Accounting Concepts and Standards

Unit 2: Accounting Concepts and Standards
Presenter
Dr. Md. Serazul Islam
Professor (Accounting)
School of Business
Bangladesh Open University
1
Conceptual Framework
• Conceptual Framework=
Conceptual+Framework
• Conceptual=idea/plan
• Framework=basic structure/constitution
/boundary
CF= The plan or ideas of basic structure of
generating and presenting accounting
information to internal and external users.
Dr. Ser@z 2
A conceptual framework is “a coherent
(intelligent or consistent) system of
interrelated objectives and fundamentals
that
-can lead to consistent standard; and
-prescribes the nature, function, and
limits of financial accounting and financial
statements.”
To ease the definition of conceptual framework,
we can state that conceptual framework is like a
boundary. The preparers and users of accounting
information are permitted to work within this
boundary and they are not allowed to encroach
this rules and regulations.
Dr Ser@z 3
Objectives of Financial
Lev
1st
el
Reporting
+
Elements of
Qualitative Characteristics
Financial
of
2nd
Lev
el
Statements
Accounting Information
Recognition & Measurement

Lev
3rd
el
of Concepts
Assumptio Principle Constraint

ns s s
Dr. Ser@z 4
Objectives of Financial Reporting
To provide information that is

useful to
-present and potential investors,
-creditors, and
-other users in making rational investment,
credit, and similar decisions.
Dr. Ser@z 5
Qualitative Characteristics of Accounting
Information
Primary Qualities
1. Relevance-timeliness and capable of
making difference in decision
2. Reliability-free from error & bias
Example: The balance sheet should represent the
assets, liabilities, and owner’s equity of a business
enterprise over a certain period of time as faithfully
as possible (accuracy) without any bias (neutrality)
which can be verified by an auditor (verifiability)
Secondary Qualities
1.
Comparability-intra & inter comparison
2. Consistency-applies the same accounting principles
Dr. Ser@z 6
Basic Elements of Financial Statements
Revenues
Gains
Income Statement
Expenses Losses
Assets
Balance Sheet Liabilities

Owner’s
Equity
Dr. Ser@z 7
REVENUES
- gross increases in owner’s equity from business
activities
- may result from sale of merchandise, services,
rental of property, or lending money.
- usually result in an increase in an asset.
- used for settlement of its liabilities during a period
Examples: cash received from a customer for service
provided to him by the company
EXPENSES
- decreases in owner’s equity that result from
operating the business
- cost of assets consumed or services used in the
process of earning revenue
Examples: salary paid to the employees, sales
commission paid, etc.
Dr. Ser@z 8
Gains: Increases in net equity from peripheral or
incidental transactions of a business except
revenues or investments by owners. e.g. sale
of an air conditioner by a fast food shop where
sale>Cost.
Losses: Decreases in equity from peripheral or
incidental transactions of a business except
expenses or distributions to owners. e.g. sale
of an air conditioner by a fast food shop where
sale<Cost.
Dr. Ser@z 9
ASSETS
are economic resources owned by a
business that are expected to
benefit future operations.
Example: Equipment, land, accounts
receivable, etc.
Dr. Ser@z 10
LIABILITIES
Liabilities are outsiders’ claims against assets.
These represent the amount that the firm owes to
outsiders i.e. other than the owners. Example: Money
borrowed from a bank, purchase on account, etc.
OWNER’S EQUITY
Owner’s equity is the residual interest in the assets
of an organization after deducting its liabilities.
Equity is the owner’s claim or interest in the
business.
Owner’s Equity = Total Assets- Total Liabilities
Dr. Ser@z 11
Business/Economic Entity
Concept/Assumption
According to this assumption the business
is treated as separate unit or entity from
its owner (s). The owner is treated as a
creditor to the extent of his capital. All
records are kept from the viewpoint of the
business rather than from that of the
owner.
For example, if Mr. Rahim invests Tk.100,
000 into his business then Tk.100, 000 will
be the asset of his business as well as
liability to the owner (Mr. Rahim). Mr.
Rahim should keep his personal living
costs separate/apart from the expenses of
his business.
Dr. Ser@z 12
Money Measurement Concept/
Monetary Unit Assumption
Main theme: Only those events or facts are
recorded in the books of accounts, which
can be expressed in terms of money.
Limitations: There are many
(i)
important/vital events, facts or information
in the business but cannot be translated in
to money or are not recorded in the books of
account because they cannot be expressed
in money terms.
Dr. Ser@z 13
Money Measurement Concept
These events /facts include:
- Quality of products/services
- State or health of the MD of a company
- Resignation of manager
- Workforce skill
- Strike/hartal by dissatisfied labor/workforce
- Morale of employees
- Go slow policy etc.
(ii) Changes in the purchasing power of
money (Tk.) is not adjusted.
Dr. Ser@z 14
Continuity Concept/Going Concern
Assumption
• The main theme of this concept/assumption
is that a business will continue in operation
for an indefinite period of time, at least long
enough to carry out its existing plans and
contracts. Simply to say, it has a long life.
The owners have no intention nor they have
they the necessity to wind up or liquidate its
operations. The going concern is not
applicable in case of liquidation only.
Dr. Ser@z 15
Continuity Concept/Going Concern
Assumption
• In absence of this concept, plant assets
should be stated at their current/
liquidation value ( selling price less cost of
sale/disposal), not at cost price. In that
case, depreciation and amortization of
these assets is not needed. Each period,
these assets would simply be reported at
their liquidation value. Also, without this
assumption, the current and long-term
classification of assets and liabilities would
not matter i.e. Classified balance sheet and
income statement preparation becomes
difficult.
Dr. Ser@z 16
Generally Accepted Accounting
Principles (GAAP)
Principle: a broad general law or rule

