tailieunhanh - Lecture Intermediate accounting (16th edition): Chapter 2 - Kieso, Weygandt, Warfield

Chapter 2 - Conceptual framework for financial reporting. After studying this chapter, you should be able to: Describe the usefulness of a conceptual framework, describe efforts to construct a conceptual framework, understand the objective of financial reporting, identify the qualitative characteristics of accounting information. | PREVIEW OF CHAPTER 2 Intermediate Accounting 16th Edition Kieso ● Weygandt ● Warfield Describe the usefulness of a conceptual framework. Understand the objective of financial reporting. Identify the qualitative characteristics of accounting information. Define the basic elements of financial statements. LEARNING OBJECTIVES Describe the basic assumptions of accounting. Explain the application of the basic principles of accounting. Describe the impact that the cost constraint has on reporting accounting information. After studying this chapter, you should be able to: Conceptual Framework for Financial Reporting 2 LO 1 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 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. Question (true or false): True CONCEPTUAL FRAMEWORK LO 1 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. False Question (true or false): CONCEPTUAL FRAMEWORK LO 1 LO 1 The need for a conceptual framework is highlighted by accounting scandals such as those at Enron and Lehman Brothers. To restore public confidence in the financial reporting process, many have argued that regulators should move toward principles-based rules. They believe that companies exploited the detailed provisions in rules-based pronouncements to manage accounting reports, rather than report the economic substance of transactions. For example, many of the off–balance-sheet arrangements of Enron avoided transparent reporting by barely achieving 3 percent outside equity ownership, a requirement in an obscure accounting rule interpretation. Enron’s | PREVIEW OF CHAPTER 2 Intermediate Accounting 16th Edition Kieso ● Weygandt ● Warfield Describe the usefulness of a conceptual framework. Understand the objective of financial reporting. Identify the qualitative characteristics of accounting information. Define the basic elements of financial statements. LEARNING OBJECTIVES Describe the basic assumptions of accounting. Explain the application of the basic principles of accounting. Describe the impact that the cost constraint has on reporting accounting information. After studying this chapter, you should be able to: Conceptual Framework for Financial Reporting 2 LO 1 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 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. .

• Kế toán - Kiểm toán
• Conceptual framework
• Financial reporting
• Financial accounting
• Qualitative characteristics
• Intermediate accounting
• Lecture Intermediate accounting
• Stock issuance
• Estimating reserves
• Liquidating dividends
• Accounting process
• Accounting equation
• Accounting processing cycle
• Accounting changes
• Error corrections
• Accounting choices
• Theoretical structure
• Accrual accounting
• Financial accounting environment
• Accounting for leases
• Leasing environment
• Accounting by lessee
• Special accounting problems
• Cash versus accrual accounting
• International standard setting
• Accounting standards
• Accounting assists
• The challenges facing accounting
• Income taxes
• Accounting for income taxes
• Deferred tax liabilities
• Error analysis
• Accounting policy
• Accounting estimate
• Accounting policies
• Accounting information system
• Measurement issues
• Characteristics of accounting
• Capital allocation process