The Conceptual Framework Project

Slides:

Advertisements

Similar presentations

International Financial Reporting Standards The views expressed in this presentation are those of the presenter, not necessarily those of the IASB or IFRS.

Advertisements

Chapter 2: The Conceptual Framework 上海金融学院会计学院. 1.Describe the usefulness of a conceptual framework. 2.Describe the FASB's efforts to construct a conceptual.

International Financial Reporting Standards The views expressed in this presentation are those of the presenter, not necessarily those of the IASB or IFRS.

Theoretical Structure of Financial Accounting

Chapter 2 McGraw-Hill/Irwin © 2009 The McGraw-Hill Companies, Inc.

Slide 2-1 ECON 3A UCSB ANDERSON Financial Statements and the Annual Report Chapter 2.

CHAPTER 2 Conceptual Framework Underlying Financial Accounting ……..…………………………………………………………...  Coherent system  Objectives & characteristics  Principles.

Copyright © 2008 by The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin Chapter 13 Measuring and Evaluating Financial Performance.

Financial Accounting Financial Accounting is a process involving collection and processing of financial information to meet the decision- making needs.

Concepts – Evolution of a Global Conceptual Framework

The Role of Accounting in Business Chapter 1

Baruch Financial Reporting Conference-(1) 1 Why Concepts? Robert H. Herz FASB Chairman 2007 Baruch Financial Reporting Conference May 3, 2007 The.

INTERMEDIATE ACCOUNTING Chapter 2 Financial Reporting: Its Conceptual Framework © 2013 Cengage Learning. All Rights Reserved. May not be scanned, copied.

THE IASB CONCEPTUAL FRAMEWORK

The FASB’s Conceptual Framework of Accounting

The Conceptual Framework and Objectives of Financial Reporting

Financial Statements. Objectives of Financial Statements To provide information that is: 1.Useful to current and potential investors and creditors in.

Financial Statements 2 Lecture 3

Copyright © 2009 by The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin Chapter 13 Measuring and Evaluating Financial Performance.

Financial Statements 2 Lecture 3 Conceptual Framework.

Copyright© Dorling Kindersley India Pvt Ltd Financial Accounting for Management 4 Conceptual Framework of Financial Statements.

ACCOUNTING FOR COMPANY STATEMENT OF FINANCIAL POSITION (ASSETS)

Conceptual Framework u By the end of this class you should be familiar with …. u Activities of the firm u Major items in the Balance sheet and Income Statement.

Recognition Criteria: Recognition is the process of formally recording or incorporating an item in the financial statements of an entity as an asset,

Conceptual Framework For Financial Reporting

Accounting for the Nonfinancial Manager Chapter 2: The Financial Statements (Part A)

1 Environment and Theoretical Structure of Financial Accounting Sid Glandon, DBA, CPA Associate Professor of Accounting.

Conceptual Framework for Financial Accounting

Concepts - 1 The FASB’s Conceptual Framework of Accounting.

Conceptual Framework Elements Recognition & Measurement Concepts Recognition & Measurement Concepts Assumptions, Principles & Concepts Assumptions, Principles.

Rangajewa Herath B.Sc. Accountancy and Financial Management(Sp.)(USJ) MBA-PIM(USJ), ACA.

1 1 Copyright © 2013 McGraw-Hill Ryerson Limited After studying the material in this chapter, you will be able to do the following: LO1 Understand the.

Module n° 1 - Page 1./ THE CONCEPTUAL FRAMEWORK: ACCOUNTING POLICIES AND CONVENTIONS INTERNATIONAL FINANCIAL REPORTING STANDARDS.

ACTG 3110 Chapter 2 – Conceptual Framework Underlying Financial Accounting.

Theoretical Structure of Financial Accounting INTERMEDIATE ACCOUNTING I CHAPTER 1.

© The McGraw-Hill Companies, Inc., 2002 McGraw-Hill/Irwin BASIC FINANCIAL STATEMENTS Chapter 2.

