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Diagram of Conceptual Framework
Diagram of Conceptual Framework
Diagram of Conceptual Framework
CONCEPTUAL FRAMEWORK The following comprises the conceptual framework of Financial Reporting: Objective of Financial Reporting Elements of Financial Statements Basic Financial Statements Recognition and Measurement Concepts o Basic Accounting Assumptions o Broad Accounting Principles Qualitative Characteristics o Understandability o Relevance o Reliability o Comparability
QUALITATIVE CHARACTERISTICS: UNDERSTANDABILITY RELEVANCE Nature and Materiality Predictive Value Feedback Value Timeliness RELIABILITY Faithful Representation Substance ove form Prudence Completeness Neutrality COMPARABILITY Consistency
ELEMENTS: Assets Liabilities Owner's Equity or Capital Revenues Expenses Gains Losses
RECOGNITION and MEASUREMENT CONCEPTS: ASSUMPTIONS Economic Entity Going Concern Periodicity Monetary Unit PRINCIPLES Historical cost Realization Matching Full disclosure
FINANCIAL STATEMENTS: Statement of Financial Position Income Statement Statement of Changes in Equity Cash Flow Statement Notes to Financial Statements
References : Philippine Accounting Standards (PAS) Philippine Financial Reporting Standards (PFRS)
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