adopted as a guide to action.
Consequently, GAAP may be defined as
broad rules adopted by the accounting
profession as guides in identifying
(measuring) ,recording and
communicating (reporting) the economic
events of an organization.
Dr. Ser@z 17
Generally Accepted Accounting
Principles (GAAP)
In other words, GAAP are a common
set of standards that indicate how to
report the economic events. For
example,
• Cost principle
• Objectivity principle
• Realization principle
• Matching principle
• Materiality principle
• Full disclosure principle
• Consistency principle
• Conservatism principle, etc.
Dr. Ser@z 18
Cost Concept/Historical Cost Principle
Cost
=purchase price+incidental costs
(incurred in getting the fixed asset in a
condition and position ready for initial use
/commercial production.)
Main theme: Tangible fixed assets

like land, building, plant, machinery,
furniture, etc. are to be recorded in
the books of accounts at their costs,
ignoring the market value.
Dr Ser@z 19
Cost Concept/Historical Cost Principle
Cost is the exchange value of

acquiring something. Market value is
the value determined by the market
for homes at the time of sales.
Example: If you buy a house today,
the cost is the amount you pay for it,
say, Tk.12, 00,000. If you sell the
house in 2 years for Tk.20, 00,000, the
sales price is its market value.
Dr. Ser@z 20
Arguments for & Against Valuation at
Cost
Arguments for
• Cost is reliable.
• It can be objectively measured.
• It can be verified.
Arguments against/Limitations
❑ Cost is often not relevant.
❑ Market values provide more useful information.
❑ This principle ignores the qualitative aspect of
things.
❑ The impact of inflationary changes is not adjusted
in financial statements.
Dr. Ser@z 21
Accrual Concept
• The accrual concept in accounting means that expenses and
revenues are recorded in the period they occur, whether or not
cash is involved (received or paid).
• Accrued Revenue
Accrued revenue refers to revenues for which a business has not
received cash payment from the customer. In accrual accounting,
a credit sale is recorded when a customer takes delivery of a
product — not when he pays the invoice in cash. The accounting
entries are made to credit sales and debit accounts receivable.
Once the company receives the cash payment, it credits accounts
receivable and debits cash.
• Accrued Expenses
Accrued expenses refer to those for which a business has not
made cash payment. For example, a company incurs interest on
outstanding bonds through the year but may make interest and
principal payments semiannually. The accounting entries are
made to debit interest expense and credit interest payable, which
is a short-term liability account. When the company makes the
interest payment, it credits cash and debits interest payable.
Dr. Ser@z 22
Accrual Concept
Examples:
• An airline sells its tickets days or even weeks before the flight is
made, but it does not record the payments as revenue because
the flight, the event on which the revenue is based has not
occurred yet.
• An accounting firm obtained its office on rent and paid Tk.
120,000 on January 1. It does not record the payment as an
expense because the building is not yet used. While preparing
its quarterly report on March 31, the firm expensed out three
months' rent i.e. 30,000 [Tk. 120,000/12*3] because 3 months
equivalent of time has expired.
• A business records its utility bills as soon as it receives them
and not when they are paid, because the service has already
been used. The company ignored the date when the payment
will be made.
Dr. Ser@z 23
Concept/Constraint of
Conservatism/Prudence
• Main theme: “Anticipate no profit but provide
for all possible losses.” This means an
accountant should record lowest possible value
for assets and revenues and the highest possible
values of liabilities and expenses.
• Example: Ending inventory/stock is valued at cost or
market price whichever is lower. If market price is higher
than cost, ending inventory will be valued at cost. But if
