The Conceptual Framework - FASB
What Is the Conceptual Framework? The Conceptual Framework is a body of interrelated objectives and fundamentals. The objectives identify the goals and purposes of financial reporting and the fundamentals are the underlying concepts that help achieve those objectives.
Conceptual Framework for Financial Reporting (Conceptual Framework) describes the objective of, and the concepts for, general purpose financial reporting. The purpose of the . Conceptual Framework. is to: (a) assist the International Accounting Standards Board (Board) to develop IFRS Standards (Standards) that are based on consistent concepts;
Conceptual Framework for Financial Reporting - IFRS
The revised Conceptual Framework for Financial Reporting (Conceptual Framework) issued in March 2018 is effective immediately for the International Accounting Standards Board (Board) and the IFRS Interpretations Committee.
FASB HOME
4 天之前 · The FASB establishes and improves standards of financial accounting and reporting that foster financial reporting by nongovernmental entities that provides decision-useful information to investors and other users of financial reports.
Accounting Standards Codification - FASB
The FASB Accounting Standards Codification ® is the single official source of authoritative, nongovernmental U.S. generally accepted accounting principles (GAAP). The FASB issues an Accounting Standards Update (ASU) to communicate changes to the FASB Codification, including changes to non-authoritative SEC content.
IAS 1 should be read in the context of its objective and the Basis for Conclusions, the Preface to IFRS Standards and the Conceptual Framework for Financial Reporting. IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors provides a basis for selecting and applying accounting policies in the absence of explicit guidance.
Now while the International Accounting Standards Board (IASB) is not a country it does have a sort of constitution, in the form of the Conceptual Framework for Financial Reporting (the Framework), that proves the definitive reference document for the development of …
Conceptual frameworks | F7 Financial Reporting - ACCA Global
A conceptual framework must consider the theoretical and conceptual issues surrounding financial reporting and form a coherent and consistent foundation that will underpin the development of accounting standards.
CONCEPTS STATEMENTS - FASB
The FASB Concepts Statements are intended to serve the public interest by setting the objectives, qualitative characteristics, and other concepts that guide selection of economic phenomena to be recognized and measured for financial reporting and their display in financial statements or related means of communicating information to those who are...
The Conceptual Framework for Financial Reporting - ACCA Global
The Conceptual Framework clarifies what makes financial information useful, that is, information must be relevant and must faithfully represent the substance of financial information. Relevance and faithful representation are the two fundamental qualitative characteristics.