TAILIEUCHUNG - Lecture Framework of financial reporting - Lecture 2

The main contents of the chapter consist of the following: Why a regulatory framework is necessary? principles-based and rules-based framework, harmonisation of accounting standards, a concept and regulatory framework, generally accepted accounting practice (GAAP). | Revise Lecture 2 1 Revise Lecture - 2 The regulatory system 2. A conceptual framework 2 Revise lecture - 2 Why a regulatory framework is necessary? A regulatory framework is required to ensure that relevant and reliable financial reporting is achieved to meet the needs of shareholders and other users. 3 Revise Lecture - 2 Principles-based and Rules-based framework 4 Revise Lecture - 2 Harmonisation of accounting standards There are a number of reasons why the harmonisation of accounting standards would be beneficial. Businesses operate on a global scale and investors make investment decisions on a worldwide basis. There is thus a need for financial information to be presented on a consistent basis 5 A Concept and Regulatory Framework Development of an IFRS The procedure for the development of an IFRS is as follows; The IASB identifies a subject and appoints an advisory committee to advise on the issues The IASB publishes an exposure draft for public comment, being a draft version of the intended standard 6 A Concept and Regulatory Framework Development of an IFRS Following the consideration of comments received on the draft, the IASB publishes the final text of the IFRS At any stage the IASB may issue a discussion paper to encourage comment The publication of an IFRS, exposure draft requires the votes of at least eight of the 15 IASB members 7 A Concept and Regulatory Framework Status of IFRS’s Neither the IFRS foundation, the IASB nor the accountancy profession has the power to enforce compliance with IFRSs. Nevertheless, some countries adopt IFRSs as their local standards and others ensure that there is minimum difference between their standards and IFRSs. In recent years, the status of the IASB and its standards has increased, so IFRSs carry considerable persuasive force worldwide. 8 Generally Accepted Accounting Practice (GAAP) 9 A Concept and Regulatory Framework Generally Accepted Accounting Practice (GAAP) You may come across the expression generally .

• Tài chính doanh nghiệp
• Financial Reporting
• Framework of financial reporting
• Lecture Framework of financial reporting
• Regulatory system
• Financial statements
• Reporting financial performance
• Reporting financial performance
• Financial accounting
• International financial reporting standards
• Financial reporting standards
• Merchandising operations
• Internal control
• Stockholders’ equity
• Financial statement analysis
• Financial information
• Economics of accounting information
• Computer associates international
• Financial reporting for leases
• Lease contracts
• Lessee accounting
• International financial reporting
• Conceptual framework
• Financial position
• Interpreting financial statements
• Consolidated financial statements
• Financial statements comprises
• Corporate financial reporting
• Group financial statements
• Sustainability reporting
• Reporting through XBRL
• Government accounting in india
• Regulatory framework
• Contingent liabilities