© 2007 Pearson Education Canada 1.1 Accounting and the Business Environment Chapter 1.

Concepts – Evolution of a Global Conceptual Framework

Exam 1 Review laube/acct301/default.htm.

Hospitality Financial Accounting Week 1 Part 1 Hospitality Accounting in Action Matakuliah: V0232 – Akuntansi Keuangan Hotel Tahun: 2009.

Presented by: Mr. Raziq Chapter 2 Accounting Concepts and Elements Slide 2.1.

| INTERMEDIATE ACCOUNTING 1 BCM 2104 | Introduction to I.A. 1 1.Conceptual framework for financial reporting. 2.Accounting for Cash and receivables [IAS.

Chapter 2 Accounting Principles. 2 The Financial Accounting Standard's Board(FASB) developed a conceptual framework. It serves as the basis for resolving.

BUS 120: Financial Accounting

Financial Accounting II Lecture 19. In July 1989 the International Accounting Standard Board (IASB) (then IASC) produced a document, called framework.

Accounting Conceptual Framework

Introduction to Accounting Preparing for a User’s Perspective

Conceptual Framework for financial reporting

Financial Accounting and Business decisions

Financial Accounting:

The Conceptual Framework Project

CONCEPTUAL FRAMEWORK UNDERLYING FINANCIAL ACCOUNTING

چارچوب نظری هیات استانداردهای حسابداری مالی FASB

IFRS® Foundation Conceptual Framework for Financial Reporting Live webinar Introducing the revised Conceptual Framework April 2018 The views expressed.

Financial Reporting Framework

Concepts –Evolution of a Global Conceptual Framework

Quiz: Conceptual Framework for Financial Reporting

Concepts – Evolution of a Global Conceptual Framework

GODFREY HODGSON HOLMES TARCA

© 2013 John Wiley & Sons, Ltd, Accounting for Managers, 1Ce, Ch 4

Concepts – Evolution of a Global Conceptual Framework

4 Conceptual Framework of Financial Statements.

International Accounting Standards Board Update

Chapter 2: The Conceptual Framework

Concepts – Evolution of a Global Conceptual Framework

Advanced Financial Accounting FIN-611

Conceptual framework for financial reporting IASB.

Financial Accounting Standards Board

Accounting for Assets BCM 2104.

Accounting for Assets BCM 2104.

Presentation transcript:

The Conceptual Framework Project IAAER International Research Conference for Accounting Educators September 2005 Katherine Schipper, Financial Accounting Standards Board The views expressed in this presentation are my own, and do not represent positions of the Financial Accounting Standards Board. Positions of the Financial Accounting Standards Board are arrived at only after extensive due process and deliberation.

Recent tentative decisions Objectives of financial reporting Reporting entity perspective Financial reporting aimed at external users who cannot prescribe the information they receive Provision of decision useful information, for purposes of capital allocation Investors and (some) creditors, not regulators or taxing authorities Focus on liquidity and solvency but not to the exclusion of other decision useful information Stewardship is not a separate objective Information that is useful for capital allocation may also be useful/used for stewardship

Recent tentative decisions Qualitative characteristics Relevance Predictive value Faithful representation replaces reliability Neutrality Verifiable Recent debate: should depictions that are do not faithfully represent underlying economic constructs be included, with proper disclosure of this property? Comparability Less important than relevance Understandability Materiality

Recurring issues in standard setting Control Definition Application to asset versus application to entity Liability What is past event/transaction that gives rise to a liability? How are liabilities distinguished from equity? Settlement obligation Nature of relationship (owner versus nonowner) Effects of uncertainty What does/should "probable" mean? How should probable outcomes (or expectations) affect accounting recognition and measurement? Recognition and derecognition criteria

Recurring issues in standard setting Measurement Definitions of measurement attributes Desirable characteristics of accounting measurement attributes Criteria for choosing among measurement attributes Unit of account Combining items (or contracts) for accounting purposes Separating contracts or arrangements for accounting purposes Gross versus net display Reporting entity Definition Consolidation: purpose(s) and criteria