PPT-Conceptual Framework for financial reporting

Rangajewa Herath BSc Accountancy and Financial ManagementSp Hons USJ Master of Business Administration PIMUSJ The Structure and Components of the Conceptual Framework of Financial Reporting. 124 Effective for audits of 64257nancial statements for periods ending on or after December 15 2012 Introduction Scope of This Section 01 This section addresses circumstances in which an auditor practicing in the United States is engaged to report o The Conceptual Frame work is applicable for the preparation and presentation of financial statements in accor dance with MFRS framework or FRS framework brPage 2br Conceptual Framework IFRS Foundation CONTENTS paragraphs THE CONCEPTUAL FRAMEWORK FOR … . What Is It And How To Use It. As of January 24, 2014. What is a Conceptual Framework. Nothing on Point in the Code. Old Thinking . Relationship or circumstance must be permitted. Revised Thinking . for Financial Reporting 2010 Conceptual Framework Issued October 20 1 0 Effective upon issue CONCEPTUAL FRAMEWORK FOR FINA NCIAL REPORTING 2010 ExposureDraftED/2015/3ConceptualFrameworkforFinancialReportingispublishedbytheInternationalAccountingStandardsBoard(IASB)forcommentonly.Theproposalsmaybemodifiedinthelightofthecommentsreceivedbeforebe to Convergence. James Leisenring, FASB Senior Advisor. The views expressed in this presentation are my own and do not necessarily represent official positions of the Financial Accounting Standards Board. Official positions of the FASB Board are arrived at only after extensive due process and deliberations. RICHARD G. SCHROEDER . MYRTLE W. CLARK . JACK M. CATHEY. THEORY . AND. ANALYSIS: . TEXT AND CASES. 11. TH. EDITION. Chapter 2. The Pursuit of the Conceptual Framework. Introduction. What is the conceptual framework?. Intermediate. Accounting. IFRS 2nd . Edition. Kieso, Weygandt, and Warfield. . 2. Describe . the usefulness of a conceptual . framework.. Describe . efforts to construct a . conceptual framework.. Understand . Indicate the usefulness and describe the main components of a conceptual framework for financial reporting.. Identify the qualitative characteristics of accounting information.. Define the basic elements of financial statements.. for Small- and Medium-Sized Entities. FRF for SMEs™ Accounting Framework . Name of presenter. Audience. Date. America’s Main Street businesses. Small- and medium-sized entities . pervade the business world . and . Conceptual Framework for Financial Reporting. ACCT-3030. 1. 1. Basic Definitions. What is accounting?. the identification, measurement, and communication of financial information. about economic entities. not necessarily those of the International Accounting Standards Board (Board) or IFRS Foundation.. Copyright © IFRS Foundation. All rights reserved. IFRS. ®. Foundation. Conceptual Framework for Financial Reporting. Type of Entity Financial Reporting Framework Audit Assurance Requirement 1 Listed Companies Public Interest Entities and Government Owned EnterprisesFull IFRS Full Audit Assurance Engagement 2 Econo Worldwide accounting diversity and convergence. What is International Accounting?. Accounting . The word . accounting. . in International accounting encompasses: Functional areas of financial accounting, management accounting, auditing, taxation...