tailieunhanh - Lecture Issues in financial accounting – Chapter 2: Conceptual framework for financial accounting

In this chapter, the following content will be discussed: Describe the usefulness of a conceptual framework, describe the FASB’s efforts to construct a conceptual framework, understand the objectives of financial reporting,. | 2 Conceptual Framework for Financial Accounting Describe the usefulness of a conceptual framework. Describe the FASB’s efforts to construct a conceptual framework. Understand the objectives of financial reporting. Identify the qualitative characteristics of accounting information. Define the basic elements of financial statements. Describe the basic assumptions of accounting. Explain the application of the basic principles of accounting. Describe the impact that constraints have on reporting accounting information. Learning Objectives Conceptual Framework First Level: Basic Objectives Second Level: Fundamental Concepts Third Level: Recognition and Measurement Need Development Overview Qualitative characteristics Basic elements Basic assumptions Basic principles Constraints Summary of the structure Conceptual Framework For Financial Accounting The Need for a Conceptual Framework To develop a coherent set of standards and rules. To solve new and emerging practical problems. Conceptual | 2 Conceptual Framework for Financial Accounting Describe the usefulness of a conceptual framework. Describe the FASB’s efforts to construct a conceptual framework. Understand the objectives of financial reporting. Identify the qualitative characteristics of accounting information. Define the basic elements of financial statements. Describe the basic assumptions of accounting. Explain the application of the basic principles of accounting. Describe the impact that constraints have on reporting accounting information. Learning Objectives Conceptual Framework First Level: Basic Objectives Second Level: Fundamental Concepts Third Level: Recognition and Measurement Need Development Overview Qualitative characteristics Basic elements Basic assumptions Basic principles Constraints Summary of the structure Conceptual Framework For Financial Accounting The Need for a Conceptual Framework To develop a coherent set of standards and rules. To solve new and emerging practical problems. Conceptual Framework LO 1 Describe the usefulness of a conceptual framework. Review Question (true or false): A conceptual framework underlying financial accounting is important because it can lead to consistent standards and it prescribes the nature, function, and limits of financial accounting and financial statements. Conceptual Framework LO 1 Describe the usefulness of a conceptual framework. True Review Question (true or false): A conceptual framework underlying financial accounting is necessary because future accounting practice problems can be solved by reference to the conceptual framework and a formal standard-setting body will not be necessary. Conceptual Framework LO 1 Describe the usefulness of a conceptual framework. False The FASB has issued seven Statements of Financial Accounting Concepts (SFAC) for business enterprises. Development of Conceptual Framework SFAC - Objectives of Financial Reporting. SFAC - Qualitative Characteristics of Accounting Information. SFAC -

• Kế toán - Kiểm toán
• Financial accounting
• Issues in financial accounting
• Kế toán tài chính
• Financial statements
• Conceptual framework
• Financial reporting
• Accounting standards
• Financial Accounting Standards Board
• Fundamental financial accounting
• Lecture Fundamental financial accounting concepts
• Financial statement
• Accounting cycle
• Accounting for accruals
• Lecture Financial accounting
• Accounting system
• Accounting activities
• Financial accounting practice
• Accounting information system
• Accounting terminology
• Reporting financial results
• Evaluating liquidity
• Business firms
• The financial reporting reform
• Accounting information
• Management accounting
• Accounting equation
• Accounting systems
• Decision making
• External financial reporting
• Accounting for business
• Lecture Accounting for business
• Financial accounting reports
• Statement of financial performance
• Accrual accounting systems
• Statement of financial position
• Mastering financial accounting essentials
• Financial accounting essentials
• Accrual accounting
• Income statement
• Accounting conventions
• Internal control
• Accounting for cash
• Accounting for receivables
• Computing uncollectible accounts expense
• Long term debt
• Accounting for long term debt
• Paper F3
• Revision kit 2016
• Accounting Financial
• Accounting Financial Review
• Financial Review accounting exam
• Study text 2016
• Language of business
• Double entry accounting system
• Credit terminology
• Merchandising businesses
• Accounting for merchandising businesses
• Accounting for inventories
• Cash discounts
• The accounting cycle
• International financial reporting standards
• Completing the accounting cycle
• Accounting worksheet
• Classified balance sheet