the market price is lower than the cost, the higher amount
of cost will be ignored and inventory will be valued at
market price.
Dr. Ser@z 24
• The main limitation of conservatism concept is that a
secret reserve is created due to the excessive
application of this convention. But the company law
does not recognize it. The concept is not applied as
strongly today as it used to be in the past.
• Illustration: Cost of ending inventory TK. 10,000 but
market price is Tk.12,000. It should not be valued at
Tk. 12,000. No doubt, there is a prospect of earning
Tk.2,000 here, but that should not be recognized in
the accounts. In contrasts if its market price is
Tk..8,000, that is if there is a chance for loss of
Tk.2,000, ending inventory should be valued at
Tk.8,000. It indicates, therefore, that the accountants
should follow a cautious approach.
Dr Ser@z 25
Examples/Application
• Maintaining allowance for doubtful debts.
• Accelerated depreciation method for equipment and
machinery.
• Inventory is valued at cost or market price, which
one is lower .
• Probable gain from sale of share is not recognized.
• Unrealized gain: The cost of investment is Tk. 10,000
(current market price Tk. 12,000). The gain of Tk.
2,000 is not recorded till it is realized.
Dr. Ser@z 26
Materiality Concept/Constraint
• The term ‘materiality’ refers to the relative importance and
amount of an item or event in users’ decision. An item is material
if its inclusion or omission would influence or change the
judgment or common sense of a reasonable person (investor).
Thus, the determination of what is material and what is
immaterial depends on the judgment of a reasonable person,
precise criteria or hard and fast rules can not be applied.
Example: A paper basket costing Tk. 50 may last for three years.
However, the effort involved in allocating its cost over the three year
period is not worth the benefit than can be derived from this operation.
Since the item obviously is immaterial when related to overall
operations, the cost incurred on it may be treated as the expense of the
period in which it is acquired.
• Example:
Items Company A Company B
Sales revenue Tk. 1,00,000 Tk. 10,000
Net income 10,000 1,500
Net income figure of Company B is more material than Company A.
Dr. Ser@z 27
Consistency
Concept/Constraint
• This concept states that every enterprise should follow
continuously the same accounting methods and procedures of
recording and reporting business unless it has a sound/valid
reason to do otherwise.
• Example: There are different methods of depreciation and if
straight-line method is used, it should be done year after.
Similarly, trade discount on raw materials may either be
deducted from cost of goods sold or be shown as income with
full cost of raw materials purchased. If net amount (COGS-Trade
discount) entered in the books, it should be continued.
• The consistency principle , however, does not state that businesses
always have to use the same accounting method forever. Companies
are allowed to switch accounting methods if the company can
demonstrate why the new method is better than the old method. The
company then must disclose the change in its financial statement notes
along with the effect of the change, date when the change occurred, and
the justification for the accounting method change.
Dr Ser@z 28
Periodicity Concept/Accounting
Period Assumption
• Total unlimited life of the business organization is
divided into small chunk of time. If this could not be
done it wouldn’t be possible to know about the profit
or loss of an organization, position of assets and
liabilities until and unless the business goes for
liquidation.
• Accounting period may be monthly, quarterly,
biannually or annually. But one year is the usual
accounting period for the purpose of reporting to
outsiders
Dr. Ser@z 29
Realization Concept/Revenue
Recognition Principle
• Recognition of revenue is the act of recording revenue in the
accounting records and reporting it in the income statement.
As per this principle, Revenue should be recorded when it is

