Since conceptual frameworks issued by major accounting standard setters overseas are well known in Japan, using the same structure would facilitate the constituencies’ understanding of these Slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising. AND AAA. If you continue browsing the site, you agree to the use of cookies on this website. See our User Agreement and Privacy Policy. It facilitates the generation of useful accounting information to those making investment and credit decisions in a way that helps them understand a company's economic resources, the claims to them and the changes in them. Learn new and interesting things. These standards have been put to ensure that investors and all stakeholders- including lenders – are provided … If you continue browsing the site, you agree to the use of cookies on this website. View Conceptual Framework PPTs online, safely and virus-free! Looks like you’ve clipped this slide to already. PPT Conceptual Framework of Accounting Video on Conceptual Framework First Quiz Discussion on Conceptual Framework Lectures on Chapter 03: The recording process . Accounting standards dictate how various types of transactions and events should reflect in financial statements. Objective The objective of general purpose financial reporting is ‘to provide financial information about the reporting entity that is useful to existing and potential investors, lenders and other creditors in making decisions about providing resources to the entity.’ ACCOUNTING INFORMATION Clipping is a handy way to collect important slides you want to go back to later. In those cases where there is a conflict, the requirements of the Sri Lanka Accounting Standard prevail over those of the Conceptual Framework. Now customize the name of a clipboard to store your clips. The Conceptual Framework for Financial Reporting is the foundation on which the IASB develops new accounting standards. The accounting treatment of this is unchanged, but the Framework now explains that the carrying amount of non-financial items held at historical cost should be adjusted over time to reflect the usage (in the form of depreciation or amortisation). Basics and Conceptual Framework of Financial Accounting PPT(Basics and Conceptual Framework of Financial Accounting) at January 29, 2018 4 comments: Email This BlogThis! BP presentation, FASB and IASB convergence, and IFRS for SMEs, finance leader... International financial reporting standards (ifrs)ppt, No public clipboards found for this slide. The conceptual framework serves as a “map” or “rudder” that will guide you towards realizing your study’s objectives or intent. Presentation Summary : Conceptual Framework. Accounting 2. The conceptual framework provides basic financial reporting objectives, fundamental accounting and financial statement concepts, and ways to measure accounting information, recognize financial events and report them in the accounting system. The conceptual framework methodology allows the development of taxonomies, Accounting conceptual framework ppt 1. The U.S. financial accounting conceptual framework was established between late 1970’s and early 1980’s. CONCEPTUAL FRAMEWORK OF conceptual framework, the structure of these Discussion Papers is basically in line with precedent conceptual frameworks issued overseas. Editable conceptual framework templates that you can download and add to Powerpoint presentations or embed in blogs or websites. The framework provides the FASB with a foundation for setting standards and concepts to use as tools for resolving accounting and reporting questions. Therefore, the accounting conceptual framework must embody a set of qualitative characteristics that ensure financial reporting grants users of economic statements with sufficient information for assessments. The conceptual framework steers the whole research activity. A PRESENTATION ON CONCEPTUAL FRAMEWORK OF ACCOUNTING, OBJECTIVES OF FINANCIAL REPORTING, QUALITATIVE CHARACTERISTICS OF ACCOUNTING INFORMATION AND AAA 2. Introduction Human beings are social beings. The FASB staff is guided by pertinent concepts that might provide guidance in developing its analysis of issues for consideration by the FASB, as well as in making its recommendations to the FASB when developing accounting standards. Get ideas for your own presentations. Financial Accounting Standards Board vs International Accounting Standards Board. These are statements that have been placed authoritatively to manage financial reporting. Slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising. BP presentation, FASB and IASB convergence, and IFRS for SMEs, finance leader... Financial Accounting Standards Board vs International Accounting Standards Board, International financial reporting standards (ifrs)ppt, No public clipboards found for this slide. The International Accounting Standards Board (IASB) has published its revised 'Conceptual Framework for Financial Reporting'. Many are downloadable. Slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising. The next section defines and explains the term. A conceptual framework is an analytical tool with several variations and contexts. conceptual framework of accounting Generally accepted accounting principles are a set of standards and rules that are recognized as a general guide for financial reporting. See our User Agreement and Privacy Policy. Now customize the name of a clipboard to store your clips. The U.S. fiscal accounting conceptual model was … Conceptual Framework Underlying Financial Accounting PPT. Looks like you’ve clipped this slide to already. Conceptual Framework and General Purpose Financial Statements • The IFRS Framework gives a set of concepts in certain basic areas about the why, what and how of the accounting process and the financial statements e.g. CHARACTERISTICS OF ACCOUNTING, See our Privacy Policy and User Agreement for details. Accounting has been widely and rightly termed as “the language of the business” Language is the means of the communication. Conceptual Framework—Presentation Last updated on December 11, 2020. between the Conceptual Framework and a Sri Lanka Accounting Standard. Its predecessor, Framework for the preparation and presentation of the financial statements was issued back in 1989. View Chapter02 Conceptual framewor.ppt from ACCOUNTING BFAR at DRB-HICOM University of Automotive Malaysia. We use your LinkedIn profile and activity data to personalize ads and to show you more relevant ads. (Sections updated on the date above are indicated with an asterisk * Accounting standards can be recognized as the chief source of what is accepted and regarded as accounting principles. Therefore, the accounting conceptual model must incarnate a set of qualitative features that guarantee fiscal coverage grants users of economic statements with sufficient information for appraisals. Also, unless a conceptual framework is tested empirically, it may be inadequate for application in practice, representing a limited, subjective perspective. The Conceptual Framework for the Financial Reporting (let’s title it just “Framework”) is a basic document that sets objectives and the concepts for general purpose financial reporting. 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