Financial Accounting. 2 Section A: Context & purpose of Financial Reporting A1. The reasons for, & objectives of, financial reporting A2. Users’ & stakeholders’

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Presentation transcript:

Financial Accounting

2 Section A: Context & purpose of Financial Reporting A1. The reasons for, & objectives of, financial reporting A2. Users’ & stakeholders’ needs A3. The main elements of financial reports A4. The regulatory framework Designed to give you knowledge and application of:

3 A4: The Regulatory Framework  Understand the role of the regulatory system including the roles of the International Accounting Standards Committee Foundation (IASCF), the International Accounting Standards Board (IASB), the Standards Advisory Council (SAC), and the International Financial Reporting Interpretations Committee (IFRIC) [1]  Understand the role of International Financial Reporting Standards (IFRS) [1] Learning outcomes

4 What is a Regulatory Framework? A structure which helps an entity decide how to treat items that need to be included in the financial statements IASs are a single set of high quality, understandable and enforceable global accounting standards What are International Accounting Standards?

5 Role of a Regulatory Framework The Regulatory framework helps ensure the accountant to produce financial statements which are ComparableConsistent Accurate & easy to understand

6 Other Reasons why Regulatory System is needed  Separation of ownership & control that exists for many organisation Regulatory system helps ensure the reports submitted by management on financial performance are true & fair so that help owners take decision  Remove / reduce subjectivity from accounting Preparers of financial information has to follow same set of rule or standards so that owners & investors can access clear & comparable information about the financial performance of entity

7 This would facilitate comparing & contrasting the financial condition and performance of organisations that operate in different countries  Statutory requirements of other companies When an entity operates in more than one country, it has to comply with accounting requirements of each of these countries. With adoption of IFRS an organisation could satisfy the statutory requirements of all concerned countries  Need of set of uniform universal accounting standards (IFRS) Other Reasons why Regulatory System is needed

8 Constitution of International Accounting Standard Board

9 Role of IFRS IFRS covers IFRSs issued by IASB Interpretations issued by IFRIC IAS issued by IASC The main role of IFRS To remove subjectivity from accounting by promoting uniformity & timely revising of the existing standards IFRS helps IASCF & its supporting bodies to adopt global accounting standards

10 RECAP  Discuss the need for international accounting standards ?  Explain the structure & constitution of the IASB and the standard setting process?  Explain the various factors that accountant has to consider when he is preparing financial statements?  Identify the purpose and functions of the International Financial Reporting Interpretation Committee (IFRIC)?  Understand and interpret the IASB’s “Framework for the Preparation and Presentation of Financial Statements”?  Explain main roles of IFRS?