-earned/ realized (if a customer buys a CD from a shop of
Eastern Plaza for Tk.75 cash, the shop realizes as Tk.75
revenue); and
-realizable (if Tk. 75 to be paid in future date).
Mainly, revenue should be recognized at the time of sale of
goods or rendering of services.
• Revenues are realized when goods, services or assets
are exchanged for cash. Revenues are realizable when
goods, services or assets are exchanged for cash or
other assets to be realized at any future date.
Dr. Ser@z 30
Matching Concept
Main theme: The period in which the revenues are

recognized, the expenses incurred to earn that
revenue must be charged to achieve the accurate
income for the period concerned.
Example: If goods costing Tk. 1,000 are sold for Tk.
1,500 cash (revenue is realized), the cost of sales Tk.
1,000 is matched (adjusted) with the revenue (Tk.
1,500) as an expense.
Dr. Ser@z 31
Full Disclosure Concept
• Full disclosure means the presentation of all relevant
information (relevant for users’ decision).
• The organization should provide the data and
information in such a way that it becomes
self-explanatory. In compliance to this principle
additional data, explanation, schedules etc. are
attached as supplementary information for the users
for making decision.
• Example: A fixed asset cost Tk. 5 million. But an
amount of Tk. 3 million is borrowed from a bank by
the mortgage of the fixed asset. This information
should be disclosed in the financial statements or as
a note to the statements.
Dr. Ser@z 32
Industry Practices
This constraint states that-

• Peculiar nature of some industries and business
concerns sometimes requires departure from basic
theory.
• The financial statements shall not mislead a reader. If
following “pure” accounting theory results in statements
that are not comparable or consistent, not relevant or
reliable then theory should be adjusted.
Example: The costs of production or inventory valuation of
agricultural products are difficult to determine. That is
why, these should be valued based on the market price.
Dr. Ser@z 33
Exceptions of/Departure from
Accounting Concepts/Principles
– Agricultural goods and precious metals
(e.g. gold, diamond etc.) are recorded at a
current market value rather than at cost
price (A departure from historical cost
principle)
– Fixed assets are reported first on the
balance sheet to highlight the industry’s
capital intensive nature.
Dr Ser@z 34
Definition of Accounting Standards
Standard= criterion; norm; an acknowledged
measure of comparison for qualitative and
quantitative value.
Ordinarily, the word is used as a norm for
comparing two or more items or things. But
an accounting standards is not a measure of
comparison.
35 *
Definition of Accounting Standards
• The term ‘accounting standard ’ refers to

accounting guidelines to specific issues in
financial accounting and reporting.
• For example, Accounting Standard 2 gives
guidelines for valuation of inventory in an
enterprise and the manner in which it
should be reported in annual financial
statements.
36 *
Need for Accounting Standards
• Accounting standard develops guidelines or the
ways of treatment of specific accounting issues. If
these guidelines are uniformly and consistently
applied by different enterprises in an industry, or a
country or countries, it becomes easy to compare
similarly placed enterprises on inter-firm basis or
the same firm on inter-period basis. So also,
enterprises in a country or in different countries
can be compared on different bases, for example,
the earnings per share (EPS), net profit or
earnings, capital employed, debt/equity ratio and
the like.
37
• In view of the globalization of the economy and
internationalization of firms, adoption of uniform
standards has become an imperative necessity.
A comparison between financial statements of
enterprises of different countries or within a
country or an industry can be better made, if the
accounting standards are uniformly applied in all
the countries. Investors can make wise and
rational decisions if the financial statements in all
the countries are prepared following the same
accounting and reporting guidelines.
38 *
• If there are no standards and every

