公司报告》高分必备试题2
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Financial reporting framework
- Corporate governance: is the system by which companies are directed and controlled (Cadbury Report).
- Conceptual framework
The IASB’s Framework provides the backbone of the IASB‘s conceptual framework. IASs were based on the IASB Framework.
A conceptual framework is a statement of generally accepted theoretical principles which form the frame of reference for financial reporting. These theoretical principles provide the basis for the development of new accounting standards and for the evaluation of those already in existence.
. Advantages and disadvantages of a conceptual framework
. Generally Accepted Accounting Principles (GAAP)
A conceptual framework for financial reporting can be defined as an attempt to codify existing GAAP in order to reappraise current accounting standards and to produce new standards.
The IASB’s framework: consists of seven sections
- The objective of financial statements
- Underlying assumptions
- Qualitative characteristics of financial statements
- The elements of financial statements
- Recognition of the elements of financial statements
- Measurement of the elements of financial statements
- Concepts of capital and capital maintenance
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