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In this chapter students will be able to: Explain the importance of having a conceptual framework of accounting, and list the key components; identify and apply the objective of financial reporting, as well as the underlying assumption and cost constraint used by accountants; describe the fundamental and enhancing qualitative characteristics of financial reporting. | Financial Reporting Concepts The conceptual framework of accounting The objective of financial reporting, underlying assumption, and constraint The objective of financial reporting Underlying assumption Cost constraint Elements of financial statements Qualitative characteristics of useful financial information Fundamental characteristics Enhancing qualitative characteristics and their application Differences under IFRS and ASPE Full disclosure Recognition and measurement criteria Revenue and expense recognition criteria Measurement of elements Errors and intentional misstatements Copyright John Wiley & Sons Canada, Ltd. 2 CHAPTER 11: Financial Reporting Concepts Explain the importance of having a conceptual framework of accounting, and list the key components. Identify and apply the objective of financial reporting, as well as the underlying assumption and cost constraint used by accountants. Describe the fundamental and enhancing qualitative characteristics of financial reporting. Identify and apply the basic recognition and measurement concepts of accounting. Copyright John Wiley & Sons Canada, Ltd. 3 Conceptual Framework of Accounting A foundation for accounting: Ensures existing standards and practices are clear and consistent Provides guidance in responding to new issues and developing new standards Assists in the application of standards Increases users’ understanding and confidence in financial statements Standards built on general principles, not rules Copyright John Wiley & Sons Canada, Ltd. 4 Conceptual Framework 2 Use professional judgment and framework to determine appropriate accounting treatment Six major components to framework: 1. Objective of financial reporting 2. Underlying Assumption 3. Cost constraint 4. Elements of financial statements 5. Qualitative characteristics of accounting information 6. Recognition and measurement criteria Copyright John Wiley & Sons Canada, Ltd. 5 CHAPTER 11: Financial Reporting Concepts Explain the importance of . | Financial Reporting Concepts The conceptual framework of accounting The objective of financial reporting, underlying assumption, and constraint The objective of financial reporting Underlying assumption Cost constraint Elements of financial statements Qualitative characteristics of useful financial information Fundamental characteristics Enhancing qualitative characteristics and their application Differences under IFRS and ASPE Full disclosure Recognition and measurement criteria Revenue and expense recognition criteria Measurement of elements Errors and intentional misstatements Copyright John Wiley & Sons Canada, Ltd. 2 CHAPTER 11: Financial Reporting Concepts Explain the importance of having a conceptual framework of accounting, and list the key components. Identify and apply the objective of financial reporting, as well as the underlying assumption and cost constraint used by accountants. Describe the fundamental and enhancing qualitative characteristics of financial reporting. .