enterprise is free to prepare and present
financial statements according to the best
judgment of the management, the result
will be that the enterprises will apply
different methods to different accounting
issues. The financial statements, thus,
prepared, will no longer be comparable.
39 *
• For example, a firm may apply straight-line
method of depreciation, another one may apply
the diminishing balance method, and like that, or
different methods of inventory valuation may be
applied by different firms. The result will be that
financial statements prepared by firms of the
same industry/country(ies) will show different net
profit, or working capital or total net block.
Financial reports prepared in such a manner will
not be really helpful in making rational decisions.
40 *
Definition of International Accounting
Standards
IASs are older set of standards for the preparation
and presentation of financial statements
worldwide. They were published from 1973 to 2000 by
the International Accounting Standards Committee
(IASC), which was replaced by the International
Accounting Standards Board (IASB) in 2001. Since then,
the IASB has changed. Since then, the IASB has
changed some International Accounting Standards and
replaced others with new International Financial
Reporting Standards (IFRSs).
IASs explain how accountants should record and report
companies' financial information.
41 *
IASC
• IASC was formed with 9 original members
in 1973 with its headquarters in London.
IASC consists of 119 professional
organizations of 86 countries and so far
published 41 standards till June 2002.
Bangladesh became the member of IASC
in 1977. All IASs except 6 standards are
being followed by ICMAB and ICAB in
Bangladesh.
42 *
Definition of International Financial
Reporting Standards (IFRS)
International Financial Reporting Standards (IFRSs) are
Standards and Interpretations adopted by the
International Accounting Standards Board (IASB).
They comprise:
• (a) International Financial Reporting Standards
(standards issued after 2001) ;
• (b) International Accounting Standards (standards
issued before 2001) ;
• (c) Interpretations developed by the International
Financial Reporting Interpretations Committee
(IFRIC) (issued after 2001) ; and
(d) The former Standing Interpretations Committee
(SIC)( issued before 2001).
IFRSs were previously
43
known as IAS. *
Objectives of IFRS
• The goal of IFRS is to provide a global

framework for how public companies
prepare and disclose their financial
statements. IFRS provides general
guidance for the preparation of financial
statements, rather than setting rules for
industry-specific reporting.
44 *
Objectives/Importance of IFRS
• Having an international standard is especially
important for large companies that have
subsidiaries in different countries. Adopting a
single set of world-wide standards will simplify
accounting procedures by allowing a company to
use one reporting language throughout. A single
standard will also provide investors and auditors
with a cohesive view of finances.
• Currently, over 100 countries permit or require
IFRS for public companies, with more countries
expected to transition to IFRS by 2015.
45 *
International Financial Reporting
Standards
No. IFRS Issued
First-time Adoption of International
1 2008*
Financial Reporting Standards
2 Share-based Payment 2004
3 Business Combinations 2008*

4 Insurance Contracts 2004
* 46
Standards
No. IFRS Issued
Non-current Assets Held for Sale
5 2004
and Discontinued Operations
Exploration for and Evaluation of
6 2004
Mineral Assets
7 Financial Instruments: Disclosures 2005
8 Operating Segments 2006
* 47
Standards
No. IFRS Issued
Financial Instruments
9 2014*
[Under review process in Bangladesh]
10 Consolidated Financial Statements 2011
11 Joint Arrangements 2011

12 Disclosure of Interests in Other
2011
Entities
* 48
Standards
No. IFRS Issued
13 Fair Value Measurement 2011
Regulatory Deferral Accounts
14 2014
[Not adopted yet in Bangladesh]
Revenue from Contracts with
15 Customers 2014
* 49
International Accounting Standard
Board (IASB)
• An independent, not-for-profit organization , which
developed a set of accounting standards by called the
International Financial Reporting Standards (IFRS).
50 *
International Accounting Standard
Board (IASB)
• International Accounting Standards Board
Composition: from July 2012 16 Board Members, of whom one is appointed
as chair and up to two as vice-chairs. Up to three members may be
‘part-time’ members. Since 2 July 2009, IASB members are appointed for
an initial term of five years, renewable for a further three years. The chair
and vice-chairs may serve second terms of five years, subject to an overall
maximum term of ten years.
Geographical balance: to ensure a broad international diversity, there will
normally be four members from the Asia/Oceania region; four from Europe;
four from North America; one each from Africa and South America; and two
appointed from any area, subject to maintaining overall geographical
balance.
51 *
International Accounting
Standard Board (IASB)
• Backgrounds of Board members: the
main qualification for membership is
professional competence and practical
experience. The group is required to
represent the best available combination
of technical expertise and diversity of
international business and market
experience.
52 *
International Accounting Standards
No. Name of IAS Issued

