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    CONCEPTUAL FRAMEWORK in Financial Reporting

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    Von Lloyd Ledesma Loren
    The conceptual framework outlines the key concepts and principles that guide the preparation of financial reports. It includes the objective of financial reporting, elements of financial statements, basic financial statements, recognition and measurement concepts, and qualitative characteristics. The objective is to provide useful information to decision makers. The elements are assets, liabilities, equity, revenues and expenses. The basic financial statements are the statement of financial position, statement of income, statement of changes in equity, and statement of cash flows.

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    CONCEPTUAL FRAMEWORK in Financial Reporting

    Uploaded by

    Von Lloyd Ledesma Loren
    43 views2 pages
    The conceptual framework outlines the key concepts and principles that guide the preparation of financial reports. It includes the objective of financial reporting, elements of financial statements, basic financial statements, recognition and measurement concepts, and qualitative characteristics. The objective is to provide useful information to decision makers. The elements are assets, liabilities, equity, revenues and expenses. The basic financial statements are the statement of financial position, statement of income, statement of changes in equity, and statement of cash flows.

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    The conceptual framework outlines the key concepts and principles that guide the preparation of financial reports. It includes the objective of financial reporting, elements of financial statements, basic financial statements, recognition and measurement concepts, and qualitative characteristics. The objective is to provide useful information to decision makers. The elements are assets, liabilities, equity, revenues and expenses. The basic financial statements are the statement of financial position, statement of income, statement of changes in equity, and statement of cash flows.

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    43 views2 pages

    CONCEPTUAL FRAMEWORK in Financial Reporting

    Uploaded by

    Von Lloyd Ledesma Loren
    The conceptual framework outlines the key concepts and principles that guide the preparation of financial reports. It includes the objective of financial reporting, elements of financial statements, basic financial statements, recognition and measurement concepts, and qualitative characteristics. The objective is to provide useful information to decision makers. The elements are assets, liabilities, equity, revenues and expenses. The basic financial statements are the statement of financial position, statement of income, statement of changes in equity, and statement of cash flows.

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    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
    Diagram of Conceptual Framework
    References :Philippine Accounting Standards (PAS)Philippine Financial Reporting Standards (PFRS)

    To provide usefulinformation for sounddecision-making
    OBJECTIVE:
    Nature and MaterialityPredictive ValueFeedback
    ValuePrudenceCompletenessNeutralityCOMPARABILITYConsistencyUNDERSTANDABILITYRELE
    VANCETimelinessRELIABILITYFaithfulRepresentationSubstance ove form
    QUALITATIVECHARACTERISTICS:
    Owner's Equity or CapitalExpensesGainsLosses
    ELEMENTS:
    AssetsLiabilitiesRevenues
    FINANCIALSTATEMENTS:
    Statement of FinancialPositionStatement of Changes inEquityNotes to FinancialStatementsIncome
    StatementCash Flow Statement ASSUMPTIONS
    RECOGNITION andMEASUREMENTCONCEPTS:
    PRINCIPLESEconomic EntityGoing ConcernPeriodicityMonetary UnitHistorical
    costRealizationMatchingFull disclosure

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