1 Presentation of Financial Statements 2007*
2 Inventories 2005*
Consolidated Financial Statements
3 Superseded in 1989 by IAS 27 and IAS 1976
28
4 Depreciation Accounting
Withdrawn in 1999
* 53
Information to Be Disclosed in Financial
5 Statements Superseded by IAS 1 1976
effective 1 July 1998
Accounting Responses to Changing
6 Prices Superseded by IAS 15, which was
withdrawn December 2003
7 Statement of Cash Flows 1992
8 Accounting Policies, Changes in

2003
Accounting Estimates and Errors
* 54
Accounting for Research and
9 Development Activities Superseded by
IAS 38 effective 1 July 1999
10 Events After the Reporting Period 2003
Construction Contracts Will be
11 superseded by IFRS 15 as of 1 January 1993
2017
12 Income Taxes 1996*
* 55
Presentation of Current Assets and
13 Current Liabilities Superseded by IAS 1
effective 1 July 1998
Segment Reporting Superseded by IFRS
14 8 effective 1 January 2009 1997
Information Reflecting the Effects of
Changing Prices Withdrawn December
15 2003
2003
16 Property, Plant and Equipment 2003*
* 56

17 Leases 2003*
Revenue Will be superseded by IFRS 15
18 1993*
as of 1 January 2017
Employee Benefits (1998) Superseded
19 by IAS 19 (2011) effective 1 January 1998
2013
19 Employee Benefits (2011) 2011*
* 57

Accounting for Government Grants and
20 1983
Disclosure of Government Assistance
The Effects of Changes in Foreign
21 2003*
Exchange Rates
Business Combinations
Superseded by IFRS 3 effective 31
22 1998*
March 2004
[Under consideration in Bangladesh]
23 Borrowing Costs 2007*
* 58
24 Related Party Disclosures 2009*
Accounting for Investments
Superseded by IAS 39 and IAS 40
25
effective 2001
Accounting and Reporting by
26 1987
Retirement Benefit Plans
27 Separate Financial Statements
2011
(2011)
* 59
Consolidated and Separate Financial
Statements Superseded by IFRS 10,
27 2003
IFRS 12 and IAS 27 (2011) effective 1
January 2013
Investments in Associates and Joint
28 2011
Ventures (2011)
Investments in Associates
28 Superseded by IAS 28 (2011) and IFRS 2003
12 effective 1 January 2013
29 Financial Reporting in Hyperinflationary
1989
Economies
* 60
Disclosures in the Financial Statements
of Banks and Similar Financial
30 1990
Institutions Superseded by IFRS 7
effective 1 January 2007
Interests In Joint Ventures Superseded
by IFRS 11 and IFRS 12 effective 1
31 2003*
January 2013
32 Financial Instruments: Presentation 2003*
33 Earnings Per Share 2003*

* 61

34 Interim Financial Reporting 1998
Discontinuing Operations
35 1998
January 2005
36 Impairment of Assets 2004*
37 Provisions, Contingent Liabilities and

1998
Contingent Assets
* 62

38 Intangible Assets 2004*
Financial Instruments: Recognition and
Measurement
39 2003*
January 2018 where IFRS 9 is applied
40 Investment Property 2003*
41 Agriculture 2001
* 63
Dr. Ser@z 64

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Unit 2: Accounting Concepts and Standards

Recognition & Measurement

Assumptio Principle Constraint

To provide information that is

Balance Sheet Liabilities

Principle: a broad general law or rule

Main theme: Tangible fixed assets

Cost is the exchange value of

As per this principle, Revenue should be recorded when it is

Main theme: The period in which the revenues are

This constraint states that-

• The term ‘accounting standard ’ refers to

• If there are no standards and every

• The goal of IFRS is to provide a global

2 Share-based Payment 2004

3 Business Combinations 2008*

10 Consolidated Financial Statements 2011

11 Joint Arrangements 2011

No. Name of IAS Issued

7 Statement of Cash Flows 1992

8 Accounting Policies, Changes in

No. Name of IAS Issued

No. Name of IAS Issued

32 Financial Instruments: Presentation 2003*

33 Earnings Per Share 2003*

No. Name of IAS Issued

36 Impairment of Assets 2004*

37 Provisions, Contingent Liabilities and

No. Name of IAS Issued

40 Investment Property 2003*

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